Liberalization, Privatization, and Globalization Model Question Paper

12th Standard EM

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Commerce

Time : 01:30:00 Hrs
Total Marks : 40
    6 x 1 = 6
  1. ________ is the result of New Industrial Policy which abolished the 'License System'.

    (a)

    Globalisation

    (b)

    Privatisation

    (c)

    Liberalisation

    (d)

    None of these

  2. ________ means permitting the private sector to setup industries which were previously reserved for public sector.

    (a)

    Liberalisation

    (b)

    Privatisation

    (c)

    Globalisation

    (d)

    Public Enterprise

  3. New Economic Policy was introduced in the year___________.

    (a)

    1980

    (b)

    1991

    (c)

    2013

    (d)

    2015

  4. Liberalization is the result of New Industrial policy which abolished the

    (a)

    Rules and regulations

    (b)

    License System

    (c)

    Panchayat System

    (d)

    None of these

  5. The removal of tariff barriers can lead to lower prices for

    (a)

    suppliers

    (b)

    consumers

    (c)

    competitors

    (d)

    none of these

  6. The trade liberalisation often benefits developed countries rather than developing

    (a)

    nations

    (b)

    sector

    (c)

    economies

    (d)

    none of these

  7. 2 x 2 = 4
  8. Assertion (A): Liberalisation refers to laws or rules being liberalized, or relaxed by a government.
    Reason (R): Trade liberalisation means firms will face greater competition from abrod. Select the correct answer.
    (a) Both (A) and (R) are true and (R) is the correct explanation of (A).
    (b) Both (A) and (R) are true and (R) is not the correct explanation of (A).
    (c) (A) is true, but (R) is false.
    (d) (A) is false, but (R) is true.

  9. Assertion (A): Privatisation means permitting the private sector to set up industries which were previously reserve for the public sector.
    Reason (R): Under this policy many public sector units were sold to private sector.
    (a) Both (A) and (R) are true and (R) is the correct explanation of (A).
    (b) Both (A) and (R) are true and (R) is not the correct explanation of (A).
    (c) (A) is true, but (R) is false.
    (d) (A) is false, but (R) is true.

  10. 4 x 2 = 8
  11. State the branches of New Economic Policy .

  12. What is Privatisation?

  13. Give any three advantages of Globalisation.

  14. What do you mean by Globalization?

  15. 4 x 3 = 12
  16. What do you mean by Liberalisation?

  17. What are advantages of disinvestment?

  18. Write a short note on New Economic Policy.

  19. What are the advantages of privatization?

  20. 2 x 5 = 10
  21. Explain the advantages and disadvantages of liberalisation.

  22. Explain the impact of LPG on Indian Economy.

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