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12th Standard Commerce English Medium - Liberalization, Privatization, and Globalization 3 Mark Book Back Question Paper and Answer Key 2022 - 2023

Published on: 03/09/2022

QB365 provides a detailed and simple solution for every Possible Book Back Questions in Class 12 Commerce Subject - Liberalization, Privatization, and Globalization, English Medium. It will help Students to get more practice questions, Students can Practice these question papers in addition to score best marks.

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Questions:

Generic 3

4 x 3 = 12

What is meant by public Sector Units (PSU)s ?

Write a short note on New Economic Policy.

State any three impacts on Globalisation.

What do you mean by Liberalisation?

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Answers Key:

Generic 3

4 x 3 = 12

(i) Privatization means permitting the private sector to set up industries which were previously reserved for the public sector.
(ii) Under this policy many Public Sector Units (PSUs) were sold to private sector
(iii) The main reason for privatization was that PSUs were running in losses due to mismanagement and political interterence.

(i) The base for New Economic Policy in various countries of the world is Dunkel Draft.
(ii) It was allabout the General Agreements on Trade and Tariff.
(iii) Mr. Arthur Dunkel (1932-2005) submitted a 22,000 page document for the World Trade Organisation (WTO) and followed by many Nations to adopt their respective New Economic Policies.
(iv) India is one among such nations to commit itself to the New Economic Policy in 1991.
(v) The new set of economic reforms is commonly known as the LPG or Liberalisation, Privatisation and Globalisation model.

(i) Corporations got a competitive advantage from lower operating costs, and access to new raw materials and additional markets.
(ii) Multinational corporations (MNCs) can manufacture, buy and sell goods world wide.
(iii) Globalisation has led to a boom in consumer products market.

(i) Liberalization refers to laws or rules being liberalised or relaxed, by a government.
(ii) Liberalization means relaxation of various government restrictions in the areas of social and economic policies in order to make economies free to enter in the market and establish their venture in the country.
(iii) Liberalizing trade policy by the government includes removal of tariff,subsidies and other restrictions on the flow of goods and services between countries.
(iv) Liberalization is the result of 'New Industrial Policy' which abolished the "License system" or "Licence Raj".