Class 11 Economics Chapter 3 Liberalisation, Privatisation and Globalisation: An Appraisal MCQ Questions with Answer

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Liberalisation, Privatisation and Globalisation: An Appraisal Class 11 MCQ Questions with Answer

Class 11 Economics MCQ with answers are given here to Chapter 3 Liberalisation, Privatisation and Globalisation: An Appraisal. These MCQs are based on the latest CBSE board syllabus and relate to the latest Class 11 Economics syllabus. By Solving these Class 11 MCQs, you will be able to analyze all of the concepts quickly in the Chapter and get ready for the Class 11 Annual exam.

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Question 1 :  Special Economic Zones (SEZ) developed by the Government of India aim
(a) to attract foreign companies to invest in India
(b) to encourage small investors
(c) to encourage regional development
(d) none of the above

Answer :    A

Question 2 :  Where is the headquarters of WTO located?
(a) Italy
(b) Geneva
(c) New York
(d) Washington

Answer :   B

Question 3 :  Freedom of the producing units from direct or physical control imposed by the government is called____
(a) Privatization
(b) Globalization
(c) Liberalization
(d) None of the above

Answer :   C

Question 4 :  FDI (Foreign Direct Investment) attracted by globalisation in India belongs to the
(a) World Bank
(b) multinationals
(c) foreign governments
(d) none of the above

Answer :   B

Question 5 :  When was WTO established?
(a) 1996
(b) 1998
(c) 2000
(d) 1995

Answer :   D

Question 6 :  If a country liberalises its trade, it will make the country more attractive for
(a) inward investment
(b) exchange reserve
(c) consumption
(d) price

Question 7 : Which of the following is the feature of New Economic Reforms ?
(a) Globalization
(b) Liberalization
(c) Privatization
(d) All of the above

Answer :   D

Question 8 : MUDRA Bank was set up to meet the credit needs of the _
(a) farmers
(b) small enterprises
(c) large enterprises
(d) exporters

Answer :   B

Question 9 :  Why there was a need for economic reforms in India?
(a) Due to fiscal deficit
(b) Due to adverse BOP
(c) Rise in prices
(d) All of the above

Answer :   D

Question 10 :  How many industries are entirely reserved for the public sector?
(a) 6
(b) 10
(c) 2
(d) 4

Answer :   C

Question 11 :  Who is the Chairman of the GST Council?
(a) Finance Minister
(b) Prime Minister
(c) Finance Secretary
(d) Deputy Chairman of NITI Aayog

Answer :   A

Question 12 : New Economic Policy was introduced in the year___________.
(a) 1980
(b) 1991
(c) 2013
(d) 2015

Question 13 :  Which of the following replaced MRTP Act?
(a) Competition Act
(b) Foreign Exchange Management Act
(c) New Companies Act
(d) None of these

Answer :   A

Question 14 :  When did the Gulf Crisis take place?
(a) 1985
(b) 1990-91
(c) 1995
(d) 1975

Answer :   B

Question 15 :  The removal of tariff barriers can lead to lower prices for
(a) suppliers
(b) consumers
(c) competitors
(d) none of these

Answer :   B

Question 16 :  The New Economic Policy was introduced in India in _____________.
(a) 1991
(b) 1998
(c) 1997
(d) None of these

Answer :   A

Question 17 :  New economic policy is also known as___
(a) New economic reforms
(b) New economic region
(c) New economic law
(d) None of the above

Answer :   A

Question 18 :  Which of these institutes supports investments and foreign trade in India?
(a)  International Monetary Fund (IMF)
(b) World Trade Organisation (WTO)
(c) World Bank
(d) International Labour Organisation (ILO)

Question 19 : Globalisation has improved the living structure of which of the following?
(a) All the people
(B) Workers in developing countries
(C) People in developed countries
(D) None of the above

Answer :   B

Question 20 :  Where is the headquarters of WTO located?
(a) Italy
(b) Geneva
(c) New York
(d) Washington

Answer :   B

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Question 21 :  Economic reforms were introduced in India in the year _________
(a) 1991
(b) 1992
(c) 2001
(d) 2005

Answer :   A

Question 22 :  Tax on imports is an example of:
(a) Terms of Trade
(b) Collateral
(c) Trade Barriers
(d) Foreign Trade

Answer :   C

Question 23 :  For how many industries, licensing is still necessary?
(a) 7
(b) 6
(c) 9
(d) 10

Answer :   B

Question 24 :  Which one of the following is a major benefit of joint production between a local company and a Multi-National Company?
(a) MNC can bring latest technology in the production
(b) MNC can control the increase in the price
(c) MNC can buy the local company
(d) MNC can sell the products under their brand name

Question 25 :  is the result of New Industrial Policy which abolished the ‘License System’.
(a) Globalisation
(b) Privatisation
(c) Liberalisation
(d) None of these

Answer :   B

Question 26 :  Globalisation has led to improvement in
(a) choice to consumers
(b) quality of goods and services
(c) foreign investment
(d) all the above

Answer :   D

Question 27 :  Globalisation so far has been more in favour of:
(a) developed countries
(b) developing countries
(c) poor countries
(d) none of the above

Answer :   A

Question 28 :  Globalisation has led to higher standards of living of:
(a) well-off consumers
(b) poor consumers
(c) big producers

Answer :   A

Question 29 :  What is happening with the import of Chinese toys in India ? 
(a) Indian toys are selling more
(b) Indian consumers are buying less
(c) Indian consumers are getting more choice at cheaper rates
(d) Chinese consumers are falling short of choice

Answer :   C

Question 30 :  Which out of the following is an example of a trade barrier? 
(a) Foreign investment
(b) Delay or damage of goods
(c) Tax on imports
(d) None of these

Question 31 :  Globalisation has posed major challenges for:
(a) big producers
(b) small producers
(c) rural poor
(d) none of these

Answer :    B

Question 32 :  Government can make globalisation more ‘fair’ by:
(a) increasing competition
(b) increasing employment
(c) implementing the labour laws
(d) imposing trade barriers

Answer :    C

Question 33 :  What is the investment limit in small scale industries?
(a) 50 lakh
(b) 1 crore
(c) 25 lakh
(d) 75 crore

Answer :  B

Question 34 :  LPG stands for
(a) Liberalization, Privatization, Globalization
(b) Liquidity, Publicity, Government
(c) Liberalization, Privatization,Government
(d) None of the above

Answer :   A

Question 35 :  How many countries are the members of WTO?
(a) 164
(b) 120
(c) 96
(d) 48

Answer :   A

Question 36 :  Globalisation results in
(a) inflow of labour from abroad
(b) inflow of capital from abroad
(c) inflow of tourists from abroad
(d) all the above

Answer :   B

Question 37 :  Opening the doors of economy for foreign companies , technology, capital, human resource et(c) is called___
(a) Globalization
(b) Liberalization
(c) Privatization
(d) None of the above

Answer :   A

Question 38 :  Which one of the following Indian indus¬tries has been hit hard by globalisation?
(a) Information Technology (IT)
(b) Toy making
(c) Jute
(d) Cement

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