Tag: changing economic policies

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Questions Related to changing economic policies

Multiple choice history economic system and economic policies american dominance, neo-imperialism and new economic policy insights on lpg changing economic policies

At present how many industries are under the purview of compulsory industrial licensing?

  1. $8$
  2. $6$
  3. $7$
  4. $10$
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation
At present there are only 6 industries under compulsory licensing namely:
1) Distillation and brewing of alcoholic drinks
2) Cigars and cigarettes
3) Electronic aerospace and defence equipment
4) Industrial explosives
5) Hazardous chemicals
6) Drugs and pharmaceuticals
Multiple choice history economic system and economic policies american dominance, neo-imperialism and new economic policy insights on lpg changing economic policies

State whether the following statements are True or False.
Industrial licensing has been abolished from most of the industries.

  1. True

  2. False
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Following the 1991 economic reforms, India significantly reduced the scope of industrial licensing. Today, it is only required for a very small number of industries related to security, strategic, or environmental concerns.

Multiple choice history economic system and economic policies american dominance, neo-imperialism and new economic policy insights on lpg changing economic policies

How many industries are kept for compulsory licensing at present?

  1. 3

  2. 6

  3. 5

  4. 7
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

At present there are five industries that require compulsory licensing. They are:
(i)   Distillation and brewing of alcoholic drinks
(ii)  Cigar, cigarettes and other substitutes of prepared tobacco
(iii) Electronic, Aerospace and all types of defence equipment
(iv) Industrial Explosive including match boxes
(v) Hazardous Chemicals

Multiple choice history economic system and economic policies american dominance, neo-imperialism and new economic policy insights on lpg changing economic policies

What is a feature of 'Reaganomics'?

  1. Increase in federal spending

  2. Expanding money supply

  3. Reduction in tax rates

  4. Cutting back on foreign trade
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Reaganomics is a popular term referring to the economic policies of Ronald Reagan, the 40th U.S. president (1981–1989). His policies called for widespread tax cuts, decreased social spending, increased military spending, and the deregulation of domestic markets. 

Hence, the correct option is C.

Multiple choice history economic system and economic policies american dominance, neo-imperialism and new economic policy insights on lpg changing economic policies

How many industries have been reserved for government sector at present?

  1. 3

  2. 4

  3. 5

  4. 6
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

At present the number of industries kept reserved for government sector are three. They are:
(i)  Atomic energy,
(ii) Railway transport, and
(iii) The substances specified in the schedule to the notification of the Government of India in the Department of Atomic Energy dated 15th March, 1995.

Multiple choice history economic system and economic policies american dominance, neo-imperialism and new economic policy insights on lpg changing economic policies

The New Industrial Policy announced on July 24, 1991 contained provisions relating to _________.

  1. industrial licensing

  2. foreign investment

  3. foreign technology policy

  4. all of the above
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

On July 24, 1991, Government of India announced its new industrial policy with an aim to correct the distortion and weakness of the Industrial Structure of the country that had developed in 4 decades; raise industrial efficiency to the international level; and accelerate industrial growth. The NIP does away with licensing for all major industries, irrespective of the investment level, proposes liberal foreign investment, dispenses with the Monopolies and Restrictive Trade Practices (MRTP)  clearances but curbs unfair trade practices and emphasis technological up-gradation.

Hence, D is the correct option.

Multiple choice history economic system and economic policies american dominance, neo-imperialism and new economic policy insights on lpg changing economic policies

The purpose of World Bank is to _______________.

  1. reduce trade gaps

  2. give international loans for development purposes

  3. assist in projects in developing countries

  4. meet balance of payments position
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

The World Bank is a vital source of financial and technical assistance to developing countries around the world. The bank predominantly acts as an organization that attempts to fight poverty by offering developmental assistance to middle and low-income countries.

Hence, B is the correct option.

Multiple choice history economic system and economic policies american dominance, neo-imperialism and new economic policy insights on lpg changing economic policies

The Headquarters of IMF is in ________________.

  1. New York

  2. Washington DC

  3. London

  4. Manila
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

The International Monetary Fund (IMF) is an international organization.  It has its headquarters in Washington, D.C., USA.  IMF consisting of 189 countries working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world. 

Multiple choice history economic system and economic policies american dominance, neo-imperialism and new economic policy insights on lpg changing economic policies

"Continuity with change" is the philosophy of _______________.

  1. Industrial Policy Resolution $1948$
  2. New Industrial Policy $1991$
  3. Industrial Policy Resolution $1956$

  4. None of the above
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

The Government announced a new industrial policy on July 24, 1991. The basic philosophy of the new policy has been summed up as 'continuity with change'. The main objective was to plunge the Indian economy into the field of 'Globalization and to give it a new drive on market orientation. The new economic policy intended to reduce the rate of inflation and to remove imbalances in payment.