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

The Finance Minister of India in one of his press conferences said that inflationary pressure is likely to continue following recent increase in rates of some commodities in international markets. Which of the following commodities was he referring to as it gets frequent increase at international levels and disturbs our Home Economy substantially?

  1. Gold and Silver

  2. Petroleum products

  3. Tea and Coffee

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

India is a major importer of crude oil. Fluctuations in international petroleum prices have a direct and significant impact on India's inflation, trade deficit, and overall economic stability.

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

Distribution of insurance products and insurance policies by banks as corporate agents is known as _________.

  1. general Insurance

  2. non-life insurance

  3. bancassurance

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

Bancassurance is a partnership between a bank and an insurance company where the bank sells the insurance company's products to its existing customer base.

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

Expand the term CCEA as used in administrative circle.

  1. Cabinet Committee on External Affairs

  2. Cabinet Committee on Economic Affairs

  3. Cabinet Council on External Affairs

  4. Cabinet Council on Economic Affairs
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

In Indian administrative terminology, CCEA stands for the Cabinet Committee on Economic Affairs, which is responsible for reviewing economic trends, problems, and policy matters relating to economic growth.

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

Which of the following is NOT a function of a commercial in India?

  1. Accepting deposits from publics

  2. Selling National Savings Certificates

  3. Keeping valuables in safe custody

  4. Transferring money from one place to the other
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Selling National Savings Certificates (NSCs) is a function of the Post Office, which is a government-run savings organization, not a commercial bank.

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

Many a time we read about Special Drawing Right (SDR) in newspapers. As per its definition, SDR is a monetary unit of the reserve assets of which of the following organisations/agencies?

  1. World Bank

  2. International Monetary Fund (IMF)

  3. Asian Development Bank

  4. Reserve Bank of India
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Many a time we read about Special Drawing Right (SDR) in newspapers. As per its definition, SDR is a monetary unit of the reserve assets of International Monetary Fund(IMF). Special Drawing Right is a type of foreign-exchange reserve. It is introduced in 1969.

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

Special Drawing Rights are the rights of countries provided by

  1. World Bank

  2. IMF

  3. ADB

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

Many a time we read about Special Drawing Right (SDR) in newspapers. As per its definition, SDR is a monetary unit of the reserve assets of International Monetary Fund(IMF). Special Drawing Right is a type of foreign-exchange reserve. It is introduced in 1969.

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

Which of the following statements is true about International Monetary Fund (IMF)?

  1. It provides Ways and Means Funds to member countries.

  2. It is an agency of the World Bank and is situated in Prague.

  3. It makes all the rules and regulations in relation to the World Trade between the nations.

  4. On becoming its member, countries get finance as temporary balance-of-payment needs.
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

IMF stands for International Monetary Fund. It is true that on becoming its member, countries get finance as temporary balance-of-payment needs. IMF works to ensure global market cooperation and financial stability of the global economyy.

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.
New Economic Policy of 1991 aimed at liberalisation of Indian Economy.

  1. True

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

It is true that New Economic Policy of 1991 aimed at liberalization of Indian Economy.Liberalization refers to the process of eliminating unnecessary controls and restrictions on the smooth functioning of business enterprise. It includes:
a) Abolishing industrial licensing requirement in most of the industries.
b) Freedom in deciding the scale of business activities.
c) Freedom in fixing prices of goods and services.
d) Reduction in tax rates.