GK Quiz on Indian Economy Set VI

Dear Students, Jagran Josh is providing you a set of 10 MCQs on Indian Economy from different topics. These questions are made by the expert team of Jagran josh after a deep discussion after going through different competitive exams.

Jagran Josh is providing you a set of 10 MCQs on Indian Economy based on Five Year Plans before & after the Liberalisation in India. These questions are made after a deep discussion by our expert team with reference to different competitive exams.

1. During the pre-reform period, the banking sector:

(a) Functioned in a highly regulated environment.

(b) Functioned in a manner detrimental to the general public.

(c) Concentrated on making huge profits.

(d) None of the above.

2. Which of the following options is correct in relation to banks in the post-reform period?

(a) Bank rate has been increased to 20 per cent.

(b) CRR has been increased to 20 per cent.

(c) Public sector banks have been asked to raise their funds from their private resources Only.

(d) None of the above.

3. Which of the following statements is correct with regard to external sector in the pre-Reform period?

(a) The foreign trade policy was very liberal; it allowed import of all types of goods.

(b) Import of food grains was strictly prohibited.

(c) The balance of payments situation was quite comfortable.

(d) None of the above.

4. Which of the following statements is correct with regard to external sector in the post-reform period?

(a) Quantitative restrictions have been imposed on a number of tradable items.

(b) Quantitative restrictions have been removed on most of the items except a few goods.

(c) The tariff walls have been further raised.

(d) Foreign investment is now being discouraged.

5. FERA stands for:

(a) Foreign Export Re-evaluation Act.

(b) Funds Exchange Resources Act.

(c) Finance and Export Regulation Association.

(d) Foreign Exchange Regulation Act.

6. What is the full form of FEMA?

(a) Foreign Exchange Management Act.

(b) Funds Exchange Management Act.

(c) Finance Enhancement Monetary Act

(d) Future Exchange Management Act.

7. As a result of the foreign trade reforms:

(a) The number of import licenses has increased.

(b) Only a few types of goods and services can now be exchanged freely.

(c) EPCG scheme has been abolished.

(d) The average tariff rates have been reduced.

8. What is the time period of the latest Foreign Trade Policy?

(a) 2012-17

(b) 2015-20

(c) 2014-19

(d) 2010-15

9. What is the mean of Fiscal policy?

(a) Policy relating to money and banking in a country.

(b) Policy relating to public revenue and public expenditure.

(c) Policy relating to non-banking financial institutions.

(d) None of the above.

10. The unsustainable levels of government deficits in the late 1980’s increased because of:

(a) High levels of government expenditures.

(b) Insufficient revenues.

(c) Poor returns on government investments.

(d) All of the above.























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