Business, Trade and Commerce Test 18

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Business, Trade and Commerce Test 18

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Weekly Quiz Competition

Question 1
1 / -0

In the pre-reforms period (i.e. before 1991), Export Subsidy Schemes were characterised by:

A
High transaction costs

B
Delays

C
Corruption

D
All of the above

Solution

India adopted socialist form of economy which involved a lot of government intervention into international trade where government used to offer export subsidies backed with transaction costs, delays and corruption so that only a few government selected companies could complete in the international market.
Question 2
1 / -0

As a result of the New Industrial Policy, 1991 -

A
Prior approval of Central Government is required for establishing new undertakings, and expanding the present undertakings

B
An industry intending to have more than Rs 100 Crore of assets is required to obtain the permission of the Central Government

C
Prior approval of Central Government for establishing new undertakings and expanding existing undertaking is not required

D
Two or more Companies deciding to amalgamate are required to take the prior approval of the Central Government

Solution

New industrial policy include the policy of liberalization where it was specified that it is compulsory only for few major named industries to have compulsory licence under the rules and regulations of the government where as other industries were free to establish as well as expand their company without any government intervention.
Question 3
1 / -0

New Economic Reforms in India were introduced in ___________.

A
1999

B
1991

C
2001

D
2003

Solution

During 1991, some new economic reforms where introduced in India which were also known as LPG ( Liberalization, Privatization, and Globalization). These reforms where taken to make the economy stable and take it out from the national crisis which it was facing.
Question 4
1 / -0

Which one of the following taxes belong exclusively to the State Governments?

A
Income Tax

B
Agricultural Tax

C
Excise Tax

D
Wealth Tax

Solution

Agricultural tax belong exclusively to the State Governments. This means that tax from agricultural sector or primary sector of the economy is collected only by the state government. Central government has no authority of collecting agricultural tax.
Question 5
1 / -0

Which of the following is not true about the pre-reforms period (i.e. before 1991)?

A
Shortage of Foreign Exchange

B
Heavy Government Borrowings

C
Huge Losses of Public Sector Enterprises

D
Surplus Budget in each financial year

Solution

In pre-reform period, that is, before the year of 1991, Surplus Budget in each financial year. Surplus Budget in each financial year introduced after the year of 1991. Budget can be defined as a statement of receipts and expenditure of an economy.
Question 6
1 / -0

Which of the following does not relate to the External Sector Reforms in 1991?

A
Devaluation of the Rupee

B
Removal of restrictions on Foreign Exchange transactions

C
Export Support

D
Restrictions on Foreign Direct Investment

Solution

Restrictions on Foreign Direct Investment does not relate to the External Sector Reforms in 1991. After 1991, foreign direct investment was proposed so that India could avail high investments from outside and grow. New economic reforms was enacted in 1991 which liberalized the FDI.
Question 7
1 / -0

'Served from India' brand concept has been started for -

A
Agricultural exports

B
Exports of services

C
Export of handlooms and handicrafts

D
Export of gems and jewellery

Solution

'Served from India' was a concept which was started in 2015 as a export promotion techniques for the services that were exported to various countries.
Question 8
1 / -0

Which of the following does not relate to the External Sector Reforms in 1991?

A
Reduction in the number of items covered by import licenses

B
Permission for free trade of all items except a negative list of imports and exports

C
Increasing of import/ export duty rates

D
Permission for foreign direct investment

Solution

Increasing of import/ export duty rates does not relate to the External Sector Reforms in 1991. As per New economic policy which was adopted in 1991, the import rates and export duty rates were to be decreased so that there would be fair flow of goods between the domestic country and other countries as a result of which there will be rationalization in the tariff structure,
Question 9
1 / -0

As a result of Economic Reforms, Re-structuring, Mergers & Acquisitions of Companies, Business Process Re-engineering, processes have been ___________.

A
Simplified

B
Made more procedural

C
Subject to Central Government approval in all situations

D
None of the above

Solution

As a result of Economic Reforms, Re-structuring, Mergers & Acquisitions of Companies, Business Process Re-engineering, processes have been simplified.
Economic reforms are taken by the Indian government, which emphasized LPG model- liberalization, privatization and globalization.
Positive impact of Economic Reforms on the Indian Economy are :-a)Improvement in work culture

b) Increase in quality and cost consciousness
c)Increase in Value-Added Exports.
Question 10
1 / -0

Which of the following is a positive impact of Economic Reforms on the Indian Economy?

A
Focus on Brand Building in an increasingly competitive market place

B
Shift from labour-intensive to capital-intensive methods of production

C
Stress on quality and R & D

D
All of the above

Solution

Positive impact of Economic Reforms on the Indian Economy are :-a)Focus on Brand Building in an increasingly competitive market place

b)Shift from labour intensive to capital-intensive methods of production
c)Stress on quality and R & D
Economic reforms are taken by the Indian government, which emphasized LPG model- liberalization, privatization and globalization.

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Re-Attempt Weekly Quiz Competition

Business, Trade and Commerce Test 18

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Business, Trade and Commerce Test 18

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SHARING IS CARING

Question 1

High transaction costs

Delays

Corruption

All of the above

Solution

Question 2

Prior approval of Central Government is required for establishing new undertakings, and expanding the present undertakings

An industry intending to have more than Rs 100 Crore of assets is required to obtain the permission of the Central Government

Prior approval of Central Government for establishing new undertakings and expanding existing undertaking is not required

Two or more Companies deciding to amalgamate are required to take the prior approval of the Central Government

Solution

Question 3

1999

1991

2001

2003

Solution

Question 4

Income Tax

Agricultural Tax

Excise Tax

Wealth Tax

Solution

Question 5

Shortage of Foreign Exchange

Heavy Government Borrowings

Huge Losses of Public Sector Enterprises

Surplus Budget in each financial year

Solution

Question 6

Devaluation of the Rupee

Removal of restrictions on Foreign Exchange transactions

Export Support

Restrictions on Foreign Direct Investment

Solution

Question 7

Agricultural exports

Exports of services

Export of handlooms and handicrafts

Export of gems and jewellery

Solution

Question 8

Reduction in the number of items covered by import licenses

Permission for free trade of all items except a negative list of imports and exports

Increasing of import/ export duty rates

Permission for foreign direct investment

Solution

Question 9

Simplified

Made more procedural

Subject to Central Government approval in all situations

None of the above

Solution

Question 10

Focus on Brand Building in an increasingly competitive market place

Shift from labour-intensive to capital-intensive methods of production

Stress on quality and R & D

All of the above

Solution

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