Introduction Test

Result

Introduction Test - 20

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Weekly Quiz Competition

Question 1
1 / -0

As part of Economic Reforms in 1991, Financial Sector Reforms relates to :

A
Banking Sector

B
Capital Market Sector

C
Insurance Sector

D
All of the above

Solution

Financial sector reforms relates to reforms in all such sectors where finance was a major and prominent factor which included all the three sector i.e. banking, capital market, and insurance.
Question 2
1 / -0

All of the following developments were noticed during 1991 (when economic reforms were enforced) except one. Identify it.

A
National Debt was nearly 60% of the GNP of India

B
Inflation crossed double digits

C
Foreign Reserves were maintained at a very high level

D
None of the above

Solution

All the following developments ( such as National Debt was nearly 60% of the GNP of India, Inflation crossed double digits) were noticed during 1991, when economic reforms were enforced, except "Foreign Reserves were maintained at a very high level. During 1991, Indian Government adopted New Economic Policy which emphasized liberalization, privatization and globalization.
Question 3
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 4
1 / -0

Which of the following is an objective of VAT?

A
To avoid double taxation effect or cascading effect

B
To promote cost-efficiency, by permitting credit on inputs

C
To ensure equitable distribution of tax impact amongst Dealers

D
All of the above

Solution

VAT stands for Value Added Tax. Enactment of VAT on goods has certain objectives:
a) To avoid double taxation effect or cascading effect
b) To promote cost-efficiency, by permitting credit on inputs
c) To ensure equitable distribution of tax impact amongst Dealers
Question 5
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 6
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 7
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 8
1 / -0

In the pre-reforms period (i.e. before 1991), Import of food grains was permitted ______________.

A
In order to meet domestic demand in case of shortage of foodgrains

B
To help Indians consume nutritious food

C
Whenever there was a favourable Balance of Trade

D
All of the above

Solution

In the pre-reforms period (i.e. before 1991), Import of food grains was permitted in order to meet domestic demand in case of shortage of foodgrains. Demand for food grains by the nation used to fall short in the pre-reform period, hence to cope up with the shortage of food grains, import was done from the foreign countries.
Question 9
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 10
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.

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Introduction Test - 20

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Introduction Test - 20

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Question 1

Banking Sector

Capital Market Sector

Insurance Sector

All of the above

Solution

Question 2

National Debt was nearly 60% of the GNP of India

Inflation crossed double digits

Foreign Reserves were maintained at a very high level

None of the above

Solution

Question 3

Income Tax

Agricultural Tax

Excise Tax

Wealth Tax

Solution

Question 4

To avoid double taxation effect or cascading effect

To promote cost-efficiency, by permitting credit on inputs

To ensure equitable distribution of tax impact amongst Dealers

All of the above

Solution

Question 5

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 6

1999

1991

2001

2003

Solution

Question 7

Shortage of Foreign Exchange

Heavy Government Borrowings

Huge Losses of Public Sector Enterprises

Surplus Budget in each financial year

Solution

Question 8

In order to meet domestic demand in case of shortage of foodgrains

To help Indians consume nutritious food

Whenever there was a favourable Balance of Trade

All of the above

Solution

Question 9

Devaluation of the Rupee

Removal of restrictions on Foreign Exchange transactions

Export Support

Restrictions on Foreign Direct Investment

Solution

Question 10

Agricultural exports

Exports of services

Export of handlooms and handicrafts

Export of gems and jewellery

Solution

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