Q 1 – In which year did India adopt the economic reforms?
(A) 1991
(B) 1993
(C) 1998
(D) 2001
Ans. (A) 1991
Q 2 – Why there was a need for economic reforms in India?
(A) Due to fiscal deficit
(B) Due to adverse BOP
(C) Rise in prices
(D) All of the above
Ans. (D) All of the above
Q 3 – When did the Gulf Crisis take place?
(A) 1985
(B) 1990-91
(C) 1995
(D) 1975
Ans. (B) 1990-91
Q 4 – How much loan was provided by World Bank and IMF during the nineties to bail India out of the crisis?
(A) $10 million
(B) $10 billion
(C) $7 billion
(D) $20 billion
Ans. (C) $7 billion
Q 5 – What is the main feature of New Economic Policy?
(A) Liberalisation
(B) Privatisation
(C) Globalisation
(D) All of the above
Ans. (D) All of the above
Q 6 – For how many industries, licensing is still necessary?
(A) 7
(B) 6
(C) 9
(D) 10
Ans. (B) 6
Q 7 – How many industries are entirely reserved for the public sector?(A) 6
(B) 10
(C) 2
(D) 4
Ans. (C) 2
Q 8 – What is the investment limit in small scale industries?
(A) 50 lakh
(B) 1 crore
(C) 25 lakh
(D) 75 crore
Ans. (B) 1 crore
Q 9 – When was VAT introduced in most of the States of India?
(A) 1995
(B) 2001
(C) 2005
(D) 2006
Ans. (C) 2005
Q 10 – How many countries are the members of WTO?
(A) 164
(B) 120
(C) 96
(D) 48
Ans. (A) 164
Q 11 – When was WTO established?
(A) 1996
(B) 1998
(C) 2000
(D) 1995
Ans. (D) 1995
Q 12 – Where is the headquarters of WTO located?
(A) Italy
(B) Geneva
(C) New York
(D) Washington
Ans. (B) Geneva
Q 13 – Economic reforms were introduced in India in the year _________
(a) 1991
(b) 1992
(c) 2001
(d) 2005
Ans. (a) 1991
Q 14 – Make in India programme was launched in __________
(a) 1991
(b) 2014
(c) 2015
(d) 2016
Ans. (b) 2014
Q 15 – MUDRA Bank was set up to meet the credit needs of the _________
(a) farmers
(b) small enterprises
(c) large enterprises
(d) exporters
Ans. (b) small enterprises
Q 16 – Which of the following replaced MRTP Act?
(a) Competition Act
(b) Foreign Exchange Management Act
(c) New Companies Act
(d) None of these
Ans. (a) Competition Act
Q 17 – To provide refinance facilities to micro-units, an agency named MUDRA was established by the government. In which year this agency was set up?
(a) 1991
(b) 1999
(c) 2005
(d) 2015
Ans. (d) 2015
Q 18 – At present the number of industries requiring company licensing is __________
(a) Eight
(b) Six
(c) Four
(d) Five
Ans. (d) Five
Q 19 – GST has been implemented from __________
(a) April 1, 2018
(b) January 1, 2018
(c) January 1, 2017
(d) July 1, 2017
Ans. (d) July 1, 2017
Q 20 – When did the Gulf Crisis take place?
(a) 1985
(b) 1990-91
(c) 1995
(d) 1975
Ans. (d) July 1, 2017
Q 21 – How much loan was provided by World Bank and IMF during the nineties to bail India out of the crisis?
(a) $10 million
(b) $10 billion
(c) $7 billion
(d) $20 billion
Ans. (d) July 1, 2017
Q 22 – For how many industries, licensing is still necessary?
(a) 7
(b) 6
(c) 9
(d) 10
Ans. (b) 6
Q 23 – How many industries are entirely reserved for the public sector?
(a) 6
(b) 10
(c) 2
(d) 4
Ans. (c) 2
Q 24 – What is the investment limit in small scale industries?
(a) 50 lakh
(b) 1 crore
(c) 25 lakh
(d) 75 crore
Ans. (b) 1 crore
Q 25 – Who is the Chairman of the GST Council?
(a) Finance Minister
(b) Prime Minister
(c) Finance Secretary
(d) Deputy Chairman of NITI Aayog
Ans. (a) Finance Minister