After 1991, industrial licensing in India was abolished for: MCQ with Answer and Explanation

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After 1991, industrial licensing in India was abolished for:

A. only small scale industries

B. no industries

C. most industries except a short list related to security and strategic concerns

D. all industries including defence

Answer: Option C

Solution (By JKSSB Mock Tests)

Industrial licensing was abolished for most industries, retaining a short list for strategic and security reasons.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'Multilateral Investment Guarantee Agency' provides:

A. export subsidies

B. trade finance

C. currency exchange

D. political risk insurance and credit enhancement for foreign investment

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Correct Answer: Option D

Explanation:
MIGA provides political risk insurance to promote foreign direct investment.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'National Anti-profiteering Authority' was later replaced by which body under GST?

A. Central Board of Indirect Taxes and Customs

B. GST Council

C. GST Appellate Tribunal

D. Competition Commission of India

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Correct Answer: Option D

Explanation:
The NAA's functions were transferred to the Competition Commission of India.

This question belongs to: Economy GK Economy Set 1

Question #3

The concept of 'Adverse Selection' in insurance markets leads to:

A. Higher-risk individuals being more likely to purchase insurance

B. Lower-risk individuals being more likely to purchase insurance

C. No effect on the pool of insured

D. Only moral hazard problems

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Correct Answer: Option A

Explanation:
Because high-risk individuals have a greater incentive to buy insurance at any given premium, the insured pool tends to be riskier than the population average, driving up premiums and potentially causing market unraveling.

This question belongs to: Economy GK Economy Set 1

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