In the context of economic reforms in India, the New Economic Policy of 1991 emphasised: MCQ with Answer and Explanation

Question
In the context of economic reforms in India, the New Economic Policy of 1991 emphasised:
A. Import substitution only
B. Licence-permit-quota raj
C. Complete isolation from the world economy
D. Liberalisation, privatisation and globalisation
Answer: Option D
Solution (By JKSSB Mock Tests)
The 1991 economic reforms focused on Liberalisation, Privatisation and Globalisation (LPG) to open up the economy, reduce government control and integrate with the global economy.
This question belongs to: Economy GK Economy Set 1
Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Economy Set 1 Questions

Question #1
Which of the following is a feature of the 'Relative Income Hypothesis' of consumption associated with Duesenberry?
A. Only permanent income matters
B. Consumption is independent of social comparisons
C. Consumption depends on an individual’s income relative to the incomes of others and on past peak income
D. Consumption depends only on absolute current income
Discuss
Get Complete Subject PDF for Economy GK

Correct Answer: Option C

Explanation:
Duesenberry’s relative-income hypothesis posits that consumption depends on the individual’s rank in the income distribution and on the highest income previously attained (ratchet effect).
This question belongs to: Economy GK Economy Set 1
Question #2
The 'United Nations Educational, Scientific and Cultural Organization' is headquartered in:
A. Rome
B. New York
C. Geneva
D. Paris
Discuss
Get Complete Subject PDF for Economy GK

Correct Answer: Option D

Explanation:
UNESCO is headquartered in Paris.
This question belongs to: Economy GK Economy Set 1
Question #3
In the context of public finance, the 'Median Voter Theorem' predicts that:
A. Voting never produces consistent outcomes
B. Only unanimous decisions are possible
C. The outcome always reflects the preference of the richest voter
D. Under certain conditions, the outcome of majority voting will reflect the preference of the median voter
Discuss
Get Complete Subject PDF for Economy GK

Correct Answer: Option D

Explanation:
The median voter theorem states that if preferences are single-peaked, majority rule yields the outcome most preferred by the median voter.
This question belongs to: Economy GK Economy Set 1
Explore All Economy Set 1 MCQs
Today's Top Topics
Economy Set 1 2220
Explore Subjects
Geography GK 6121 Reasoning 2064 Current Affairs 575 Maths 5575 Economy GK 2220
Practice Mix
When is the International Day of Democracy observed?
He is _______ good that he saves many lives.
Which is a key metric for laptop CPUs?
She keeps ___ smiling.
Which Indian athlete won the silver medal in the men's triple jump at the 2022 Commonwealth Games?