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. Liberalisation, privatisation and globalisation
B. Licence-permit-quota raj
C. Complete isolation from the world economy
D. Import substitution only
Answer: Option A
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
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Question #1
Which of the following is a feature of the 'Life-Cycle' and 'Permanent-Income' hypotheses taken together?
A. Both assume infinite horizons only
B. Both ignore the role of wealth
C. Both emphasise that consumption depends on long-run resource constraints rather than current income alone
D. Both claim that only current income matters
Discuss
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Correct Answer: Option C

Explanation:
Both the life-cycle hypothesis and the permanent-income hypothesis assert that forward-looking consumers base consumption on expected lifetime or permanent resources rather than on current income alone.
This question belongs to: Economy GK Economy Set 1
Question #2
The 'National Industrial Corridor Development Programme' aims to:
A. develop industrial corridors and smart cities
B. build residential colonies
C. promote agriculture
D. expand railway passenger services
Discuss
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Correct Answer: Option A

Explanation:
National Industrial Corridor Development Programme develops industrial corridors and smart industrial cities.
This question belongs to: Economy GK Economy Set 1
Question #3
Which of the following best explains the concept of 'Adverse Selection'?
A. Change in behaviour after a contract is signed
B. Situation where one party has more information before entering a contract
C. Equal risk sharing between parties
D. Perfect information leading to efficient outcomes
Discuss
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Correct Answer: Option B

Explanation:
Adverse selection occurs when asymmetric information exists before a contract is signed, leading to the selection of undesirable parties (e.g., high-risk individuals buying more insurance).
This question belongs to: Economy GK Economy Set 1
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