The New Economic Policy of 1991 was based on the principles of: MCQ with Answer and Explanation

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The New Economic Policy of 1991 was based on the principles of:

A. liberalization, privatization and globalization

B. land reforms and cooperatives

C. import substitution and trade restrictions

D. nationalization and central planning

Answer: Option A

Solution (By JKSSB Mock Tests)

The 1991 New Economic Policy was based on liberalization, privatization and globalization.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The 'Foreign Direct Investment' limit in defence sector was increased to what percentage through the automatic route?

A. 26%

B. 74%

C. 49%

D. 100%

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Correct Answer: Option B

Explanation:
FDI in defence under automatic route is allowed up to 74%, with higher under government route.

This question belongs to: Economy GK Economy Set 1

Question #2

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A perfectly inelastic demand curve has an elasticity of:

A. zero

B. greater than one

C. one

D. infinity

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Correct Answer: Option A

Explanation:
With perfectly inelastic demand, quantity demanded does not change as price changes; elasticity is zero.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'Fiscal Responsibility and Budget Management Act' applies to:

A. Central Government

B. Private companies

C. RBI only

D. State governments only

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Correct Answer: Option A

Explanation:
The FRBM Act primarily applies to the Central Government.

This question belongs to: Economy GK Economy Set 1

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