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. land reforms and cooperatives

B. nationalization and central planning

C. liberalization, privatization and globalization

D. import substitution and trade restrictions

Answer: Option C

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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Practice More Economy Set 1 Questions

Question #1

Which of the following is a feature of the Indian labour market?

A. Uniform wages across sectors

B. Complete absence of unemployment

C. Dominance of formal sector employment only

D. Large share of informal employment and dualism

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Correct Answer: Option D

Explanation:
The Indian labour market is characterised by a large informal sector, dualism between formal and informal employment, and significant underemployment.

This question belongs to: Economy GK Economy Set 1

Question #2

In the context of economic reforms, 'Disinvestment' involves:

A. Complete closure of all public enterprises

B. Increasing government stake in public sector enterprises

C. Nationalisation of private firms

D. Sale of government equity in public sector enterprises

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Correct Answer: Option D

Explanation:
Disinvestment refers to the sale of government-held shares in public sector enterprises to private investors or the public, thereby reducing the government's ownership stake.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax Compensation Cess' is levied to compensate states for:

A. loss due to natural calamities

B. loss of revenue due to GST implementation for a transition period

C. loss of import revenue

D. loss due to bank failures

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Correct Answer: Option B

Explanation:
GST Compensation Cess compensates states for revenue loss due to GST implementation for five years.

This question belongs to: Economy GK Economy Set 1

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