Please see Chapter 3 Liberalisation Privatisation and Globalisation An Appraisal Case Study Questions and answers below. We have provided Case Study Questions for Class 11 Economics with answers for all chapters. Students should read the case study for Chapter 3 Liberalisation Privatisation and Globalisation An Appraisal which is an important chapter in Class 11 Economics and then attempt the questions provided below. Our teachers have provided answers too so that students can check their solutions.
Case Study Questions Chapter 3 Liberalisation Privatisation and Globalisation An Appraisal
Case Based Questions :
Developed countries have been trying to pursue developing countries to liberalize the trade and allow more flexibility in business policies to provide equal opportunities to multinational firms in their domestic market, International Monetary Fund (IMF) and World Bank helped them in this endeavor, Liberalization began to hold its foot on barren lands of developing countries like India by means of reduction in excise duties on electronic goods in a fixed time frame.
Indian government did the same and liberalized the trade and investment due to the pressure from World Trade Organization. Import duties were cut down phase wise to allow MNCs operate in India on equality basis. As a result globalization has brought to India new technologies, new products and also the economic opportunities.
Question. _____________ facilitates International Trade through removal of tariffs as well as non-tariff barriers.
(a) UNO
(b) UNDP
(c) WTO
(d) GAAT
Answer
C
Question. India had compulsion to introduce reforms as dictated by:
(a) World Bank
(b) IMF
(c) Both (a) and (b)
(d) None of the above
Answer
C
Question. Trade liberalization benefits developed countries more than developing economies. (True/false)
Answer
True
In his July 1991 Budget speech, marked by remarkable clarity. Dr. Manmohan Singh laid out his analysis of what was ailing the Indian economy at the time, and his strategy to revive it.
His argument was that protection and state –supported industrialization had outlived their utility.
The protection granted to industry had made it uncompetitive in the global market. This has hurt export growth, contributing to the Balance of Payments crises in 1991. The way out as Dr. Singh saw it was to open up the Indian economy so that Indian manufacturers could compete with global players in local conditions. Once they succeeded in the domestic market they would be able to find a place in the global market as well. India would then move from being, primarily an exporter of agricultural products to one that had a global presence in industrial products as well.
Question. Economic reforms have___________ the role of public sector. (Increased/reduced)
Answer
Reduced
Question. Industry, for which license is needed after 1991__________
(a) Defence Equipment
(b) Atomic Energy Generation
(c) Both (a) and (b)
(d) None of these
Answer
C
Question. Which of the following is not a tax reform
(a) Reduction in taxes
(b) Reforms in Indirect Taxes
(c) Simplification of Tax Process
(d) Devaluation of Rupee
Answer
D
