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Economics: CUET Mock Test - 8


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40 Questions MCQ Test CUET Mock Test Series | Economics: CUET Mock Test - 8

Economics: CUET Mock Test - 8 for Class 12 2023 is part of CUET Mock Test Series preparation. The Economics: CUET Mock Test - 8 questions and answers have been prepared according to the Class 12 exam syllabus.The Economics: CUET Mock Test - 8 MCQs are made for Class 12 2023 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Economics: CUET Mock Test - 8 below.
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Economics: CUET Mock Test - 8 - Question 1

Ford Motors entered the Indian automobile business in collaboration with which Indian manufacturer?

Economics: CUET Mock Test - 8 - Question 2

Trade between countries:

Detailed Solution for Economics: CUET Mock Test - 8 - Question 2

Following are some factors which affect the price of a commodity in different countries.
One of the major factors that affects the prices of goods is the difference in taxes and import duties across countries. When dealing in commodities, or any physical good, the cost to transport them must be included, resulting in different prices when commodities from two different locations are examined. Because transaction costs exist and can vary across different markets and geographic regions, prices for the same good can also vary between markets. Legal barriers such as capital controls, or in the case of wages, immigration restrictions, can lead to persistent price differentials rather than one price. 

Economics: CUET Mock Test - 8 - Question 3

One major factor that has stimulated the globalisation process is:

Detailed Solution for Economics: CUET Mock Test - 8 - Question 3

Rapid improvement in technology is definitely helped in stimulating the process of the globalization. Globalization is the process of interaction and integration among people, companies, and governments worldwide.
With the help of technology, it is so much faster to communicate across the world which has helped the businesses and companies to grow faster across the world.

Economics: CUET Mock Test - 8 - Question 4

Which out of the following is an example of a trade barrier?

Economics: CUET Mock Test - 8 - Question 5

WTO aims at:

Economics: CUET Mock Test - 8 - Question 6

Globalisation has created new opportunities of:

Economics: CUET Mock Test - 8 - Question 7

Globalisation has posed major challenges for:

Economics: CUET Mock Test - 8 - Question 8

Cargill Foods, an MNC has bought over which indigenous Indian company?

Economics: CUET Mock Test - 8 - Question 9

What is happening with the import of Chinese toys in India ?

Economics: CUET Mock Test - 8 - Question 10

Globalisation by connecting countries leads to:

Economics: CUET Mock Test - 8 - Question 11

If tax is imposed on Chinese toys, what will happen?

Economics: CUET Mock Test - 8 - Question 12

Removing barriers or restrictions set by the government is called:

Economics: CUET Mock Test - 8 - Question 13

Which out of the following industries has a large number of well-off buyers in urban areas?

Economics: CUET Mock Test - 8 - Question 14

One major government initiative to attract foreign companies to invest in India is:

Economics: CUET Mock Test - 8 - Question 15

With the growing competition, most employers these days prefer to employ workers:

Economics: CUET Mock Test - 8 - Question 16

FDI means:

Economics: CUET Mock Test - 8 - Question 17

EXIM policy was announced in:

Economics: CUET Mock Test - 8 - Question 18

Disinvestment means selling of a public investment to a ______:

Economics: CUET Mock Test - 8 - Question 19

Cross Holding is a method of _____:

Economics: CUET Mock Test - 8 - Question 20

Privatisation can be achieved by:

Economics: CUET Mock Test - 8 - Question 21

The most common route for investments by MNCs in countries around the world is to:

Economics: CUET Mock Test - 8 - Question 22

A company that owns or controls production in more than one nation is called:

Economics: CUET Mock Test - 8 - Question 23

Where do MNCs choose to set up production?

Economics: CUET Mock Test - 8 - Question 24

______ refers to relaxation of produce government restriction usually in areas of social and economic polices:

Economics: CUET Mock Test - 8 - Question 25

EFCG stands for ______:

Economics: CUET Mock Test - 8 - Question 26

The Foreign trade Policy has ______

Economics: CUET Mock Test - 8 - Question 27

100 percent privatisation in India has taken place of:

Economics: CUET Mock Test - 8 - Question 28

CIF stands for:

Economics: CUET Mock Test - 8 - Question 29

The past two decades of globalisation has seen rapid movements in:

Economics: CUET Mock Test - 8 - Question 30

Globalisation has led to higher standards of living of:

Economics: CUET Mock Test - 8 - Question 31

Consider the below statements:
1. The foreign investment, which includes foreign direct investment (FDI) and foreign institutional investment (FII), has increased from about US $ 100 million in 1990-91 to US $ 467 billion in 2012-13. 
2. There has been an increase in the foreign exchange reserves from about US $ 6 billion in 1990-91 to about US $ 304 billion in 2013-14. 
3. India is one of the largest foreign exchange reserve holders in the world.
Select the correct statements using the codes given below:

Detailed Solution for Economics: CUET Mock Test - 8 - Question 31

Foreign-exchange reserves (also called Forex reserves) are, in a strict sense, only the foreign-currency deposits held by national central banks and monetary authorities. 
However, in popular usage, it also includes gold reserves, special drawing rights (SDRs) and International Monetary Fund (IMF) reserve position because this total figure, which is usually more accurately termed as official reserves or international reserves or official international reserves, is more readily available.

Economics: CUET Mock Test - 8 - Question 32

Consider the impact of economic reforms on agriculture:
1. Public investment in agriculture sector has increased only slightly, in the reform period.
2. The removal of fertiliser subsidy has led to increase in the cost of production, which has severely affected the small and marginal farmers.
Q. Which of the above statements is/are correct?

Detailed Solution for Economics: CUET Mock Test - 8 - Question 32

Public investment in agriculture sector especially in infrastructure, which includes irrigation, power, roads, market linkages and research and extension, has fallen in the reform period.

Economics: CUET Mock Test - 8 - Question 33

Industrial growth in India has recorded a slowdown in the period of economic reforms. What are the reasons for this?
1. Decreasing demand of domestic industrial products 
2. Globalization
3. India still does not have the access to developed countries’ markets because of high non-tariff barriers.
Select the correct statements using the codes given below:

Detailed Solution for Economics: CUET Mock Test - 8 - Question 33

This is because of decreasing demand of industrial products due to various reasons such as cheaper imports, inadequate investment in infrastructure etc. 
In a globalized world, developing countries are compelled to open up their economies to greater flow of goods and capital from developed countries and rendering their industries vulnerable to imported goods. Cheaper imports have, thus, replaced the demand for domestic goods.
Third statement is true. For e.g. U.S.A. has not removed their quota restriction on import of textiles from India and China.

QuestionId: 375061

Economics: CUET Mock Test - 8 - Question 34

Which of the following are correct with reference to economic reforms (LPG reforms) and public policies?
1. Economic reforms have placed limits on the growth of public expenditure especially in social sectors.
2. The reform policies involving tariff reduction have curtailed the scope for raising revenue through customs duties.
3. In order to attract foreign investment, tax incentives were provided to foreign investors which further reduced the scope for raising tax revenues.
Select the correct statements using the codes given below:

Detailed Solution for Economics: CUET Mock Test - 8 - Question 34

The economy of India had undergone significant policy shifts in the beginning of the 1990s. This new model of economic reforms is commonly known as the LPG or Liberalisation, Privatisation and Globalisation model. The primary objective of this model was to make the economy of India the fastest developing economy in the globe with capabilities that help it match up with the biggest economies of the world.

Economics: CUET Mock Test - 8 - Question 35

Which of the following statements reflect the correct picture of reforms?
1. In the domestic economy, major reforms were undertaken in the industrial and financial sectors. 
2. Major external sector reforms included foreign exchange deregulations and import liberalisation.
Q. Which of the above statements is/are correct?

Detailed Solution for Economics: CUET Mock Test - 8 - Question 35

The chain of reforms that took place with regards to business, manufacturing, and financial services industries targeted at lifting the economy of the country to a more proficient level. These economic reforms had influenced the overall economic growth of the country in a significant manner.

Economics: CUET Mock Test - 8 - Question 36

Evaluate the below results of the economic reforms process of India:
1. India is seen as a successful exporter of auto parts, engineering goods, IT software and textiles in the reform period.
2. The reform process has been widely appreciated for being able to address all of the ‘basic’ problems facing our economy.
Q. Which of the above statements is/are not correct?

Detailed Solution for Economics: CUET Mock Test - 8 - Question 36

The reform process has been widely criticised for not being able to address some of the basic problems facing our economy especially in the areas of employment, agriculture, industry, infrastructure development and fiscal management.

Economics: CUET Mock Test - 8 - Question 37

Which of the following are correct with regard to policies in the agriculture sector during the reform period?
1. This sector has been experiencing a more or less same policy which has adversely affected Indian farmers as they now have to face increased international isolation.  
2. The focus has mostly been on the production of food grains for the domestic market.
Q. Which of the above statements is/are correct?

Detailed Solution for Economics: CUET Mock Test - 8 - Question 37

This sector has been experiencing a number of policy changes such as reduction in import duties on agricultural products, removal of minimum support price on certain product categories and lifting of quantitative restrictions on agricultural products; these have adversely affected Indian farmers as they now have to face increased international competition.  
Because of export oriented policy strategies in agriculture, there has been a shift from production for the domestic market towards production for the export market focusing on cash crops in lieu of production of food grains. This puts pressure on prices of food grains.

Economics: CUET Mock Test - 8 - Question 38

Multiple Choice Questions which will help them to assess their level of preparation:
1. The central government has missed its disinvestment target almost every year, except in four years, from 2000-01 to 2013-14.   
2.  The government had a disinvestment target of Rs. 58,425 crore in 2014-15 but could not achieve even 50% of the target.
Q. Which of the above statements is/are not correct?

Detailed Solution for Economics: CUET Mock Test - 8 - Question 38

Both are correct. It could achieve only Rs.24,338crore, .i.e. 41.66%. Disinvestment can be defined as the action of an organisation (or government) selling or liquidating an asset or subsidiary. It is also referred to as ‘divestment’ or ‘divestiture.’

Economics: CUET Mock Test - 8 - Question 39

Consider the below statements about WTO:
1. The WTO was founded in 1995 as the successor organisation to the International Treaty for Trade (ITT). 
2. WTO is expected to establish a modern trading regime in which nations have the right to place suitable restrictions on trade.
3. In addition, its purpose is also to enlarge production and trade of services, to ensure optimum utilisation of world resources and to protect the environment.
Select the incorrect statements using the codes given below:

Detailed Solution for Economics: CUET Mock Test - 8 - Question 39

The WTO was founded in 1995 as the successor organisation to the General Agreement on Trade and Tariff (GATT). WTO is expected to establish a rule-based trading regime in which nations cannot place arbitrary restrictions on trade.

Economics: CUET Mock Test - 8 - Question 40

Which of the following are correct regarding growth during the reform period?
1. The growth of agriculture declined. 
2. Theservice sector reported fluctuation.
3. The growth of industrial sectors has gone up. 
4. The growth during this phase was mainly driven by the growth in the service sector.
Select the correct answer using the codes given below

Detailed Solution for Economics: CUET Mock Test - 8 - Question 40

The growth of agriculture declined.The industrial sectors reported fluctuation. The growth of service sector has gone up. The growth during this phase was mainly driven by the growth in the service sector.

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