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Page 1 CPT Section C General Economics Chapter 7 Unit 1 Dr C.Anirvinna Page 2 CPT Section C General Economics Chapter 7 Unit 1 Dr C.Anirvinna MULIPLE CHOICE QUESTIONS Page 3 CPT Section C General Economics Chapter 7 Unit 1 Dr C.Anirvinna MULIPLE CHOICE QUESTIONS Industrial licensing was abolished for all projects except related to strategic and security reasons Import of capital goods require special permission Need for industrial approvals in locations other than cities of more than 1 million population Existing units would not be provided a new broad banding facility to enable them to produce any article without any investment Answer (a) Page 4 CPT Section C General Economics Chapter 7 Unit 1 Dr C.Anirvinna MULIPLE CHOICE QUESTIONS Industrial licensing was abolished for all projects except related to strategic and security reasons Import of capital goods require special permission Need for industrial approvals in locations other than cities of more than 1 million population Existing units would not be provided a new broad banding facility to enable them to produce any article without any investment Answer (a) a.CRR reduced and SLR hiked b.CRR reduced and SLR reduced c. CRR raised and SLR reduced d. CRR is kept constant and SLR reduced Answer (b) Page 5 CPT Section C General Economics Chapter 7 Unit 1 Dr C.Anirvinna MULIPLE CHOICE QUESTIONS Industrial licensing was abolished for all projects except related to strategic and security reasons Import of capital goods require special permission Need for industrial approvals in locations other than cities of more than 1 million population Existing units would not be provided a new broad banding facility to enable them to produce any article without any investment Answer (a) a.CRR reduced and SLR hiked b.CRR reduced and SLR reduced c. CRR raised and SLR reduced d. CRR is kept constant and SLR reduced Answer (b) a) Bank rate b) Bench mark prime lending rate c) Base rate d) Credit rate Answer (c)Read More
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FAQs on MCQ - Economic Reforms - Business Economics for CA Foundation
| 1. What are economic reforms? |  |
Ans. Economic reforms refer to the changes and measures implemented by the government to improve the economic structure of a country. These reforms aim to promote economic growth, increase productivity, attract investments, and enhance the overall welfare of the nation.
| 2. What are the key objectives of economic reforms? | |
Ans. The key objectives of economic reforms are:
1. Liberalization: To reduce government intervention in the economy, promote free trade, and remove unnecessary regulations and restrictions.
2. Privatization: To transfer ownership and control of state-owned enterprises to the private sector, encouraging competition and efficiency.
3. Globalization: To integrate the domestic economy with the global economy, allowing for increased international trade and foreign investments.
4. Deregulation: To simplify rules and regulations, making it easier for businesses to operate and encouraging entrepreneurship and innovation.
5. Fiscal discipline: To maintain a stable fiscal policy that ensures the government's spending is sustainable and in line with revenue generation.
| 3. How do economic reforms benefit a country? | |
Ans. Economic reforms can benefit a country in several ways:
1. Economic growth: Reforms can stimulate economic growth by attracting investments, encouraging innovation, and improving productivity.
2. Job creation: By promoting a favorable business environment, economic reforms can lead to the creation of more jobs and reduce unemployment rates.
3. Poverty reduction: As economic growth occurs, it can help alleviate poverty by providing more employment opportunities and increasing the overall standard of living.
4. Increased competitiveness: Reforms such as liberalization and deregulation can make domestic industries more competitive globally, leading to increased exports and foreign exchange earnings.
5. Improved living standards: Economic reforms can result in better access to goods and services, improved infrastructure, and enhanced social welfare programs.
| 4. What are some examples of economic reforms implemented in recent times? | |
Ans. Some examples of economic reforms implemented in recent times include:
1. Goods and Services Tax (GST) implementation in India: This reform aimed to simplify the tax structure and promote a unified market by replacing multiple indirect taxes with a single tax.
2. China's economic liberalization: China undertook market-oriented reforms in the late 1970s, allowing for private enterprise, foreign investments, and gradual deregulation.
3. Privatization of state-owned enterprises in Russia: After the collapse of the Soviet Union, Russia implemented privatization measures to transition from a centrally planned economy to a market-driven one.
4. Financial sector reforms in Mexico: Mexico implemented reforms to strengthen its financial sector, improve banking regulations, and attract foreign investments.
5. Trade liberalization in Brazil: Brazil implemented reforms to reduce trade barriers, promote exports, and attract foreign investments.
| 5. What challenges can arise during the implementation of economic reforms? | |
Ans. Challenges that can arise during the implementation of economic reforms include:
1. Resistance to change: Various stakeholders, including vested interests and powerful lobbies, may resist reforms that affect their privileges or established positions.
2. Socioeconomic disparities: Reforms can sometimes exacerbate existing socioeconomic disparities, leading to income inequality and social unrest.
3. Political instability: Economic reforms can be politically sensitive, leading to protests, strikes, or even changes in government due to public dissatisfaction.
4. Lack of infrastructure: Implementing certain reforms may require adequate infrastructure, which may be lacking in some regions or countries, posing challenges to effective implementation.
5. External factors: Global economic conditions, trade disputes, or financial crises can impact the success of economic reforms, making their implementation more challenging.
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