Worksheet: Liberalisation, Privatisation and Globalisation- 1 | Economics Class 12 - Commerce PDF Download

Section 1: Fill in the Blanks

Q1: The basic aim of liberalization was to put an end to restrictions that hindered __________ and growth of the nation.

Q2: Name two objectives of liberalization related to foreign trade.

Q3: __________ industries were exempted from industrial licensing during liberalization.

Q4: During liberalization, the role of RBI changed to a __________.

Q5: Devaluation of the rupee was done to encourage __________ and discourage imports.

Q6: The World Trade Organization (WTO) acts as a watchdog for __________.

Q7: The number of public sector industries reduced from 17 to __________ during liberalization.

Q8: __________ was abolished on various imports during liberalization.

Q9: Name one sector impacted by liberalization related to reforms.

Q10: SLR, in the context of financial reforms, stands for __________.

Section 2: Assertion and Reason

Q1: Assertion: Liberalization aims to increase competition among domestic industries.
Reason: Competition fosters innovation and efficiency in the market.
(a) Both Assertion and Reason are true and Reason is the correct explanation of the Assertion.
(b) Both Assertion and Reason are true, but Reason is not the correct explanation of the Assertion.
(c) Assertion is true, but Reason is false.
(d) Assertion is false, but Reason is true.

Q2: Assertion: Devaluation of the rupee was done during liberalization.
Reason: Devaluation helps in boosting exports and discouraging imports.
(a) Both Assertion and Reason are true and Reason is the correct explanation of the Assertion.
(b) Both Assertion and Reason are true, but Reason is not the correct explanation of the Assertion.
(c) Assertion is true, but Reason is false.
(d) Assertion is false, but Reason is true.

Q3: Assertion: The role of RBI changed to a facilitator during financial sector reforms.
Reason: This change aimed at promoting competition in the banking sector.
(a) Both Assertion and Reason are true and Reason is the correct explanation of the Assertion.
(b) Both Assertion and Reason are true, but Reason is not the correct explanation of the Assertion.
(c) Assertion is true, but Reason is false.
(d) Assertion is false, but Reason is true.

Q4: Assertion: Import duties were reduced during foreign exchange reforms.
Reason: This was done to encourage imports and boost international trade.
(a) Both Assertion and Reason are true and Reason is the correct explanation of the Assertion.
(b) Both Assertion and Reason are true, but Reason is not the correct explanation of the Assertion.
(c) Assertion is true, but Reason is false.
(d) Assertion is false, but Reason is true.

Q5: Assertion: Industrial licensing was abolished for most industries during liberalization.
Reason: This was aimed at promoting entrepreneurship and reducing bureaucratic hurdles.
(a) Both Assertion and Reason are true and Reason is the correct explanation of the Assertion.
(b) Both Assertion and Reason are true, but Reason is not the correct explanation of the Assertion.
(c) Assertion is true, but Reason is false.
(d) Assertion is false, but Reason is true.

Section 3: Very Short Answers

Q1: Name one objective of liberalization related to foreign trade.

Q2: Name one sector impacted by liberalization related to reforms.

Q3: What is SLR in the context of financial reforms?

Q4: Name one area where industrial licensing was still required after liberalization.

Q5: How many public sector industries were reduced during liberalization?

Q6: What was the role of RBI during liberalization?

Q7: Name one area where production areas were de-reserved during liberalization.

Q8: Name one industry where licensing requirements were not abolished during liberalization.

Q9: What was the aim of devaluing the rupee during liberalization?

Q10: Name one sector where there was an expansion of production capacity during liberalization.

Section 4: Short Answers 

Q1: Explain the objective of devaluation of the rupee during liberalization.

Q2: Describe the impact of liberalization on the industrial sector.

Q3: Explain how liberalization impacted the financial sector.

Q4: Describe the reforms related to the external sector during liberalization.

Q5: Explain the concept of the World Trade Organization (WTO) and its functions.

Q6: Describe the impact of liberalization on the agricultural sector.

Q7: Explain the changes in the tax structure during liberalization.

Q8: Describe the changes in the role of the Reserve Bank of India (RBI) during financial sector reforms.

Section 5: Long Answers

Q2: Discuss the reforms in the industrial sector during liberalization.

Q3: Explain the reforms related to the financial sector during liberalization.

Q4: Describe the reforms related to tax and fiscal policies during liberalization.