12th Class Economics Foreign Trade Question Bank

done MCQs - India's Foreign Trade (1947-1990) Total Questions - 42

• question_answer1)
  What change took place in India's Foreign trade after independence?
  A)
  Increase in percentage share of agriculture done clear
  B)
  Increase in percentage share of country's finished products done clear
  C)
  Rise in traditional exports done clear
  D)
  None of the above done clear
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• question_answer2)
  In 1950-51, deficit in India's balance of trade was estimated at:
  A)
  Rs. 2 crore done clear
  B)
  Rs. 10 crore done clear
  C)
  Rs. 80 crore done clear
  D)
  Rs. 100 crore done clear
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• question_answer3)
  During 1950-90, India adopted:
  A)
  export promotion policy done clear
  B)
  free trade policy done clear
  C)
  policy of imports substitution done clear
  D)
  None of the above done clear
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• question_answer4)
  Following was the feature of India's Foreign Trade during 1950-90:
  A)
  the volume and value of foreign trade increased slowly done clear
  B)
  exports were rising faster than imports done clear
  C)
  the USSR and East Europe had a dominating position in India's Foreign Trade done clear
  D)
  None of the above done clear
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• question_answer5)
  During 1950-90:
  A)
  the share of agricultural products in country's exports increased done clear
  B)
  the share of manufactured goods in country's exports increased done clear
  C)
  the share of agricultural products increased while that of manufacturers decreased done clear
  D)
  None of the above done clear
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• question_answer6)
  Types of goods which are exported and imported by a nation is called:
  A)
  Balance of trade done clear
  B)
  Direction of trade done clear
  C)
  Composition of trade done clear
  D)
  Trade surplus done clear
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• question_answer7)
  A strategy to earn foreign exchange by making domestic industries competitive in the international market is called:
  A)
  Export promotion done clear
  B)
  Import substitution done clear
  C)
  Inward looking trade strategy done clear
  D)
  Both [b] and [c] done clear
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• question_answer8)
  The trade reforms were:
  A)
  removal of quotas done clear
  B)
  taking away control over foreign exchange use done clear
  C)
  Both [a] and [b] done clear
  D)
  None of the above done clear
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• question_answer9)
  Inward looking trade strategy is also known as a policy of
  A)
  Import relaxation done clear
  B)
  Import substitution done clear
  C)
  Import promotion done clear
  D)
  None of these done clear
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• question_answer10)
  From the following statements given in Column I and Column II, choose the correct pair of statements:

  Column I		Column II
  (A)	X > M	1.	Balanced Trade balance
  (B)	X=M	2.	Surplus Trade
  (C)	X<M	3.	Deficit Trade
  (D)	Export and Import	4.	Foreign Trade

  A)
  A - 3, B - 1, C - 4, D - 2 done clear
  B)
  A - 2, B - 1, C - 3, D - 4 done clear
  C)
  A - 1, B - 3, C - 2, D - 4 done clear
  D)
  A - 4, B - 2, C - 1, D - 3 done clear
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• question_answer11)
  From the following statements given in Column I and Column II, choose the correct pair of statements:

  Column I		Column II
  (A)	Quantum of export and imports	1.	Composition of trade
  (B)	Types of goods and services     exported and imported	2.	Volume of trade
  (C)	Countries to which India exports  and from which India imports	3.	Gains of trade
  (D)	Benefits arising out of export and imports	4.	Direction of trade

  A)
  A - 2, B - 1, C - 4, D - 3 done clear
  B)
  A - 4, B - 2, C - 3, D - 1 done clear
  C)
  A - 1, B - 3, C - 2, D - 4 done clear
  D)
  A - 3, B - 4, C - 1, D - 2 done clear
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• question_answer12)
  From the following statements given in Column I and Column II, choose the correct pair of statements:

  Column I		Column II
  (A)	Prime Minister	1.	Improvements in the field of agriculture to increase its productivity
  (B)	Gross Domestic Product	2.	Quantity of goods that can be imported
  (C)	Quota	3.	Chairperson of the Planning Commission
  (D)	New Agricultural Strategy	4.	The money value of all the final goods and services produced within the domestic territory in one year

  A)
  A - 3, B - 4, C - 2, D - 1 done clear
  B)
  A - 3, B - 4, C - 1, D - 2 done clear
  C)
  A - 4, B - 3, C - 1, D - 2 done clear
  D)
  A - 1, B - 2, C - 3, D - 4 done clear
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• question_answer13)
  From the following statements given in Column I and Column II, choose the correct pair of statements:

  Column I		Column II
  (A)	Agricultural sector	1.	Drain of India's wealth
  (B)	Industrial  sector	2.	Lack of social infrastructure
  (C)	Foreign trade	3.	Low public investment
  (D)	Low literacy rate of life expectancy	4.	Surplus labour

  A)
  A - 4, B - 1, C - 2, D - 3 done clear
  B)
  A - 1, B - 4, C - 3, D - 2 done clear
  C)
  A - 4, B - 3, C - 1, D - 2 done clear
  D)
  A - 3, B - 2, C - 4, D - 1 done clear
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• question_answer14)
  Economic reforms in India were started in India:
  A)
  1951 done clear
  B)
  1985 done clear
  C)
  1991     done clear
  D)
  2001 done clear
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• question_answer15)
  What is the number of industries reserved for public sectors?
  A)
  Eight done clear
  B)
  Two done clear
  C)
  Five done clear
  D)
  Four done clear
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• question_answer16)
  Which of the following industry is not reserved for the public sector?
  A)
  Atomic energy done clear
  B)
  Rail transport done clear
  C)
  Iron and steel done clear
  D)
  None of these done clear
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• question_answer17)
  Who is the Chairman of the GST Council?
  A)
  Finance Minister done clear
  B)
  Prime Minister done clear
  C)
  Finance Secretary done clear
  D)
  Deputy Chairman of NITI Aayog done clear
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• question_answer18)
  When was MUDRA bank set-up?
  A)
  1991 done clear
  B)
  1994 done clear
  C)
  2000     done clear
  D)
  2015 done clear
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• question_answer19)
  GST has been implemented from:
  A)
  April, 2018 done clear
  B)
  January 1, 2018 done clear
  C)
  January 1, 2017 done clear
  D)
  July 1, 2017 done clear
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• question_answer20)
  Which of the following replaced MRTP Act?
  A)
  Competition Act done clear
  B)
  Foreign Exchange Management Act done clear
  C)
  New Companies Act done clear
  D)
  None of the above done clear
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• question_answer21)
  Who regulate the International Trade?
  A)
  IMF done clear
  B)
  World Bank done clear
  C)
  WTO done clear
  D)
  UNO done clear
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• question_answer22)
  Which of the following regulates the inflow and outflow of foreign exchange in India?
  A)
  FERA done clear
  B)
  FEMA done clear
  C)
  MRTP done clear
  D)
  SEBI done clear
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• question_answer23)
  Which of the following is not an instrument of fiscal policy?
  A)
  Taxation done clear
  B)
  Public expenditure done clear
  C)
  Interest rate done clear
  D)
         Government borrowings done clear
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• question_answer24)
  Which of the following statements is false?
  A)
  Deregulation of the industries is not good for the economy done clear
  B)
  Structural reforms are long-term measures done clear
  C)
  Globalisation is achieved by increasing tourism done clear
  D)
  Liberalisation is an economic reform done clear
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• question_answer25)
  Which one of these is still to be bought by the private sector?
  A)
  Air India done clear
  B)
  ONGC done clear
  C)
  SAIL done clear
  D)
  BHEL done clear
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• question_answer26)
  Which of the following statements is not true?
  A)
  Globalisation is opening up of the economy to the rest of the world done clear
  B)
  Liberalisation is removal of controls from the private sector done clear
  C)
  Privatisation is reducing the economic activity of private sector. done clear
  D)
  None of the above done clear
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• question_answer27)
  WTO has been established in:
  A)
  1960 done clear
  B)
  1992 done clear
  C)
  1963 done clear
  D)
  1995 done clear
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• question_answer28)
  BPO means:
  A)
  Business Policy Outsource done clear
  B)
  Business Process Organisaton done clear
  C)
  Business Process Outsourcing done clear
  D)
  None of the above done clear
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• question_answer29)
  RBI was set-up in:
  A)
  2006 done clear
  B)
  1971 done clear
  C)
  1963     done clear
  D)
  1935 done clear
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• question_answer30)
  Government declared ......... public sector undertakings as Navaratnas.
  A)
  6 done clear
  B)
  9 done clear
  C)
  3 done clear
  D)
  12 done clear
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• question_answer31)
  WTO is located in:
  A)
  Geneva done clear
  B)
  Berlin done clear
  C)
  New York done clear
  D)
  Japan done clear
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• question_answer32)
  ......... implies free interaction among all the countries in various fields like trade technology, Outsourcing etc.
  A)
  Monopoly done clear
  B)
  Privatisation done clear
  C)
  Policy reform done clear
  D)
  Globalisation done clear
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• question_answer33)
  Selling-off part of the equity of PSU's is called:
  A)
  Globalisation done clear
  B)
  Privatisation done clear
  C)
  Disinvestment done clear
  D)
  None of these done clear
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• question_answer34)
  New Economic Policy was announced in:
  A)
  June 1990 done clear
  B)
  July 1990 done clear
  C)
  July 1991 done clear
  D)
  January 1991 done clear
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• question_answer35)
  ......... and........ currency notes of old Mahatma Gandhi series were banned as Legal tender money on 8th November, 2016.
  A)
  ` 50 and ` 100 done clear
  B)
  ` 500 and ` 1000 done clear
  C)
  ` 500 and ` 2000 done clear
  D)
  ` 500 and ` 200 done clear
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• question_answer36)
  Demonetisation does not target:
  A)
  tax administration done clear
  B)
  cashless economy done clear
  C)
  credit creation done clear
  D)
  encouragement to black money done clear
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• question_answer37)
  From the following statements given in Column I and Column II, choose the correct pair of statements:

  Column I		Column II
  A.	Privatisation	1.	Hiring services from external sources
  B.	Globalisation	2.	Transfer of ownership from public to private
  C.	Liberalisation	3.	Reducing restrictions by government on firms
  D.	Outsourcing	4.	Integrating Indian Economy with rest of the world

  A)
  A - 4, B - 1, C - 2, D - 3 done clear
  B)
  A - 2, B - 4, C - 3, D - 1 done clear
  C)
  A - 3, B - 2, C - 1, D - 4 done clear
  D)
  A - 1, B - 3, C - 4, D - 2 done clear
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• question_answer38)
  From the following statements given in Column I and Column II, choose the correct pair of statements:

  Column I		Column II
  A.	New Economic Policy	1.	1995
  B.	GST	2.	1991
  C.	MUDRA	3.	2017
  D.	WTO	4.	2015

  A)
  A - 2, B - 3, C - 4, D - 1 done clear
  B)
  A - 1, B - 4, C - 3, D - 2 done clear
  C)
  A - 3, B - 2, C - 1, D - 4 done clear
  D)
  A - 4, B - 1, C - 2, D - 3 done clear
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• question_answer39)
  From the following statements given in Column I and Column II, choose the correct pair of statements:

  Column I		Column II
  A.	MRTP Act	1.	to encourage liberalisation
  B.	FERA	2.	to encourage globalisation.
  C.	Delicensing	3.	abolished to aid privatisation
  D.	IGST	4.	to enable competition with domestic goods

  A)
  A - 1, B - 2, C - 3, D - 4 done clear
  B)
  A - 2, B - 3, C - 4, D - 1 done clear
  C)
  A - 3, B - 1, C - 2, D - 4 done clear
  D)
  A - 4, B - 3, C - 1, D - 2 done clear
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• question_answer40)
  From the following statements given in Column I and Column II, choose the correct pair of statements:

  Column I		Column II
  A.	Demonetisation	1.	Selling equity to private sector
  B.	GST	2.	end poverty in all forms everywhere
  C.	Disinvestment	3.	Centralisation of tax
  D.	NITI Aayog	4.	Declaring some currency as illegal tender

  A)
  A - 4, B - 1, C - 2, D - 3 done clear
  B)
  A - 3, B - 1, C - 4, D - 2 done clear
  C)
  A - 4, B - 3, C - 1, D - 2 done clear
  D)
  A - 2, B - 1, C - 3, D - 4, done clear
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• question_answer41)
  From the following statements given in Column I and Column II, choose the correct pair of statements:              

  Column I		Column II
  A.	Jobless growth	1.	Renault, Marks and Spencer
  B.	MNC	2.	growth with no increase in jobs
  C.	Deregulated under NEP 1991	3.	reduced under NEP, 1991
  D.	Quota on imports	4.	cement, steel newsprint

  A)
  A - 4, B - 1, C - 2, D - 3 done clear
  B)
  A - 3, B - 1, C - 4, D - 2 done clear
  C)
  A - 4, B - 3, C - 1, D - 2 done clear
  D)
  A - 2, B - 1, C - 4, D - 3 done clear
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• question_answer42)
  From the following statements given in Column I and Column II, choose the correct pair of statements: 

  Column I		Column II
  A.	Economic infrastructure	1.	Education
  B.	Social infrastructure	2.	Sanitation
  C.	Essential for health	3.	Communication
  D.	Contributes to both	4.	Transport

  A)
  A - 4, B - 1, C - 2, D - 3 done clear
  B)
  A - 1, B - 3, C - 4, D - 2 done clear
  C)
  A - 3, B - 2, C - 1, D - 4 done clear
  D)
  A - 2, B - 4, C - 3, D - 1 done clear
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