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New Economic Policy 1991 Class 12 Economics MCQs with Answers
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Class 12 Economics MCQs – Liberalisation and Globalisation Explained
Introduction:
Enhance your CBSE Class 12 Economics exam preparation with this online MCQ practice test on “New Economic Policy 1991 (Liberalisation, Privatisation, Globalisation).” This crucial topic from Part B: Indian Economic Development explains India’s major structural reforms aimed at transforming its economy into a more market-oriented and globally integrated system.
These MCQs are designed strictly as per the latest NCERT Class 12 Economics syllabus, ensuring complete alignment with the CBSE board exam pattern. The quiz covers important aspects such as the need for economic reforms, objectives of the 1991 policy, features of liberalisation, privatisation, and globalisation (LPG), and their impact on India’s economic growth and development.
With automatic scoring and instant feedback, this interactive test helps students evaluate their understanding, reinforce concepts, and prepare effectively for board exams. Ideal for self-study, classroom practice, or final revision, this test offers a comprehensive, exam-oriented learning experience.
Master one of the most significant turning points in India’s economic history with this NCERT-based online MCQ test on New Economic Policy 1991 (LPG) and enhance your CBSE Class 12 Economics performance.
Sample MCQs with Explanations:
1. The New Economic Policy was introduced in India in:
A) 1985
B) 1991
C) 1995
D) 2000
✅ Answer: B) 1991
💡 Explanation: The New Economic Policy was launched in 1991 to overcome the balance of payments crisis and promote economic growth.
2. The main aim of Liberalisation was to:
A) Increase government control
B) Remove restrictions on private enterprise
C) Nationalise industries
D) Restrict imports
✅ Answer: B) Remove restrictions on private enterprise
💡 Explanation: Liberalisation reduced government interference and encouraged competition and efficiency in the private sector.
3. Privatisation refers to:
A) Expanding the public sector
B) Transferring ownership from public to private sector
C) Import substitution policy
D) Price regulation
✅ Answer: B) Transferring ownership from public to private sector
💡 Explanation: Privatisation involves disinvestment or sale of public enterprises to increase efficiency and productivity.
4. Globalisation means:
A) Limiting trade within borders
B) Increasing self-sufficiency
C) Integration of domestic economy with the world
D) Import substitution
✅ Answer: C) Integration of domestic economy with the world
💡 Explanation: Globalisation promotes free flow of goods, services, capital, and technology across countries.
5. Which organization supported India’s economic reforms in 1991?
A) United Nations
B) IMF and World Bank
C) ASEAN
D) SAARC
✅ Answer: B) IMF and World Bank
💡 Explanation: India sought loans from IMF and World Bank in exchange for implementing economic liberalisation reforms.
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