Question : The process of liberalization, privatization, and globalization aimed to reduce:
Option 1: Inflation
Option 2: Unemployment
Option 3: Trade deficit
Option 4: Income inequalit
Correct Answer: Unemployment
Solution : The correct answer is (b) Unemployment
The process of liberalization, privatization, and globalization aimed to reduce unemployment. While the primary objective of these policies was to promote economic growth and attract foreign investment, a key expected outcome was the creation of more employment opportunities. By liberalizing the economy, reducing government control, and encouraging private sector participation, it was believed that new industries would emerge, existing industries would expand, and there would be an overall increase in economic activity, leading to job creation and a reduction in unemployment.
Unemployment reduction was seen as a crucial social and economic goal, as it contributes to increased productivity, improved living standards, and overall social welfare. While the impact on unemployment can vary depending on various factors, the aim of liberalization, privatization, and globalization policies was to foster a more dynamic and job-oriented economy.
Question : The Industrial Policy of 1991 aimed at promoting which type of economic reforms?
Option 1: Privatization
Option 2: Liberalization
Option 3: Globalization
Option 4: All of the above
Question : A recession is characterized by:
Option 1: High inflation and high unemployment
Option 2: Low inflation and high unemployment
Option 3: High inflation and low unemployment
Option 4: Low inflation and low unemployment
Question : Which reform aimed to encourage foreign trade and reduce import restrictions in the 1991 economic policy?
Option 1: Import substitution
Option 2: Export promotion
Option 3: Bilateral trade agreements
Option 4: Trade liberalization
Question : What is the main objective of fiscal policy?
Option 1: To promote economic growth
Option 2: To reduce inflation
Option 3: To reduce unemployment
Option 4: To achieve a balance of trade
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