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Chapters
1: Introduction to Economics
2: Basic Economic Entities in an Economy
3: Basic Concepts of Economics
UNIT II : TYPES OF ECONOMIES
4: Types of Economies
UNIT Ill : PROBLEMS OF AN ECONOMY
5: Basic Problems of An Economy
UNIT IV : THE INDIAN ECONOMY - A STUDY
6: Main Sectors of the Indian Economy
7: Primary Sector : Agriculture
8: Secondary Sector : Industry
9: Tertiary Sector
UNIT V : MAJOR PROBLEMS OF THE INDIAN ECONOMY
10: Poverty in India
11: Problem of Unemployment in India
UNIT VI : MAJOR REFORMS AND EMERGING TRENDS IN THE INDIAN ECONOMY
▶ 12: LPG Model (or New Economic Policy)
13: Emerging Trends in the Indian Economy
![J. P. Goel and Kaushal Goel solutions for Economics [English] Class 9 ICSE chapter 12 - LPG Model (or New Economic Policy) - Shaalaa.com](/images/economics-english-class-9-icse_6:dc598a989b0940669882c208997b9511.jpg "J. P. Goel and Kaushal Goel solutions for Economics [English] Class 9 ICSE chapter 12 - LPG Model (or New Economic Policy)")
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Solutions for Chapter 12: LPG Model (or New Economic Policy)
Below listed, you can find solutions for Chapter 12 of CISCE J. P. Goel and Kaushal Goel for Economics [English] Class 9 ICSE.
J. P. Goel and Kaushal Goel solutions for Economics [English] Class 9 ICSE 12 LPG Model (or New Economic Policy) QUESTION [Pages 194 - 196]
MULTIPLE CHOICE QUESTIONS
Globalisation shall result in ______.
lesser competition among producers
greater competition among producers
greater competition among buyers
destruction of large-scale producers
The most common route for investments by MNCs in countries around the world is to ______.
set up new factories
buy existing local companies
form partnerships with local companies
none of these
Which one of the following is a major benefit of a joint production between a local company and a multinational company?
MNC can bring the latest technology in the production.
MNC can control the increase in price.
MNC can buy the local company.
MNC can sell the products under their brand name.
Tax on imports is an example of ______.
Terms of trade
Collateral
Trade barriers
Foreign trade
Removing barriers or restrictions set by the government is known as ______.
globalisation
privatisation
liberalisation
fair trade practice
Effect of Chinese toys on Indian toy market is ______.
no effect
making profit
suffering from losses
none of these
Which one of the following is not true regarding the impact of globalisation in India?
It has created jobs in the service sector.
People with education, skill, and wealth have not been benefited.
Benefits of globalisation are not shared equally.
Labour laws are not implemented properly, and workers are denied of their rights.
______ means integrating the domestic economy with the world economy.
Globalisation
Privatisation
Liberalisation
Disinvestment
When was the New Economic Policy announced?
1991
2001
1995
2004
Which of the following is a ‘barrier’ of foreign trade?
Import quota.
Tax on imports.
Tax on local trade.
Both the import quota and the tax on imports.
Why did the government decide to remove barriers on foreign trade and foreign competitor?
To earn the foreign exchange.
To compete with producers in the world market.
To bring faster growth in the economy.
All of these.
Ranbaxy is a multinational company which is associated with ______.
automobiles
cell phones
medicines
none of these
Which of the following describes as a positive impact of globalisation for India?
Greater access to global markets.
High technology.
Increased possibility of large industries of India to become MNCs.
All of these.
Globalisation of the Indian Economy is the outcome of ______.
Rapid growth in IT technology
Liberalisation measures
Both rapid growth in IT technology and liberalisation measures
Outsourcing
ASSERTION-REASON BASED QUESTIONS
Assertion(A): LPG policy was introduced in 1991.
Reason(R): LPG stands for liberalisation, privatisation, and globalisation.
Alternatives:
Both Assertion(A) and Reason(R) are true, and Reason(R) is the correct explanation of Assertion(A).
Both Assertion(A) and Reason(R) are true, and Reason(R) is not the correct explanation of Assertion(A).
Assertion(A) is true, but Reason(R) is false.
Assertion(A) is false, but Reason(R) is true.
Statement (1): Globalisation has created jobs in the service sector.
Statement (2): Removing restrictions on trade and trade by the government is known as globalisation.
Alternatives:
Both statements are true.
Both statements are false.
Statement 1 is true, Statement 2 is false.
Statement 2 is true, Statement 1 is false.
Statement (1): Globalisation has brought huge growth of Indian agriculture.
Statement (2): New reforms were introduced to promote economic growth and improve India’s foreign exchange situation.
Alternatives:
Both statements are true.
Both statements are false.
Statement 1 is true, Statement 2 is false.
Statement 2 is true, Statement 1 is false.
SHORT ANSWER TYPE QUESTIONS
What is meant by ‘liberalisation’?
What is globalisation?
Mention any two factors that have facilitated the globalisation process.
State the meaning of Privatization.
Write any two positive impacts of globalisation on the Indian economy.
Write any two negative impacts of globalisation on the Indian economy.
What is outsourcing?
What do you mean by a Multinational Corporation?
LONG ANSWER TYPE QUESTIONS
Give any two advantages of Globalisation.
Mention three advantages of liberalisation in the Indian context.
Define privatisation.
Mention two merits of privatisation.
Mention two demerits of privatisation.
How has globalisation been beneficial to the producers in India?
How has globalisation been beneficial to the consumers in India?
What is outsourcing?
What is meant by trade barrier?
What do you mean by a Multinational Corporation?
J. P. Goel and Kaushal Goel solutions for Economics [English] Class 9 ICSE 12 LPG Model (or New Economic Policy) QUESTION BANK [Pages 196 - 198]
What do you mean by economic reforms in India?
What is globalisation?
What is meant by ‘liberalisation’?
Define privatisation.
What is meant by trade barrier?
Give two examples of trade barriers.
What do you mean by a Multinational Corporation?
What is foreign investment?
Explain the meaning of foreign direct investment.
What is outsourcing?
India has certain advantages which make it a favourite outsourcing destination. What are these advantages?
What is meant by SEZ?
Why are tariffs imposed?
Describe any three ways in which countries can be linked through globalization.
“Foreign trade is an important component of globalisation”. Explain any three points in this regard.
How do MNCs help in the growth of the local companies?
In what ways is an MNC different from other companies? Explain.
Why should more Indian companies emerge as MNCs?
How has liberalisation of trade and investment policies helped the globalisation process?
Explain how advancement in technology has helped the globalisation process.
Define the Disinvestment.
State the objectives of disinvestment.
Why do developed countries want developing countries to liberalise their trade and investment?
What are the steps taken by the Indian Government to attract foreign investment?
“The impact of globalisation has not been uniform.” Explain this statement.
Mention any three positive impacts of globalisation.
Write any two negative impacts of globalisation on the Indian economy.
The opening of the Indian economy has led to a rapid increase in Foreign Direct Investment and Foreign Exchange Reserves of the country. Defend or refute the given statement.
Solutions for 12: LPG Model (or New Economic Policy)
J. P. Goel and Kaushal Goel solutions for Economics [English] Class 9 ICSE chapter 12 - LPG Model (or New Economic Policy)
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