LPG Model

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  • Q1

    The full of WTO is:

    Marks:1
    Answer:

    World Trade Organisation

    Explanation:

    The full form of WTO is World Trade Organisation. It was founded in 1995. It is the successor of GATT.

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  • Q2

    One of the negative outcome of Globalisation is:

    Marks:1
    Answer:

    devastation of local producers

    Explanation:

    One of the negative outcome of Globalisation is devastation of the local producers. Since local producers were unable to compete with cheap imports, the local producers suffered due to globalisation.

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  • Q3

    Under New Economic Policy 1991, greater emphasis was laid on:

    Marks:1
    Answer:

    privatisation.

    Explanation:

    New Economic Policy 1991 emphasised a shift towards private sector because public sector undertakings were not performing well and a number of them were running in losses.

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  • Q4

    Liberalisation and privatisation has facilitated:

    Marks:1
    Answer:

    globalisation.

    Explanation:

    Liberalisation and privatisation has facilitated the globalisation. It means integration of the economy of the country with the world economy.

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  • Q5

    To increase the competitive position of Indian goods in international markets, the government removed

    Marks:1
    Answer:

    export duty.

    Explanation:

    Export duties have been removed to increase the competitive position of Indian goods in the international markets. The removal of export duty encourages exporters to export more goods to other countries.

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