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 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 forming well and a number of them were running at 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, 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. Removing export duty will encourage exporters to export more goods to other countries.
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