GATT stands for:

1. General Agreement on trade and tariff.
2. Governments Association for trade and tariff.
3. General Agreement on terms of trade.
4. Government Agreement on terms of trade.

__________________ means the excess of anticipated expenditures over estimated revenue.

1. Surplus.
2. Deficit.
3. Loss.
4. Profit.

Why privatisation is considered as better policy to improve efficiency of sick PSU's?

1. Private sector is more efficient.
2. Private sector operates for profit.
3. Private sector provide job security.
4. Both (a) and (b).

When was WTO established?

1. 1991
2. 1981
3. 1995
4. 2000

What was the one major proposal of new industrial policy (1991)?

1. NRI's will not be allowed for capital investment in India.
2. Facility of FDI upto 51 percent in high priority industries.
3. Import restrictions on technical know how for one year.
4. Abolition of industrial licencing except for six industries.

Which of the following is not a navratna company?

1. Bharat Petroleum Corporation Limited.
2. Gas Authority of India Limited.
3. Indian Railways.
4. Steel Authority of India Limited.

How many industries are reserved for public sector at present?

1. 4
2. 17
3. 10
4. 3

Which market form has declined with coming of NEP?

1. Monopoly Market.
2. Perfect Competition.
3. Oligopoly.
4. Monopolistic Competition.

The most common route for investment by MNCs in countries around the world is to:

1. Set-up new factories.
2. Buy existing local companies.
3. Form partnership with local companies.
4. All of the above.

Foreign exchange before 1991 declined to a level that was not adequate:

1. To finance imports for more than two weeks. 
2. To pay the interest to international lenders.
3. To give loans to farmers.
4. Both (a) and (b).