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Economic Reforms Quiz MCQ Practice

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1. The 1991 economic reforms in India are commonly summarized by the phrase:

  1. A. Nationalization, Regulation, Isolation
  2. B. Planning, Protection, Growth
  3. C. Liberalization, Privatization, Globalization (LPG)
  4. D. Import Substitution Industrialization
Answer: Liberalization, Privatization, Globalization (LPG)
Explanation: Liberalization, Privatization, Globalization (LPG) — verified fact for Economic Reforms Quiz.
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2. The 1991 reforms were triggered largely by which immediate crisis?

  1. A. A currency demonetization crisis
  2. B. A stock market crash
  3. C. Balance of Payments/foreign exchange crisis
  4. D. A banking nationalization crisis
Answer: Balance of Payments/foreign exchange crisis
Explanation: Balance of Payments/foreign exchange crisis — verified fact for Economic Reforms Quiz.
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