Washington Consensus

Q.

Explain briefly the meaning of economic reforms. What are the main economic reforms?

Q.

Amol argues that in the era of privatisation, there is no need for government intervention in education and health sectors. However, his friend Ritu argues that education and health care services create social benefits and therefore there is a need for government intervention in education and health sectors. Provide your stance on this subject nad validate.

Q.

Why are structural reforms also referred to as microeconomic structural adjustment measures?

Q. The Washington Consensus consisted of elements.

1. 6
2. 8
3. 10
4. 15

Q.

Which of the following was not recommended by the Washington Consensus?

1. Increase in government spending

2. Reduction in fiscal deficit

3. Reduction in exports and imports

4. Abolition of tax

Q.

Which sectors did the Washington Consensus say spending must be shifted to?

1. Chemicals

2. Health

3. Infrastructure

4. Textiles

Q. The Washington Consensus prescribed that tax rates must be.

1. unchanged
2. zero
3. reduced
4. raised

Q.

As part of the Washington Consensus prescriptions, excise duties were to be:

1. Increased

2. Decreased

3. Abolished

4. Unchanged

Q. As part of the Washington Consensus prescriptions, spending was to be directed to .

1. wars
2. health
3. loans
4. subsidies

Q. Which is not a part of new economic reforms in India?

1. Globalisation
2. Privatisation
3. Centralisation
4. Liberalisation

Q. With regard to foreign exchange, the Consensus advised that the rupee must undergo .

1. devaluation
2. revaluation
3. depreciation
4. appreciation

Q. The Washington Consensus is a set of.

1. guidelines for war
2. norms for regulation
3. development seminars
4. economic reforms

Q. Very Short Answer Type Questions:
Mention two reasons for the people to acquire foreign exchange.

Q. Short Answer Type Questions:
Explain two sources each of demand and supply of foreign exchange.

Q. How can taxes be used for promoting economic growth?

Q. European Union decided to enforce European Stability Mechanism (ESM). ESM is a system to achieve / safeguard-

1. financial stability
2. political stability
3. free access to oil reserves in UAE and Kuwait
4. interests of all the members in case of attack by Iran or any other country

Q. Describe the role of early entrepreneurs of india in the development in the development of industries.

Q. The word "Economic Justice" is found in __________________.

1. Preamble, Fundamental Rights, Directive Principles
2. Preamble of the Constitution
3. Preamble, Fundamental Rights
4. Preamble, Directive Principles

Q.

explain any three roles played by the state in providing "basic services" in developing countries.