Liberalisation, Privatisation And Globalisation : An Appraisal

  • Question 113
    CBSEENEC11008940

    What do you mean by inflation?

    Solution

    Inflation means continuous increase in prices.

    Question 114
    CBSEENEC11008941

    Name the deficits of 1980 which compelled the government to announce new economic policy.

    Solution

    (i) Fiscal deficit, (ii) Revenue deficit and (iii) Deficit of current account of balance of payment.

    Question 115
    CBSEENEC11008942

    What do you mean by fiscal deficit? What was main cause of increasing fiscal deficit?

    Solution

    Fiscal deficit means difference between total expenditure of government and total receipts (excluding borrowings) of government. It is equal to total loan taken by government.

    Main cause of increasing fiscal deficit was heavy increase in non-development expenditure.

    Question 116
    CBSEENEC11008943

    Differentiate between Multilateral trade agreements and Bilateral trade agreements.

    Solution

    Multilateral trade agreement involves more than two countries, whereas bilateral trade agreement involves only two countries.

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