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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