Top-50 Economics Questions for all Competitive exams

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Question 1: In the recent rail fare hike effected by the Union Government, what was the amount of hike in percentage terms?

a) 6.5 %

b) 9.4 %

c) 14.2 %

d) 18.6%

e) 23.3 %

Question 2: Electricity, gas and water supply comes under which sector?

a) Primary sector

b) Secondary sector

c) Tertiary sector

d) None of these

Question 3: The tenure of long term loans in a bank is generally for how many years?

a) Above 1 year

b) Above 2 years

c) Above 3 years

d) Above 4 years

Question 4: Who are the main bearers of the burden of the Indirect tax ?

a) Manufactures

b) Traders

c) Consumers

d) Tax Payers

Question 5: An increase of 1% per annum in the rate of growth of the money supply will increase inflation in the long run by .

a) Zero percent

b) One percent

c) 0.5 percent

d) More than one percent

Question 6: The goods which people consume more, when their price rises are called _______.

a) Essential goods

b) Capital goods

c) Veblen goods

d) Giffen goods

Question 7: The person who invests large amounts in stocks, property or other ventures taking risks in the hope of gain is?

a) Buyer

b) Seller

c) Serial Investor

d) Speculator

Question 8: In product life cycle, the cost of one unit is generally high in which stage?

a) Final

b) Introductory

c) Intermediate

d) Immediately before the final stage

Question 9: Which bank finances exports and imports?

a) NABARD

b) EXIM Bank

c) IDBI

d) SIDBI

Question 10: Economic planning in India is in___________.

a) Union List

b) State list

c) Concurrent List

d) No option is correct.

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Question 11: Which unemployment is the result of depression in an economy?

a) Frictional Unemployment

b) Cyclical Unemployment

c) Open Unemployment

d) Seasonal Unemployment

Question 12: If cash reserve ratio decreases, credit creation will _______.

a) increase

b) decrease

c) does not change

d) first decreases than increases

Question 13: Monopoly means

a) Single Buyer

b) Many Sellers

c) Single Seller

d) Many Buyers

Question 14: India Paper currency started in?

a) 1860

b) 1861

c) 1862

d) 1863

Question 15: Who has written the book” Capital & Growth”?

a) A.R Rodon

b) Hicks

c) Adam Smith

d) Marshall

Question 16: According to the classical system, Saving is a function of?

a) Income

b) Interest rate

c) Real wage

d) Price Level

Question 17: Banks in India were nationalised for the first time in the year?

a) 1950

b) 1960

c) 1969

d) 1979

Question 18: Debenture holder of a company is its?

a) Share holders

b) Creditors

c) Debtors

d) Directors

Question 19: The bank cheques are processed by using?

a) OCR

b) MICR

c) OMR

d) PMR

Question 20: Excise duty is levied on

a) sale of goods

b) production of goods

c) import of goods

d) export of goods

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Question 21: Depreciation is loss in value of ________

a) Final goods

b) Machinery

c) Capital stock

d) Stock of inventory

Question 22: Fishing comes under which sector of economic activity?

a) Quaternary sector

b) Secondary sector

c) Tertiary sector

d) Primary sector

Question 23: _____ unemployment happens when people are not able to find jobs during some months of the year.

a) Seasonal

b) Disguised

c) Educated

d) Uneducated

Question 24: Micro-economics is also called __________

a) Profit theory

b) Loss theory

c) Price theory

d) Expenditure theory

Question 25: What does the Lorenz curve deal with?

a) Inflation

b) Unemployment

c) Income distribution

d) Poverty

Question 26: The Consumer Price Index is published by

a) Labour Bureau

b) Central Statistics Office

c) Economic Advisor

d) Both B and C

Question 27: Lowering of value of currency relative to a foreign reference currency is called ……………….

a) Devaluation

b) Revaluation

c) Down valuation

d) Negative valuation

Question 28: A taxation is a tool of?

a) Monetary policy

b) Fiscal policy

c) Price policy

d) Wage policy

Question 29: World’s first green Islamic bond was issued by which country?

a) Indonesia

b) Malaysia

c) Saudi Arabia

d) Iraq

Question 30: Which body finances the Micro, Small and Medium-Scale Enterprises in India?

a) NABARD

b) SIDBI

c) RBI

d) SEBI

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Question 31: What does R stand for in “MUDRA” bank?

a) Refinance

b) Rural

c) Research

d) Rating

Question 32: What was the main aim of First Five Year Plan?

a) Self-dependent

b) Industrial growth

c) Economic growth

d) Agricultural growth

Question 33: A ___________ deficit is financed by net capital flows from the rest of the world, thus by a capital account surplus.

a) Current Account

b) Savings Account

c) Capital Account

d) Asset Account

Question 34: A certain percentage of bank’s deposits is kept in the form of cash with the Reserve Bank of India. This is referred to?

a) SLR

b) CRR

c) Bank rate

d) Repo rate

Question 35: The short run marginal cost curve is ____ shaped.

a) U

b) V

c) X

d) W

Question 36: What is the highest percentage slab for GST in India?

a) 20%

b) 32%

c) 25%

d) 28%

Question 37: Money market is a market for _______________

a) Short term fund

b) Long term fund

c) Negotiable instruments

d) Sale of shares

Question 38: When the money supply rises, then LM curve

a) Parallel to the horizontal axis

b) Shifts to the left

c) Shifts to the right

d) Does not change at all

Question 39: Disguised unemployment in India is mainly related to

a) Agricultural sector

b) Rural Area

c) Factory sector

d) Urban Area

Question 40: Perfectly inelastic demand is equal to:

a) One

b) Zero

c) Infinite

d) Greater than one

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Question 41: Which plan emphasized removal of poverty for the first time?

a) 4th

b) 5th

c) 6th

d) 7th

Question 42: The demand for an inferior good decreases with ________ in the consumer’s income.

a) increase

b) decrease

c) constant

d) double

Question 43: What does Individual Vulnerability refer to in Economics?

a) The threat to Intellectual property

b) The threat of Exploitation

c) The threat to health

d) The threat of poverty

Question 44: Which institution is responsible for calculating the GDP of India?

a) Ministry of Finance

b) Reserve Bank of India

c) Central Statistics Office

d) Chief Economic Advisor

Question 45: Dave committee is associated with?

a) Stock

b) Mutual funds

c) MICR

d) Final account

Question 46: The factor that least influences exchange rate fluctuations:

a) Industrial Production

b) Investor sentiments

c) Interest Rates

d) Consumer Price Index

e) Goods and Service Tax

Question 47: What is GST?

a) A direct tax

b) An indirect tax

c) A corporate tax

d) A municipal tax

Question 48: Which body is the regulator of the commodity market in India?

a) Securities and Exchange Board of India

b) Reserve Bank of India

c) Forward Markets Commission

d) National Bank for Agriculture and Rural Development

Question 49: Railway budget is merged with Union budget of India from which year?

a) 2017

b) 2016

c) 2015

d) 2018

Question 50: What is the present GST rate on movie tickets of cost less than or equal to Rs.100?

a) 5%

b) 28%

c) 12%

d) 18%

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Answers & Solutions:

1) Answer (C)

2) Answer (B)

3) Answer (C)

4) Answer (C)

5) Answer (B)

6) Answer (D)

7) Answer (D)

8) Answer (B)

9) Answer (B)

10) Answer (C)

11) Answer (B)

12) Answer (A)

13) Answer (C)

14) Answer (B)

15) Answer (B)

16) Answer (A)

17) Answer (C)

18) Answer (B)

19) Answer (B)

20) Answer (B)

21) Answer (B)

22) Answer (D)

23) Answer (A)

24) Answer (A)

25) Answer (C)

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26) Answer (B)

27) Answer (A)

28) Answer (B)

29) Answer (B)

[ NOT ANSWERED ]

30) Answer (B)

31) Answer (A)

32) Answer (D)

33) Answer (A)

34) Answer (B)

35) Answer (A)

36) Answer (D)

37) Answer (A)

38) Answer (C)

39) Answer (A)

40) Answer (B)

41) Answer (A)

42) Answer (A)

Increase is the correct word because when people’s income increases, they start looking for superior goods and hence demand for inferior goods decreases.

43) Answer (D)

44) Answer (C)

45) Answer (B)

46) Answer (B)

47) Answer (B)

48) Answer (C)

49) Answer (A)

50) Answer (C)

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We hope this Important Economics Questions for All Competitive  Exams will be highly useful for your preparation.