TOP 50 Economy Questions for SSC Exams (GD, CGL, CHSL, JE, CPO, MTS)
Download SSC Economy questions with answers PDF based on previous papers very useful for SSC CGL, CHSL, JE, Stenographer, MTS, CPO, JE, GD exams. 50 Very important Economy objective questions (MCQ’s) for SSC exams.
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Question 1: In Deficit financing, the government borrows money from which organisation?
a) International Monetary Fund
b) Ministry of Finance
c) Reserve Bank of India
d) World Trade Organization
Question 2: What will you call a system of taxation under which the poorer sections are taxed at higher rates than the richer sections?
a) Progressive tax
b) Proportional tax
c) Regressive tax
d) Degressive tax
Question 3: National Income of India is compiled by which institute?
a) Finance Commission
b) Indian Statistical Institute
c) National Development Council
d) Central Statistical Organization
Question 4: World’s first green Islamic bond was issued by which country?
a) Indonesia
b) Malaysia
c) Saudi Arabia
d) Iraq
Question 5: In a cut motion, when the amount of demand is reduced by Rs 100/- , it is known as
a) Disapproval of policy cut
b) Economy cut
c) Vote on Account
d) Token cut
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Question 6: An increase in the money supply will cause interest rates to ___________.
a) rise
b) fall
c) remain unchanged
d) No option is correct.
Question 7: In which market form, a firm does not exercise control over price?
a) Monopoly
b) Perfect competition
c) Oligopoly
d) Monopolistic competition
Question 8: What does the Lorenz curve deal with?
a) Inflation
b) Unemployment
c) Income distribution
d) Poverty
Question 9: Which institute governs the Money supply in India?
a) Planning Commission
b) Finance Commission
c) Reserve Bank of India
d) Commercial Banks
Question 10: When the demand for a good increases with an increase in income, such a good is called___________
a) Superior good
b) Giffin good
c) Inferior good
d) Normal good
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Question 11: Trickle down theory ignores the impact of economic growth on
a) Investment
b) Savings
c) Income distribution
d) Consumption
Question 12: Who is the present RBI Governor ?
a) Urjith patel
b) Shaktikanta Das
c) Raghuram Rajan
d) Viral Acharaya
Question 13: The major objective of monetary policy is to
a) increase government’s tax revenue
b) revamp the Public Distribution System
c) Promote economic growth with price stability
d) weed out corruption in the economy
Question 14: Which is not a feature of a capitalist economy?
a) Right to private property
b) Existence of competition
c) Service motive
d) Freedom of choice to consumers
Question 15: Which exchange rate is the relative price of foreign goods in terms of domestic goods.
a) Artificial exchange rate
b) Nominal exchange rate
c) Fixed exchange rate
d) Real exchange rate
Question 16: Who is the present RBI Governor ?
a) Urjith patel
b) Shaktikanta Das
c) Raghuram Rajan
d) Viral Acharaya
Question 17: Which tax causes a burden on the poorer section of the society?
a) Direct Tax
b) Indirect Tax
c) Both Direct and Indirect Tax
d) None of these
Question 18: An economic system combining private and state enterprise is called as _____
a) Market economy
b) Centrally planned economy
c) Private economy
d) Mixed economy
Question 19: ‘Neo-Malthusian Theory’ is associated with which issue?
a) Employment
b) Poverty
c) Resource scarcity
d) Income
Question 20: Balance of Trade is the difference between which factors?
a) Country’s Income and Expense
b) Country’s Exports and Imports
c) Country’s Tax Revenue and Expense
d) Country’s capital inflow and outflow
Question 21: An increase in the growth rate of the nominal money supply results in
a) Lower rate of inflation
b) Higher rate of inflation
c) Lower interest rates
d) Currency appreciation
Question 22: Birth rate in a country is defined as
a) Number of births per 100 in 1 year
b) Number of births per 1000 in 1 year
c) Number of births per km of area in 1 year
d) Number of births per 100 km of area in 1 year
Question 23: What does the law of demand state?
a) if the price of a good increases, the demand for that good decreases.
b) if the price of a good increases, the the demand for that good increases.
c) if the price of a good increases, the quantity demanded of that good decreases.
d) if the price of a good increases, the quantity demanded of that good increases.
Question 24: Unemployment that arises when there is a general downturn in business activity is known as
a) Structural unemployment
b) Frictional unemployment
c) Cyclical unemployment
d) Disguised unemployment
Question 25: Which tax is entirely borne by the entity it is levied upon and cannot be passed?
a) Direct tax
b) Indirect tax
c) Straight tax
d) Advance tax
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Question 26: In economic equilibrium , what is the condition of the supply and demand?
a) supply is equal to the demand.
b) the surplus is larger than the shortage.
c) elasticity of demand equals elasticity of supply
d) price elasticity of demand is unity
Question 27: Ad Valorem tax is levied on which quantity?
a) Value
b) Volume
c) Production
d) Export
Question 28: The SLR is determined by the RBI. SLR stands for
a) States Leverage Return
b) Savings Lease Rate
c) Statutory Liquidity Ratio
d) Safe Legal Range
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Question 29: Which is an Indian Government Savings Bond, primarily used for small savings and income tax saving investments in India?
a) Provident Fund
b) Life Insurance Policies
c) National Saving Certificate
d) Long term government bonds
Question 30: 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 31: Lowering of value of currency relative to a foreign reference currency is called ……………….
a) Devaluation
b) Revaluation
c) Down valuation
d) Negative valuation
Question 32: Consumer sovereignty means
a) Consumers are free to spend their income as they like
b) Consumers have power to control The economy
c) The power of consumers to determine what goods and services are produced
d) Consumers goods are free from government control
Question 33: Who are the main bearers of the burden of the Indirect tax ?
a) Manufactures
b) Traders
c) Consumers
d) Tax Payers
Question 34: The long term fiscal policy proposes to maintain the stability of which quantity?
a) Direct Tax
b) Ratio of tax to Income
c) Ratio of tax revenue to national income
d) Indirect Tax rates
Question 35: The major aim of the devaluation is to ?
a) Encourage imports
b) Encourage Exports
c) Encourage both Imports and Exports
d) Discourage both the exports and imports
Question 36: Which cost is related to marginal cost?
a) Variable Cost
b) Implicit Cost
c) Prime Cost
d) Fixed Cost
Question 37: India exports power to which country?
a) Bangladesh
b) Myanmar
c) Pakistan
d) Bhutan
Question 38: The Keynesian consumption function shows a relation between
a) aggregate consumption and total population.
b) aggregate consumption and general price level.
c) aggregate consumption and aggregate income
d) aggregate consumption and interest rate
Question 39: Interest paid to a bank for a crop loan is what kind of economic activity?
a) intermediate consumption
b) a transfer payment
c) a factor payment
d) capital formation
Question 40: Economic planning is an essential feature of
a) Socialist economy
b) Capitalist economy
c) Mixed economy
d) Dual economy
Question 41: Monopolistic competition produces
a) Close substitutes
b) Perfect substitutes
c) Complementary goods
d) Homogeneous goods
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Question 42: Internal economies arise in which condition?
a) arise when there is expansion in an industry.
b) arise in an economy as it makes progress.
c) accrue to a firm when it expands its output.
d) arise when there is expansion in internal trade.
Question 43: The theory of distribution relates to which of the following?
a) The distribution of assets
b) The distribution of income
c) The distribution of factor payments
d) Equality in the Distribution of the income and wealth
Question 44: The income elasticity of demand being greater than one, what is the commodity must be?
a) Necessity
b) Luxury
c) An inferior Good
d) None of these
Question 45: The basic Regulatory of the Mutual Funds and stock markets in India ?
a) Government of India
b) R.B.I
c) SEBI
d) Stock Exchange
Question 46: Goods whose demand is proportional to price are called
a) inferior goods
b) Veblen goods
c) normal goods
d) exclusive goods
Question 47: Which institution in India acts as ‘lender of the last resort’?
a) Finance Ministry
b) Reserve Bank of India
c) Treasury
d) Currency Printing Presses
Question 48: The demand of a commodity is a direct demand but the demand of a factor of production is called a
a) Crossed demand
b) Joint demand
c) Derived demand
d) Independent demand
Question 49: Which is the unemployment which exists in any economy due to people being in the process of moving from one job to another?
a) Seasonal unemployment
b) Cyclical unemployment
c) Frictional unemployment
d) Structural unemployment
Question 50: What is the one of the main features of a free market economy?
a) active state intervention
b) public ownership of factors of production
c) rationing and price control
d) consumer’s sovereignty
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Answers & Solutions:
1) Answer (C)
2) Answer (C)
3) Answer (D)
4) Answer (B)
5) Answer (D)
6) Answer (B)
7) Answer (B)
8) Answer (C)
9) Answer (C)
10) Answer (D)
11) Answer (C)
12) Answer (B)
13) Answer (C)
14) Answer (C)
15) Answer (D)
16) Answer (B)
17) Answer (B)
18) Answer (D)
19) Answer (C)
20) Answer (B)
21) Answer (B)
22) Answer (B)
23) Answer (C)
24) Answer (C)
25) Answer (A)
26) Answer (A)
27) Answer (A)
28) Answer (C)
29) Answer (C)
30) Answer (D)
31) Answer (A)
32) Answer (C)
33) Answer (C)
34) Answer (B)
35) Answer (B)
36) Answer (A)
37) Answer (A)
38) Answer (C)
39) Answer (C)
40) Answer (A)
41) Answer (A)
42) Answer (A)
43) Answer (D)
44) Answer (B)
45) Answer (C)
46) Answer (B)
47) Answer (B)
48) Answer (D)
49) Answer (C)
50) Answer (D)
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