Economics MCQs and Answers: Economics are very important for OPSC, OSSC, OSSSC & Other State Exams. Aspirants who are willing to apply for the various Government exams in 2022 must go through the topics of Economics for competitive exams, as Economics is a key part of the syllabus.
Q1. How many public sector banks are there in India?
(a) 10.
(b) 14.
(c) 22.
(d) 32.
S1. (C)
Sol-
- There are 22 public sector banks.
Q2. Who benefits the most during the inflationary period?
(a)corporate servants.
(b) creditors.
(c) Entrepreneurs.
(d) Government servants.
S2. (C)
- Inflation affects the nature of wealth distribution.
- Entrepreneur gain more than fixed cost in production during inflation due to the increase in price.
Q3. In which City is India’s first post office ATM opened?
(a) Chennai.
(b) New Delhi.
(c) Hyderabad.
(d) Mumbai.
S3. (a)
- India’s first post office ATM was opened in Chennai in the year 2014.
Q4. Gold is mainly related to?
(a) Local market.
(b) National market.
(C) Money exchange.
(d) Exchange of goods with gold coins.
S4. (C)
- Gold is mainly related to international market.
Q5. The relationship between the rate of interest and the level of consumption was first visualized by?
(a) Amartya K.sen.
(b) Milton Friedman.
(C) Irving fisher.
(d) James Duesenberry.
S5. (C)
- Irving fisher an economist was first to visualize the relationship between the rate of interest and the level of consumption.
Q6. Special economic zone concept was first introduced in?
(a) China.
(b) japan.
(c) India.
(d) pakistan.
S6.(a)
- China first introduced the concept of special economic zone in 1980
Q7. After which five year plan, the rolling plan was implemented?
(a) third plan.
(b) fifth plan.
(c) seventh plan.
(d) ninth plan.
S7. (b)
- The duration of fifth five year plan was four year’s.
- It was terminated by Janta government after the end of 4 years and introduced rolling plan for 1978-1979.
Q8. The goods which people consume more , when their price rises are called?
(a) Essential goods.
(b) Capital goods.
(c) Veblen goods.
(d) Giffen goods.
S8.(d)
- Giffen goods are those goods whose demand increases with increase in their price.
Q9. RBI doesn’t transact the business of which State government?
(a) Nagaland.
(b) Jandk.
(c) Punjab.
(d) Assam.
S9. (b)
- As the agreement is not signed between RBI and Jandk so RBI do not transact the business.
Q10. The census of Indian agriculture is done by?
(a) Production method.
(b) Income method.
(C) Expenditure method.
(d) Consumption method.
S10. (a)
- The method used in census of Indian agriculture is production method , in which data of land’s are collected which is wholly or partially used under agricultural production.
Q11. Most of working population of India is engaged in:
(a) Public sector
(b) Primary sector
(c) Secondary sector
(d) Tertiary sector
S11.Ans. (b)
Sol. Most of the working population of India is engaged in the Primary sector. The primary sector consists of agriculture. It is also known as the raw material sector
Q12. Corporate tax is imposed by
(a) State government
(b) Central government
(c) Both
(d) Local government
S12.Ans.(b)
Sol. Corporate tax is imposed by Central government. Also known as Corporation Tax, corporate tax is the tax imposed by the Government of India on the net income or profit that corporate enterprises make from their businesses.
Q13. ‘Shishu’, ‘Kishore’, and ‘Tarun’ are associated with
(a) SBI
(b) RESERVE BANK
(c) IDBI
(d) MUDRA BANK
S13.Ans.(d)
Sol. Shishu’, ‘Kishore’ and ‘Tarun’ are associated with MUDRA BANK. It is imposed by Pradhanmantri Mudra Yojana.
Q14. Maastricht treaty is related to
(a) Environment protection
(b) European unification
(c) WTO
(d) Atomic power limitation
S14.Ans.(b)
Sol. The Maastricht treaty is related to European unification. laid the foundations for the European Union as we know it today.
Q15. National Income Estimate is prepared by-
(a) Department of Economics and affairs
(b) CSO(Central Statistical Organization)
(c) RBI
(d) Finance Ministry
S15.Ans.(b)
Sol. National Income Estimate is prepared by CSO (Central Statistical Organization). The Central Statistical office is responsible for preparing the estimates of National Income in India.
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