Economics MCQ Questions and Answers
Economics MCQ Questions with Answers are essential for candidates preparing for competitive exams like UPSC, SSC CGL, and RBI Grade B. These aptitude questions cover vital economic concepts including demand-supply, national income, fiscal policy, inflation, and international trade. Each question tests both theoretical understanding and practical application, ensuring candidates are ready for objective-type exams. Practicing aptitude questions with answers and explanations helps in revising economic fundamentals quickly. Whether you are a student, job aspirant, or exam enthusiast, this comprehensive economics MCQ set is perfect for self-assessment. Strengthen your general awareness and problem-solving ability by practicing free economics tests or downloading the solutions PDF.
Economics MCQ
131. At 2004-05 prices, the per-capita national income in India during 2009-10 was-
- Rs. 21005
- Rs. 33588
- Rs. 25241
- Rs. 20241
132. What is the main characteristic of a capitalist or free market economy ?
- Individuals are the owners of factors of production
- Profit is the main motive of carrying out various activities
- Consumer freedom
- All of the above
133. Which is not the characteristic of socialist or planned economy ?
- Government is the owner of resources
- Production decisions are determined by the government
- Profit motive
- None of the above
134. The main feature of mixed economy is-
- Combination of free market economy and centrally planned economy
- Production is carried out by private individuals and government
- Both of the above
- None of the above
135. What per cent of GDP at 2004-05 prices was contributed by agriculture and related sectors in 2009-10 ?
- 14•6%
- 17•6%
- 19•0%
- 19•8%
136. According to World Development Report 2010, Low income economies are those whose per-capita gross national income is-
- $ 975 or less than this
- Less than $ 10725
- Less than $ 3465
- None of the above
137. Which of the following country's economy is known as high income economy ?
- America
- U.K.
- Singapore
- All of the above
138. "An Enquiry into the Nature and Causes of Wealth of Nations" is the book of economist-
- Adam Smith
- Marshall
- Robbins
- None of above
139. "Economics is the Science of Wealth" who gave this definition ?
- J. K. Mehta
- Marshall
- Adam Smith
- Robbins
140. "Economics is what economists do." It has been supported by-
- Richard Jones
- Comte
- Gunnar Myrdal
- All of the above