Economics is an essential and crucial subject for competitive exams. There are a lot of sources where you can find a large number of objective questions of economics. But you miss some basic important questions in examinations.
Mostly, current issues related to the world and the Indian economy are the most important topic for competitive exams. But some basic objective questions of Indian economics are also important for various exams that are frequently asked.
Here I'm sharing some selected objective questions for economics that can be more valuable for all your exams.
Common Objective Questions Of Economics For Academic And Competitive Exams
1. Which country is an example of a mixed economy?
a. China
b. United States of America
c. India
d. England
2. Agriculture is most important for India, which sector is it?
a. Primary Sector
b. Secondary Sector
c. Tertiary Sector
d. Primary and secondary both
3. Which one of the following sectors have large contributions to the Indian economy?
a. Agriculture
b. Industries
c. Services
d. Mining
4. Which institution is responsible for measuring and publishing National Income in India?
a. UNDP
b. CSO
c. Niti Ayog
d. NIA
5. Which of the following is India's economic year?
a. 31 March to 28 February
b. 1 March to 28 February
c. 1 April to 31 March
d. 1 January to 31 December
6. Which type of unemployment is mostly found in rural areas of India?
a. Open unemployment
b. Seasonal unemployment
c. Structural unemployment
d. Frictional unemployment
7. Which of the following is the main reason for male migration in India?
a. Business
b. Work and employment
c. Education
d. Marriage
8. Which one of the following is the most suitable criteria for Economic prosperity?
a. Gross National Product
b. Gross Domestic Product
c. Per Capita Income
d. International Trade
9. Who was the first attempt to calculate national income in India?
a. Manmohan Singh
b. Dada Bhai Nauroji
c. Edema Smith
d. S. Swaminathan
10. Which one of the following is the apex body of Indian financial institutions?
a. SEBI
b. RBI
c. NAWARD
d. SBI
11. Which of the following institutions published the world economic outlook report?
a. WTO
b. IMF
c. UNO
d. UNDP
12. When did the Goods and service tax (GST) apply in India?
a. 1 April 2014
b. 1 July 2017
c. 1 April 2018
d. 1 July 2020
13. Which of the following is the share market index of Singapore?
a. Mid DEX
b. NSE
c. SIMEX
d. DE JONES
14. What is the base year of the Wholesale price index (WPI) in India?
a. 2004-5
b. 2007-8
c. 2011-12
d. 2015-16
15. Whose signature is on the one rupee (₹1) note?
a. Finance minister
b. Governor of RBI
c. Finance secretary
d. The President
16. Which institution publishes a Human Development Report (HDR) every year?
a. UNO
b. UNEP
c. WTO
d. UNDP
17. When was the nationalization of the Reserve Bank of India?
a. 1935
b. 1939
c. 1949
d. 1969
18. When the National Employment Guarantee Programs, that is known as MNREGA now.
a. 1989
b. 1993
c. 2000
d. 2006
19. What was the major objective of the new economic plan 1991?
a. Privatisation
b. Liberalization
c. Globalization
d. All of these
20. The normal rate at which lending is given by the Reserve Bank to other commercial banks is called?
a. Bank rate
b.Repo rate
c. Reverse repo rate
d. CRR
21. When was the first depreciation of the money in India?
a. 1949
b. 1966
c. 1991
d. 2016
22. Money supply that is consistently less than demand in international markets, is called?
a. Hot currency
b. Hard currency
c. Soft currency
d. Plastic money
23. Who wrote the book ' Wealth of Nations'?
a. Pro. Kins
b. Marshal
c. Robinson
d. Edema Smith
24. On which index is based the rate of inflation?
a. Consumer price index
b. Wholesale price index
c. Labour price index
d. Cost price index
25. Which one of the following determines the Minimum Support Price (MSP) for agro products?
a. State govt.
b. Agriculture research centre of India
c. Commission for Agricultural Cost and Prices
d. NITI Commission
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Agriculture, Industry And Trade-Related Questions
26. How many populations of India are involved in agriculture and its related sector?
a. 36%
b. 48%
c. 54%
d. 75%
27. When was the green revolution started first in India?
a. 1948
b. 1956
c. 1966
d. 1976
28. Which of the production of the following crops is highly increased due to the green revolution?
a. Wheat
b. Rice
c. Corn
d. Pulses
29. Who was the father of the green revolution in India?
a. Barges Kurian
b. Norman Borlaug
c. MS Swaminathan
d. A Smith
30. Which one of the following is the way to increase productivity in agriculture?
a. Use of fertilizers
b. Efficient irrigation
c. Quality seeds
d. All of these
31. Operation flood is related to_
b. Milk production
c. Irrigation
d. Drinking water
32. Which one of the following is the highly produced state of coffee in India?
a. Maharashtra
b. Karnataka
c. Tamilnadu
d. Kerala
33. Which one is a Kharif crop?
a. Gram
b. Mustard
c. Wheet
d. Rice
34. Which one is the main source of irrigation in South India?
a. Canal
b. Pond
c. Tubewell
d. Tank
35. Which country is the largest silk producer in the world?
a. USA
b. India
c. China
d. Japan
36. Indradhanush revulsion is related to _
a. Milk production
b. All food crops
c. Petroleum
d. Irrigation
37. What is the gross value added (GVA) contributions of the industrial sector in the Indian economy?
a. 13.9%
b. 28.3%
c. 57.8%
d. 15.4%
38. When was the Liberalization policy adopted by the Indian government?
a. 1956
b. 1985
c. 1991
d. 1999
39. Black Revolution is related to the_
a. Coal mine
b. Mineral oil
c. Grafite
d. Fertilizers
40. After Independence, when was India's first Industrial policy announced?
a. 1948
b. 1956
c. 1968
d. 1991
41. How many Maharatna companies are there in India?
a. 8
b. 10
c. 14
d. 19
42. Which of the following is the largest mineral oil refinery in India?
a. Jamnagar
b. Mathura
c. Digboi
d. Baroni refinery
43. Steel Authority of India Limited (SAIL) was established?
a. 1964
b. 1974
c. 1984
d. 1994
44. In which one of the following minerals, India leads in production in the world?
a. Copper
b. Iron ore
c. Gypsum
d. Sheet mica
45. The poverty line in rural areas has been determined on the basis of consumption?
a. 1800 calorie/ per person
b. 2100 calorie
c. 2400 calorie
d. 3200 calorie
46. Which the state of India has Per capita income higher than other states?
a. Maharashtra
b.Goa
c. Sikkim
d. Kerala
47. Which state of India has the higher percentage of people living below the poverty line?
a. Bihar
b. Orissa
c. Jharkhand
d. West Bengal
48. Which of the following tax is levied on imports?
a. Tobin tax
b. Tariff tax
c. Fringe tax
d. None of these
49. Which one is the cheapest transportation for long-distance freight?
a. Air transport
b. Roadways
c. Waterways
d. Railways
50. At present, which country has the highest FDI share in India?
a. Japan
b. Singapore
c. USA
d. Morishash
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Questions From Census And Population
51. Which one of the following is considered to be the separative year of the population?
a. 1921
b. 1931
c. 1961
d. 1991
52. What is the percentage of working populations (15-64 Y) in the total population of India?
a. 45%
b. 58%
c. 63%
d. 75%
53. Which of the following states has the highest population?
a. Bihar
b. Uttar Pradesh
c. West Bengal
d. Maharashtra
54. As per census 2011, the population density rate in India was
a. 325/km sqr
b. 372/km sqr
c. 382/km sqr
d. 412/km sqr
55. As per the world bank data 2019, What is the population growth rate of India?
a. 1.02%
b. 1.57%
c. 0.77%
d. -0.06%
Questions from Planning
56. Second five-year plan (1956-61) was based on_
a. Mehta Model
b. P C Mahalanobis Model
c. Hairad Doner Model
d. Vishweshraiya Model
57. Which five-year plan (FYP) was the objective of eliminating poverty?
a. 2nd FYP
b. 3rd FYP
c. 5th FYP
d. 8th FYP
58. What was the session of the 12th five-year plan?
a. 2002-07
b. 2007-12
c. 2012-17
d. 2017-22
59. PURA ( Providing Urban Amenities to Rural Areas) model was advised by_
a. Manmohan Singh
b. A. P. J. Abdul Kalam
c. Rajiv Gandhi
d. Narendra Modi
60. Who among the following has given the idea of self-help groups as an effective tool for poverty alleviation?
a. Md. Yunus
b. Amartya Sen
c. S. Chakravarti
d. Manmohan Singh
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Disclaimer:
All these select basic objective questions of economics are most important, which are frequently asked in various examinations. If you are preparing for competitive exams or you are a student of economics, you should remember these basic questions of economics.