General Awareness: Economics Quiz 6

Basic Economics Quiz / Important Economics Question & Answers for SSC / Economics Quiz for Competitive Exams Conducted By SSC, Railway Recruitment Board, UPSC, IBPS etc

1. The main source of India's national income is?
a)  Agriculture
b)  Industry
c) Forestry
d) None of the above

2. The Planning Commission of India as per Indian Constitution is?
a) An autonomous body
b) An executive body
c) An advisory body
d) A Government department

3.Who compute the National Income in India?
a) Central Statistical Organisation
b) Ministry of Finance
c) Planning Commission
d) None of these

4.KYC (Know Your Customer) regulations have been introduced in financial transactions under which regulation?
a) Prevention of Money Laundering Act
b) Banking Companies Act
c) Companies Act
d) None of these

5."Inflation increases the average level of prices". What does this statement refers to? 
1. The price of commodities exceeds income.
2. In real terms, the Money supply grows at a higher rate than the Gross Domestic Product.
a)  Only 1
b) Only 2
c) Both 1 and 2
d) Neither 1 nor 2

6.India changed over to the decimal system of coinage in
a) April 1995
b) April 1957
c) April 1958
d) April 1959

7. Inflation occurs when aggregate supply is
a) more than aggregate demand
b) less than aggregate demand
c) equal to aggregate demand
d) None of these

8. In Economics, production means
a) manufacturing
b) making
c) creating utility
d) farming

9. According to modern thinking, the law of diminishine returns applies to
a) agriculture
b) industry
c) mining
d) all fields of production

10. The concept that under a system of free enterprise, it is consumers who decided what goods and services shall be produced and in what quantities is known as :
a) consumer Protection
b) Consumers’ Decision
c) Consumers Preference
d) Consumer’s Sovereignty

11. Which state has the highest proportion of poor population?
a) Orissa
b) Jharkhand
c) Bihar
d) Chhattisgarh

12. Which state has the lowest per capita income?
a) Orissa
b) Bihar
c) MP
d) Rajasthan

13. Which sector contributes maximum to be India’s GDP?
a) Primary sector
b) Secondary sector
c) Tertiary sector
d) All sectors equally

14. How many banks were nationalized in 1969?
a) 16
b) 14
c) 15
d) 20

15. In India, the first bank of limited liability manages by Indians and founded in 1881 was
a) Hindustan Commercial Bank
b) Oudh Commercial Bank
c) Punjab National Bank
d) Punjab and Sind Bank


1. A      2. C      3. A      4. A     5. B     6. B     7. B      8. C     9. D      10. D     11. A      12. B      13. C      14. B       15. B

Economics Quiz 7
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