Economics is a study of the usage of resources and how valuable we can make those resources under distinct captivity. It involves an intense study of the production, distribution & consumption of goods and services. Given below are important Economics MCQs with answers, that will be beneficial for competitive examinations and tests (PPSC Test, FPSC Test
21. Which of the below-mentioned institutes are linked with the financial sector of India controlled by the Reserve Bank of India (RBI)?
A. Commercial Bank
B. Money Lenders
C. Stock Exchange Operations
D. All the above
22. What does Price flooring mean?
D. None of the above
23. What is the Gross National Product?
A. The total value of Good and services manufactured in the country
B. The total value of all the transactions in the country
C. Reduction in the total value of goods and services produced in the country
D. The total worth of goods and services generated in the country and net factor income from abroad.
24. Why statistically is the unemployment rate low in India?
Unemployment is calculated only from the age group 15 years to 59 years
Unemployment survives only when an individual cannot find a job
People are not interested in working outside the domestic area
Choose the correct option.
A. Only 3
B. 2 and 3
C. Only 2
D. All of the above
25. The bowed shape of the production possibilities curve illustrates.
A. Law of Increasing Marginal Cost
B. The production is inefficient
C. The production is unattainable
D. The demand is relatively elastic
26. The main economic problem faced by all society is.
27. “Capitalism” refers to?
A. The use of market
B. Government ownership of capital
C. Private ownership of capital goods
D. Private ownership of homes & cars
28. The goal of a pure market economy is to meet the desire of?
D. The government
29. The law of demand means?
A. As the quantity demanded rises, the price rises
B. As the price rises, the quantity demanded rises
C. As the price rises, the quantity demanded falls
D. As supply rises, the demand rises
30. The example of agriculture price support program is?
A. A price ceiling
B. A price floor
C. Equilibrium pricing
D. None of the above