10 Important Economic MCQs for Most of the competitive examinations
Que 1: Inflation is caused by
(A) decrease in production
(B) increase in money supply and decrease in production
(C) increase in money supply
(D) increase in production
Correct Ans: B
Que 2: The equilibrium of a firm under perfect competition will be determined when
(A) Marginal Cost > Average Cost
(B) Marginal Revenue > Average Cost
(C) Marginal Revenue > Average Revenue
(D) Marginal Revenue = Marginal Cost
Correct Ans: D
Que 3: Which among the following comes under Tertiary Sector of Indian Economy
(A) Cloth Industry
(B) Sugar Industry
(C) Dairy
(D) Transport of Goods
Correct Ans: D
Que 4: National income is the
(A) Net National Product at Market price
(B) Net National product at factor coast
(C) Net domestic product at market price
(D) Net domestic product at factor cost
Correct Ans: C
Que 5: Which of the following is entrusted with the task of receiving all money on behalf of the Government as also with the task of making payments on their behalf?
(A) State Bank of India
(B) Reserve Bank of India
(C) Ministry of Finance
(D) Union Parliament
Correct Ans: B
Que 6: Indian Income Tax is :
(A) Indirect and Proportional
(B) Direct and Progressive
(C) Indirect and Progressive
(D) Direct and proportional
Correct Ans: B
Que 7: Which of the following deals with economic offences?
(A) MISA
(B) NSA
(C) TADA
(D) COFEPOSA
Correct Ans: D
Que 8: Demand curve is indeterminate under.
(A) oligopoly
(B) duopoly
(C) monopoly
(D) pure competition
Correct Ans: A
Que 9: In terms of value, India’s exports in Descending order are
(A) Gems & Jewellery, Textiles, Engineering goods.
(B) Engineering goods, Gems & Jewellery, Textiles.
(C) Textiles, Engineering goods, Gems & Jewellery.
(D) Textiles Gems & Jewellery, Engineering goods.
Correct Ans: A
Que 10: Comptroller and Auditor General of India is not responsible for
(A) Regulating Reserve Bank of India
(B) Issue of money from the Consolidated Fund.
(C) Making payments to the States.
(D) Accounting of States & UTs, and Auditing of all Government Institutions.
Correct Ans: A
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