Economic MCQ Questions with answers

Here Important Economic MCQ questions are added which are frequently asked in almost all the examinations. You can check the correct answer of any question on clicking the show answer button or on option itself. The Correct answer will be displayed below. You can share any question with your friends on whatsapp by tapping whatsapp button.

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M

Mr. Dubey • 100.64K Points
Coach Economic

Q) Internal profit -

  • (A) Happens when internal trade expands
  • (B) Happens when business expands
  • (C) Happens in economy when they increase
  • (D) Happens in firms when they expand their product
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Correct Answer - Option (D)

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M

Mr. Dubey • 100.64K Points
Coach Economic

Q) Who among the following is not a classical economist?

  • (A) David Ricardo
  • (B) John Stuart Mill
  • (C) Thomas Malthus
  • (D) John Maynard Keynes
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Correct Answer - Option (D)

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P

Praveen Singh • 36.81K Points
Coach Economic

Q) Who is called the father of Economics

  • (A) Max Mullar
  • (B) Karl Marx
  • (C) Adam Smith
  • (D) None of these
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Correct Answer - Option (C)

Explanation:

Adam Smith is called the "Father of Economics" because he laid the foundation for modern economic thought with his book An Inquiry into the Nature and Causes of the Wealth of Nations, published in 1776. In this book, he introduced key economic concepts such as:

  1. The Invisible Hand – The idea that individuals seeking their own self-interest can benefit society as a whole through market competition.
  2. Division of Labor – The concept that specialization in production increases efficiency and productivity.
  3. Free Market Economy – He advocated for minimal government intervention in economic activities, promoting capitalism and free trade.

His ideas shaped classical economics and continue to influence modern economic policies.

P

Praveen Singh • 36.81K Points
Coach Economic

Q) The concept of five year plans in India was introduced by

  • (A) Lord Mountbatten
  • (B) Jawahar lal nehrut
  • (C) Indira Gandhi
  • (D) Lal Bahadur Shastri
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Correct Answer - Option (B)

Explanation:

The concept of Five-Year Plans in India was introduced by Jawaharlal Nehru in 1951 based on the model of the Soviet Union. The First Five-Year Plan (1951-1956) focused on agricultural development, irrigation, and industrial growth. The Planning Commission was responsible for formulating and implementing these plans.

P

Priyanka Tomar • 35.28K Points
Coach Economic

Q) The Cause of inflation is

  • (A) Increase in money supply
  • (B) Fall in production
  • (C) Increase in money supply and fall in production
  • (D) Decrease in money supply and fall in production
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Correct Answer - Option (C)

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Priyanka Tomar • 35.28K Points
Coach Economic

Q) Mixed economy means

  • (A) Co-existence of small scale and large scale industries
  • (B) Co-existence of the rich and poor
  • (C) Co-existence of private and public sector
  • (D) Assigning equal importance to both agriculture and heavy industries
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Correct Answer - Option (C)

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