Q. Internal profit -
-
(A)
Happens when internal trade expands
-
(B)
Happens when business expands
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(C)
Happens in economy when they increase
-
(D)
Happens in firms when they expand their product
✅ Correct Answer: (D)
Happens in firms when they expand their product
Q. Who among the following is not a classical economist?
-
(A)
David Ricardo
-
(B)
John Stuart Mill
-
(C)
Thomas Malthus
-
(D)
John Maynard Keynes
✅ Correct Answer: (D)
John Maynard Keynes
Q. Who said, “Economics is the Science of Wealth”?
-
(A)
Robbins
-
(B)
Adam Smith
-
(C)
JS Mill
-
(D)
Keynes
✅ Correct Answer: (B)
Adam Smith
Q. Who is called the father of Economics
-
(A)
Max Mullar
-
(B)
Karl Marx
-
(C)
Adam Smith
-
(D)
None of these
✅ Correct Answer: (C)
Adam Smith
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:
- The Invisible Hand – The idea that individuals seeking their own self-interest can benefit society as a whole through market competition.
- Division of Labor – The concept that specialization in production increases efficiency and productivity.
- 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.
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
✅ Correct Answer: (B)
Jawahar lal nehrut
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.
Q. White Revolution is related to
-
(A)
Oil seeds
-
(B)
Milk production
-
(C)
Meat production
-
(D)
Wool production
✅ Correct Answer: (B)
Milk production
Q. The 191st member of UNO is
-
(A)
Switzerland
-
(B)
East Timor
-
(C)
Swaziland
-
(D)
Taiwan
✅ Correct Answer: (B)
East Timor
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
✅ Correct Answer: (C)
Increase in money supply and fall in production
Q. India has
-
(A)
Socialistic economy
-
(B)
Gandhian economy
-
(C)
Mixed economy
-
(D)
Free economy
✅ Correct Answer: (C)
Mixed economy
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
✅ Correct Answer: (C)
Co-existence of private and public sector
Tags: Economic mcqs, important mcqs of Economic, Economic important Economic mcqs, mcqs on Economic, important mcqs on Economic, mcqs of Economic