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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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Learn Economic MCQs [Page 1 of Department 7]

1) ‘Mixed economy’ refers to

(A) The co-existence of rich as well as poor
(B) The co-existence of public as well as private sector
(C) The promotion of agriculture as well as cottage industries
(D) The co-existence of heavy, small scale and cottage industries
Correct Answer - Option (B)

No Explanation found. Add Explanation and get +2 points.

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3) Which one of the following is not included in current revenue of the Union Government?

(A) Loans
(B) Tax revenue
(C) Non-tax revenue
(D) Interest payments
Correct Answer - Option (A)

No Explanation found. Add Explanation and get +2 points.

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4) Which one of the following is a direct tax?

(A) Sales Tax
(B) Excise Tax
(C) Wealth Tax
(D) Entertainment Tax
Correct Answer - Option (C)

No Explanation found. Add Explanation and get +2 points.

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5) Micro-economy is also called:

(A) Income theory
(B) Price theory
(C) Investment theory
(D) Expenditure theory
Correct Answer - Option (B)

No Explanation found. Add Explanation and get +2 points.

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6) Demand in Economics means:

(A) Market demand
(B) Aggregate demand
(C) Individual demand
(D) Demand backed by purchasing power
Correct Answer - Option (D)

No Explanation found. Add Explanation and get +2 points.

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7) The principle of maximum social advantage is the basic principle of

(A) Macro Economics
(B) Micro Economics
(C) Fiscal Economics
(D) Environmental Economics
Correct Answer - Option (C)

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8) Value-added means value of

(A) Output at market prices
(B) Output at factor cost
(C) Goods and services less depreciation
(D) Goods and services less cost of intermediate goods and services
Correct Answer - Option (D)

No Explanation found. Add Explanation and get +2 points.

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9) The largest item of expenditure in the current account of the budget of the Central Government is?

(A) Defense expenditure
(B) interest payment
(C) Central Planning
(D) none of these
Correct Answer - Option (C)

No Explanation found. Add Explanation and get +2 points.

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10) Which deficit is the largest contributor to the total deficit of the budget of the Government of India?

(A) Fiscal deficit
(B) Revenue Deficit Income (C) Primary deficit
(C) Primary deficit
(D) none of these
Correct Answer - Option (A)

No Explanation found. Add Explanation and get +2 points.

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