Indian Economy MCQs for UPSC, IAS, State PSC, SSC, CDS

This page contains General Studies subject wise Multiple Choice Questions (MCQs) on Indian Economy including Macro and Micro Economy Budget, Financial Survey and Economy sectors like Banking, External Sector, Inflation etc. It really helps to take a look at these questions and even better if one try to solve them in timely manner.

These General Studies subject wise MCQs are completely based on syllabus and patter of different exams including UPSC CSE, State PSCs, SSC, CDS, CLAT and other competitive Exams.

With respect to "Distribution Network" which of the following best describes characteristics of a "State Economy DN" ?

1.	The government takes the sole responsibility of supplier goods and services to the population while no payment is made by consumers.	2.	Goods and services are made available in the market and on the basis of their demand & supply, their price is determined in open market.
3.	Few goods and services are made available by the government on subsidised price while few goods & services are made available in market for which the consumer has to pay.	4.	None of the above

Which of the following statement best describes "Market" or "Capitalist" Economy ?

1.	The government takes the sole responsibility of supplier goods and services to the population while no payment is made by consumers.	2.	Goods and services are made available in the market and on the basis of their demand & supply, their price is determined in open market.
3.	Few goods and services are made available by the government on subsidised price while few goods & services are made available in market for which the consumer has to pay.	4.	None of the above

With respect to Indian Economy, which of the following is/are true ?

1) Capitalist Economy
2) State Economy
3) State-Market mixed economy
4) Few goods and services are made available by the government on subsidised price while few goods & services are made available in market for which the consumer has to pay.

1.	1 & 2	2.	1,2 & 4
3.	3 & 4	4.	1 Only

Which of the following best describes "Socialist Economy" ?

1.	Collective ownership of means of production(property & assets)	2.	The government takes the sole responsibility of supplier goods and services to the population while no payment is made by consumers.
3.	Goods and services are made available in the market and on the basis of their demand & supply, their price is determined in open market.	4.	Few goods and services are made available by the government on subsidised price while few goods & services are made available in market for which the consumer has to pay.

Which of the following best describes "Communist Economy" ?

1.	Collective ownership of means of production(property & assets)	2.	The government takes the sole responsibility of supplier goods and services to the population while no payment is made by consumers.
3.	Goods and services are made available in the market and on the basis of their demand & supply, their price is determined in open market.	4.	State ownership of all the properties including labour.

Which of the following best describes "Capitalist Economy" ?

1) Acknowledges the need of cometition in the market.
2) Against the heavy handed government instructions in commerce & industry.
3) State-Market mixed economy.
4) Few goods and services are made available by the government on subsidised price while few goods & services are made available in market for which the consumer has to pay.

1.	1 & 2	2.	1,2 & 4
3.	1 & 3	4.	1, 2, 3 and 4

Which of the following is not true about "Washington Consensus" ?

1.	A set of policies which World Bank and IMF did not recognised.	2.	The term was coined by a US Economist John Williamson.
3.	Ensures "Property Rights".	4.	Tax reforms

With respect to "Indian Economy" which of the following activity makes it the part of "Primary Sector" ?

1) Agriculture.
2) Mining.
3) Textiles.
4) Automobiles.

1.	1 only	2.	1,2 & 4
3.	3 & 4	4.	1, 2, 3 and 4

Which of the following is/are true about GDP ?

1) While calculating it removes expenditure on Goods & Services imported and not produced in nation.
2) While calculating it adds expenditure an Goods & Services exported but not sold within the country.
3) It reflects both quantitative and qualitative aspects of the Goods & Services produced.
4) It is used by World bank and IMF in the comparative analysis of its member nation.

1.	1 & 2	2.	1,2 & 4
3.	1,2 & 3	4.	1, 2, 3 and 4

10.

Which of the following is/are true about National Domestic Product (NDP) ?

1) NDP is GDP calculated after adjusting the weight of the value of depreciation.
2) It is used for domestic purpose only and does not consider by WB/IMF for comparison of nation economics.
3) In India depreciation is calculated by finance ministry.
4) It is used by WB/IMF for Human Development Index (HDI).

1.	1 & 2	2.	1,2 & 4
3.	1,2 & 3	4.	2 Only

Indian Economy multiple choice questions for UPSC, IAS, State PSC and other Exams

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