400+ Most Important Economy Questions & Answers for Competitive Exams

Boost your exam preparation with 400+ economy questions and answers covering essential topics for UPSC, SSC, Banking, and other competitive exams.

Economy

Which programme given the slogan of Garibi Hatao?- 5^th five year plan
In which five year plan India opted for mixed economy? – Second
When was the first five year plan of India started?- 1951
Who was the first Chairman of the Planning Commission? – Jawahar Lal Nehru
The Secretariat of SAARC is set up at – Kathmandu
When was plan holiday declared? – after the third plan
Jawahar Rojgar Yojna was launched in – 7^th five year plan
Three annual plan were launched between – 1966 to 1969
National Development Council is consists of – Members of planning commission & Chief Ministers of the states
The very first five year plan of India was based on the model of – Bombay Plan
What as the prime target of the first five year plan of India? – Development of
Who gives the final approval to the five year plans of India? – National Development Council (NDC)
Which is the principal regulator for stock exchange in India – SEBI
Under-writing refers to – an act of insuring risk
SEBI stands for – Securities and Exchange Board of India
The Accounting year of Reserve Bank of India runs from – July to June
Largest employer in India – Indian Railways
The financial capital of India – Mumbai
Chairman of the Eleventh Finance Commission was – M. Khusro
The concept of mixed economy means – simultaneous existence of the private and public sector
The most important source of revenue for the states in India is – Sales Tax
Financial Commission is a – Constitutional Body
Money supply is governed by the – Reserve Bank of India
Where is the Indian Institute of Foreign Trade Located – New Delhi
Per Capita income is obtained by dividing National Income by – Total Population of the country
FERA in India has been replaced by – FEMA
NREGP stands for – National Rural Employment Guarantee Programme
Which is the biggest tax paying sector in India – Industrial Sector
The Reserve Bank of India was nationalized in the year – 1949
Insurance sector in India is regulated by – IRDA
RBI was established (1 April, 1935) under which of the following Acts – Reserve Bank of India Act, 1934
Yellow Revolution refers to the production of – Oil Seeds
Which one of the rates is not decided by RBI – Base Rate
Larger production of goods would lead to higher production in future – capital goods
Golden Quadrilateral project is associated with the development of – Highways
Development means economic growth with – social change
Which one is more effective in controlling prices in the long run – increase in Production
Which is the oldest stock exchange in the world? – Amsterdam Stock Echange
Taxation and the government’s expenditure policy are dealt under which policy? – Fiscal Policy
If the price of an inferior good falls, what about its demand? – Remains Constant

Which type of unemployment mostly found in India? – Disguised Unemployment
Which is the largest Public Sector Bank in India? – State Bank of India
What is the main source of revenue to meet different expenditures? – Internal Borrowings
Bouncing of cheques has become an What is the punishment for the same? – 6 months imprisonment
Who wrote the book ‘Planned Economy for India’? – Visvesvaraya
Which is the oldest Development Financial Institution of India? – IFCI
When was EXIM Bank set-up? – 1982
Who said “A State is known by the right that it maintains” – Laski
The busiest ocean from the point of view of trade – Atlantic Ocean
Commercially important cotton fibres are – epidermal hairs of seeds
What is included in the Tetiary sector – banking
Who was the reformer of oppressed and backward classes – DR B R Ambedakar
What was the Wood’s Despatch about – Education
Who was the first Indian Governor of the RBI – CD Deshmukh
Which is the ‘Slack Season’ in the Indian Economy? – January-June
To meet the need of whom, the concept of Land Development Bank has – been developed? – Farmers
When was the Rolling plan designed? – 1978-83
Which country is the largest debtor of UNO? – S.
Which was first Commercial Bank of India? – Hindustan Bank
Participatory Notes (PNs) are associated with which investors? – Foreign Institutional Investments
A new private bank is established under which act? – Companies Act 1956
How many country are represented in International Monetary Fund (IMF)? – 189
In which plan was the objective of self-reliance and zero net foreign aid was declared? – Fourth 5 year plan
On which date a Bank publishes its balance sheet? – 31st march
How many banks were nationalized in 1969? – 14
In April 1980 how many banks were nationalized? – Six
When was decimal coinage introduced in India? – 1957
One rupee notes contain the signature of ? – Finance Secretary, GOI
Which is treated as artificial currency? – SDR
Companies pay corporation tax on their ? – Incomes
What was the earlier name of the WTO? – GATT
If saving exceeds investment , what will be the effect on national income ? – Remains constant
Which bank is the Banker of the Banks? – RBI
For international payments, to which currency is the Indian currency linked? – American Dollars
Temporary tax levied to obtain additional revenue is called ? – Fee
Which European country is the guarantor of Bank of Central African States? – France
When was Consumer Protection Act (COPRA) passed? – 1986
The Money Order system in India was introduced in the year ? – 1880
Investment in public works is known as ? – Capital Expenditure

Where are the headquarters of IMF and World Bank located? – Both Washington DC
Who appoints Banking Ombudsman? – RBI
In which year was Railway Budget in India separated from general budget? – 1924
Which is the best measure of economic growth of a country? – GNP
Economic growth is usually coupled with ? – Inflation
CENVAT is associated with ? – Rate of Indirect Tax
Which of the following committees is associated with the microfinance institutions (MFIs)? – H. Malegam
A company which pools money from investors and invests in stocks, bond and shares is called . – Mutual Fund
Gilt-edged means ? – Market of securities
What is the effect of Deficit financing? – Inflation
Who was the first Indian Governor of RBI? – Shachindra Ray
The principal sources of revenue to the State Government in India is ? – Sales Tax
Indias Economic Summit was held in December 1999, in ? – New Delhi
The main source of National Income in India is ? – Agricultural Sector
A crossed cheque is one, which can be encashed only at which bank? – SBI
The currency convertibility concept in its original form originated in? – Bretton Woods Agreement
States earn maximum revenue through? – Commercial Taxes
Short-term finance is usually for a period ranging up to? – 12 months
The philosophy of ‘Laissez-faire’ is associated with ? – Industrial States
Where in Indian are coins minted? – Mumbai, Calcutta & Hyderabad
In India, in which year was the service tax first introduced? – 1994
CASA ratio of bank indicates the – Bank’s deposits
In India, which of the following organizations is responsible for the sterilization of foreign inflows? – Reserve Bank of India
Where is the head office of India Post Payments Bank located? – New Delhi
National Rural Employment Guarantee Scheme (NREGS) came into force in which year? – 2006
When did India become a member of international Monetary Fund (IMF)? – 1947
Who coined the term ‘Hindu rate of growth’ for Indian Economy ? – Raj Krishna
“Growth with Social Justice and Equity” was the focus of – 9^th five year plan
The Plan launched in the 50th Year of Indian Independence was – 9^th five year plan
The economic reforms are initiated by Narasimha Rao Government in – 8^th five year plan
The employment generating programmes like Jawahar Rozgar Yojana was started in – 7^th five year plan
When was the National Bank for Agriculture and Rural Development (NABARD) set up? – 1982
Where are the headquarters of United Nations Conference on Trade and Development (UNCTAD)? – Geneva
Who is called the ‘Father of Economics’? – Adam Smith
Net National Product (NNP) of a country is – GNP minus depreciation allowances
National Income is based on the – Production of goods and services
The LPG Model of Development was introduced by the then Finance Minister – Manmohan Singh

“Faster and more inclusive growth” was the objective of – 11^th Five year plan
For the first time Private Sector was given priority compared to the public sector in – 7^th five year plan
Which sector of Indian Economy contributes largest to the Gross National Product
National Income estimates in India are prepared by – Central Statistical Organisation
The main source of National Income in India is – Service Sector
Twenty Point Programme” was launched in the year? – 1980
National Development Council was constituted in? – 6 August 1952
Economic planning is in – Concurrent list
In India the concept of ‘minimum needs’ and ‘directed anti poverty programmes’ were the innovation of? – 5^th five year plan
In which five year plan India opted for mixed economy – Second
Three annual plan were launched between: – 1966-1969
The very first five year plan of India was based on the model of: – Harrod Domar Model
The base year for computation of National Income in India is – 1993-94
In India, Hindu Rate of Growth is associated with wich of the – National Income
Hindu Rate of Growth refers to the rate of growth of – GDP
Who had estimated National Income in India first – Dadabhai Naoroji
Which sector of Indian Economy has shown remarkable expansion during the last decade? – Tertiary Sectors
Which state has the lowest per capita income? Bihar
World Development Report is an annual publication of ? International Bank of – Reconstruction & Development
Under which of the following sections of the RBI Act 1934, the Reserve Bank of India has the sole right to issue bank-notes of all denominations except the one rupee note? – Section 22
Which of the following nation is considered the originator of the concept of microfinance? – Bangladesh
Absence of a proper Financial Planning can lead to – overspending and Debt problems
Where is the headquarter of New Development Bank (NDB) located? – Shanghai
What is the prime target of the first five year plan of India? – Development of Agriculture
The First Five-year Plan was launched in which year – 1951
The slogan of ‘Garibi Hatao’ (Remove Poverty) was launched in which FYP? – 4th FYP
‘Golden Handshake Scheme’ is associated with ? – Voluntary Retirement
Who has presented the Union Budget of India maximum number of times? – Morarji Desai
Who is the chairman of 14th Finance Commission? – V. Reddy
The second Five Year plan was based on_? – Mahalanobis model
The first devaluation of Indian currency took place in which year ? – 1949
VAT has been introduced on the recommendation of which commission? – K. Jha Commission
In which year was Minimum inflation in post economic reform? – 1999-2000
Who was the Chairman of the first Finance Commission? – C. Niyogi
Those goods which have positive relationship between price and quantity demanded are called as – Giffen Goods

On July 12, 1982, the ARDC was merged into ? – NABARD
Which Indian got Nobel Prize for Economics? – Amartya Sen
In India, liberal Industrial Policy was adopted in the year – 1991
First Industrial Policy of free India was announced in the year – 1948
Raukela Steel Plant was set up with the assistance from – West Germany
Total utility is maximum when – marginal utility is zero
Grasham’s low relates to – Money Supply
As regards changes in interest rates, the most sensitive money market is the – call money market
The standard of living in a country is represented by its – Per Capita Income
Inflation rate based on consumer price index increases if – Bank Rate is decreased
Tapas Majumdar Committee gave report on – Primary level educational expenditure
United Nations Human Development index has been develop by – Mahboob ul Haq
The policy regarding special Economic Zones(SEZ) was announced in – April, 2000
Which law stated that the size of the a firm and its growth rate are independent – Gibrat’s Law
Globalization does not include – Disinvestment of Public Sector equality
Global Financial Stability Report is published by – IMF
Kandla is well known for – Export processing zone
The Prevention of Money Laundering Act Came into force in India during – 2005
Paper currency was first started in Indian in – 1862
The famous textile of MP is – Chaneri
World’s largest reserve of Uranium found in – Australia
The Gandhiyan economy is based on the principal of – Trusteeship
When did the Community Development Programme start in India – 1952
Under which agreement International Monetary Fund was established – Bretton Woods Agreement
India became a member of International Monetary Fund in – 1947
National Income estimates in India is prepared by ? – Central Statistical Organization
National Rural Development Institute is situated at ? – Hyderabad
Name the oldest insurance company of India? – Oriental Life Insurance company
Excise duty is a tax levied on the ? – Production of goods
Which state stands first in the length of roads in the country? – Maharashtra
Deficit financing means that the government borrows money from the ? – RBI
“Bad money (if not limited in quantity ) drives good money out of circulation.” is the law known as – Gresham’s law
The “”Garibi Hatao”” slogan was coined in ? – 1971
When was the Reserve Bank of India taken over by the Government? – 1948
The difference between GNP & GDP is ? – Capital Depreciation
Planning commission has been replaced by which of the institution – NITI Ayog
The concept of Economics Planning in India is derived from which country – Russia
Which sector is the backbone of Indian economy – Service Sector
Economics, according to Lionel Robbins, is a – Positive Science

Which organization is known as Market Regulator in India – SEBI
Where is the headquarter of World Bank located – Washington DC
Who expressed the view that ‘Economics is neutral between ends’ – Robbins
Which plan is also known as ‘Gadgil Yojna’ – Fourth five year plan
FEMA (Foreign Exchange Management Act) – 2002
Macroeconomics is also called – Aggregate Economics
‘Brent ‘ Index is associated with ? – Crude oil prices
The Foreign Exchange Management Act(FEMA) was passed in which year? – 1999
Which plan is also known as ‘Gadgil Yojana’? – 3rd FYP
Who presented the first union budget of Independent India? – RK Shanmukham Chetty
Who is considered the guardian of the Public Purse? – CAG
In which year Swarn Jayanti Gram Swarozgar Yojna came into being? – 1st April 1999
Where is the headquarter of East African Development Bank? – Uganda
In which year Statutory Liquidity Ratio was first imposed on banks? – 1949
The Unclaimed deposits are those deposits which haven’t been operated for how many years? – 10 years or more
When a person has a saving account in the bank , the bank assumes the position of – Debtor
Which is the largest Private Sector Bank in India? – HDFC Bank
Which ministry formulates fiscal policy? – Finance Ministry
In which year SIDBI was established? – 1990
What is the highest denomination of currency notes in circulation as legal tender in India at present? – ₹ 2000
Which is the oldest stock exchange in Asia? – Bombay Stock Exchange
Which Committee’ s recommenda-tions are being followed for estimating Poverty Line in India – Lakdawala Committee
Union Budget of India is presented by whom and in which house/ houses of the Parliament? – Finance Minister of India; Lok Sabha
Who among the following presented the first budget (interim) of Independent India? – R K Shanmukham Chetty; 26th November, 1947
The central banking functions in India are performed by the – Reserve Bank of India
Development expenditure of the Central government does not include – Defence expenditure
Who has presented the Union Budget of India maximum number of times – Morarji Desai
On July 12, 1982, the ARDC was merged into – NABARD
In which of the following types of economy are the factors of production owned individually –Capitalist
Poverty in less developed countries is largely due to – Income inequality
The most appropriate measure of a country’s economic growth is its – Per Capita Real Income
Which of the following committees examined and suggested financial sector reforms- Narasimham Committee
Which of the following contributes the maximum earnings in Indian Railways – Goods Traffic Earning
SEBI is a – Staturory body
Who was the first administrator-statesman to attempt planning as a means for economic development? – M Viswesvarayya
An economy is at the take off stage on its path to development when it – begins steady growth
Which is the basic characteristic of Oligopoly – a few sellers, many buyers demanded are – inversely proportional and also inversely related
What is the meaning of ‘Laissez Faire Policy’ – withdrawal of ‘some restrictions’
Kisan Credit Card (KCC) scheme for farmers was introduced in – 1998 – 1999
Long term agriculture credit is provided by – Land Development Bank
The world trade organization is located at – Geneva
When the Reserve Bank of India was established – 1935
The authorization for the withdrawal of funds from the consolidated fund of India must come from – The Parliament of India
Interest payment is an item of – Revenue Expenditure
Who is responsible for the preparation and presentation of Union Budget to the Partliament – Department of Economic Affairs
Which country is the largest producer of wool – Australia
In India, deficit financing is used for raising resources for – economic development
What is the effect of deficit financing on economy – Increase in money supply
The fair and Remunerative Price of sugarcane is approved by the – Cabinet Committee on Economic Affairs
Green revolution is related to wheat production
The planning commission has been abolished by the Prime minister – Narendra Modi
According to Malthusian Theory of Population, population increase in – Geometrical Progression
TRYSEM is a programme of – Rural Development
Farmer’s Day is celebrated on – December 23
The study related to the plants being used as vegetable as vegetable is called – Olericulture
The buyer’s market is known where – supply is more than the demand
The prevention of laundering act came into India during – 2005
The thermal power plant of Bokaro is located in – Jharkhand
Which is the largest shipyard in India – Kochi
Tarapore Committee was associated with which one of the – Fuller capital account convertibility
Which is the largest metal trading center – London
Which is irrelevant in the context of share market – SAPS
Which represents a progressive tax structure – Tax Rate increase as income increase
The Budget deficit means – Difference between all receipts and all the expenditure
Dependency ratio may be defined as – the ratio of persons above 65 and below 14 to the working age population
What is the base of Human development index – Health, education, employment
During which Five Year Plan, India has achieved the maximum per-capita growth rate – Eleventh Plan
The most suitable crop for green manuring is – Sunhemp
Who has written ‘The History of Indian Agriculture – S. Randhawa

The size of the marginal landholding in India is – Less than 1 hectare
Sensex includes the securities – 30
the apex bank for providing agriculture refinance in India – NABARD
Major Banks (14) were nationalized in the year – 1969
The Disinvestment proceeds in India are credited to – National Investment Fund
Nagarjun Sagar Multipurpose Project’ is on which river – Krishna
The second Green Revolution will be related with – Bio-Technology
India earns maximum foreign exchange by the export of – Textile
Participatory Notes (PNs) are associated with which one – Foreign Institutional Investors
Which State of India occupies largest area under Soya Been cultivation – Madhya Pradesh
The state of India with low acreage, but very high per hectare yield of groundnut is – Punjab
Who makes recommendation regarding fixing of minimum support price for various crops – Commission for Agriculture Costs and Prices
The rotation of crops is essential for – Increasing soil fertility
Ad hoc Treasury Bill System of meeting budget deficit in India was abolished on – 31^st March, 1997
The first land development bank was established in 1920, it was located at – Jhang
As president of World Trade Organization Pascal Lamy was replaced by – Roberto Azevedo
The Indian Economy is a – Mixed Economy
A ‘Closed Economy’ is an economy – neither exports nor imports take place
Net National Product (NNP) and Gross National Product (GNP) – are different
Neemrana, a model of sustainable economic development is located in – Rajasthan
Economy growth is usually coupled with – Inflation
Which is the period of 12^th Five Year Plan – 2012-2017
The main objective of the 12^th five year plan is – Faster, Sustainalbe and more inclusive growth
NITI Ayog came into existence on – 1^st January 2015
The idea of Five Year Plans was taken from – Soviet Union
What is the purpose of ‘Ujjwala Plus’ to allow people to donate cooking gas connections for poor households
The committee on financial sector reforms 2008 in India was headed by – Raghuram Rajan C
‘Ind AS’ oftern seen in news, in concerned with – Global accounting practice
Which industries provides the maximum employment in India – Textile
Which state is called ‘the Ethiopia of India’ because the excessive malnutrition – Madhya Pradesh
In the index of Eight Core Industries, which is the highest weight – Electricity generation
Largest concentration of software and business process outsourcing industry in UP is at – Noida
Who brings out the ‘Consumer Price Index Number for the Industrial Workers – The Labour Bureau
The Phillips Curve represents relationship between – Inflation and Unemployment
At present, how many countries are the members of the International Monetary Fund (IMF) – 189
The first phase of liberalization was initiated in India under the regime of – PV Narsimha Rao

One of the problems calculating National Income India is – Non-Organized sector
Madhya Pradesh Laghu Udyog Nigam was established in – 1961
The service tax in India was Introduced in the year – 1994-95
RESIDEX, an index of residential prices in India, was launched in the year – 2007
The ‘Goods and Services Tax’ was proposed by a task force, whose President was – Vijay Kelkar
The trade and Merchadise Mark Act was passed in – 1958
In which year the Export-Import (EXIM) Bank in India was set up – 1982
The economy of Madhya Pradesh is – Agriculture dominant
Economic Survey in India is published by – Minister of Finance
The first export processing zone of Asia was set in 1965 – Kandla
The demand curve shows that price and quality
Bilateral monopoly situation is – when there are only two sellers of a product
Navaratna Status is concerned with – Public Sector Companies
Which is the primary sector – Agriculture
‘Global Financial Development Report’ is published by which of the organization – World Bank
When and where was the office of GATT established – Geneva, 1948
Real National Income denotes – National income at constant prices
The main source of National Income in India is – Service Sector
The per capita income is obtained by – Dividing national income by population
Which is the part of fiscal policy – Tax Policy
Redistribution of income in a country in a country can be brought about though – Progressive taxation combined with progressive expenditure
The aim of which of the Five Year Plans was to correct the disequilibrium in the economy – First Five Year Plan
Which of the following Five Year Plans recognized human development as the core of all developmental efforts? – Eighth Five Year Plan
Which of the following plans aimed at improving the standard of living? – Fourth five year plan
New Development Bank belongs to which International organisation? – BRICS
Green Climate Fund is dealt by which of the following agency? – NABARD
‘Gilt-edged securities’ are issued by – Government or semi government companies
What is the minimum denomination of Treasury bills to issue in India? – 25000
The head office of Union Bank of India located in – Mumbai
National Automated Clearing House (NACH) is introduced by – NPCI
The mobile wallet app “Buddy” launched by which bank – SBI
What is meant by a White Label ATM? – ATMs which are set up by non-banking entities
Banks, borrow money from the Reserve Bank of India at which of the following rates – Repo Rate
Which funds transfer system involves transfer of money from one bank to another on a “real time” basis?- RTGS
RBI was nationalised in the year – 1949
Financial Action Task Force (FATF) is an initiative of which of the following organization – G7

Name the organization which works mainly to monitor and arrange the flow of agriculture credit in India – NABARD
Which of the following constitutional amendment act is related to GST – Constitution (101 Amendment) act, 2016
Which curve shows the inverse relationship between unemployment and inflation rates – Phillips Curve
Who is the ex-officio chairman of Planning Commission and National Development Council – Prime Minister
When the demand for a good increase with an increase in income, such a good is called – Superior good
Which is not a method of estimating national income – Matrix Method
What is an octroi – Tax
Number of member institutions in The World Bank Group is – 5
NABARD came into existence on – 12 July 1982
SBI was earlier known as – Imperial Bank of India
The largest commercial bank of India is – SBI
Who authorized to issue coins in India – Ministry of Finance
In which market forms, a firm does not exercise control over price – Perfect Competition
Lorenz curve shows – Income distribution
Fiscal Policy in India is formulated by – Finance Ministry
FAO mainly works – to defeat hunger
The World Trade Organization (WTO) is an intergovernmental organization, established in – 1995
The Headquarters of the International Monetary Fund is located at – Washington
Global Environment Fund (GEF) is a global alternative asset manager established in – 1990
‘Residex Index’ is associated with which of these – Housing Prices
The average variable cost curve is – U
‘New-Malthusian Theory’ is associated with – Thomas Malthus
Method used to measure Agriculture productivity in India – Output Method
‘The Rolling Plan’ was implemented after – Fifth Plan
What is the period of rolling plan – 1978-1980
Gandhian Plan was put forward in 1944 by – N. Aggarwal
Rolling plan concept was coined by – Gunnar Myrdal
When the population reaches the ‘plateau phase’ then – Birth rate and Death rate are equal
Why was ‘Tendulkar Committee’ constituted – To measure poverty
Verghese Kurien was the father of – White Revolution
Due to miserable failure of which five-year plan ‘Planning-Holiday’ announced in our country – third
Who considered as the founder and architect of India’s Blue Revolution – Hiralal Chaudhari
Operation Flood was launched in – 1970
The white Revolution in India was an initiative by – National Dairy Development Board
Brown Revolution is related to – Leather

Second five year plan was based on – Mohalanobis Model
Which type of foreign investment is considered as unsafe? – Portfolio Investment
Golden Revolution is related with – Honey and Horticulture production
In which of the following market forms, a firm does not exercise control over price? – Perfect competition
Which one of the following is not an instrument of Fiscal policy? – Open Market Operations
The First five year plan of the Government of India was based on – Harrod-Domar Model
External debt is the portion of a country’s debt that was – Borrowed by its government from abroad
Investment that is dependent on the level of income or on the rate of interest is called – Induced investment
The practice of selling goods in a foreign country at a price below their domestic selling price is called – Dumping
‘Full convertibility of a rupee’ means – Determination of rate of exchange between rupee and foreign currencies freely by the market forces of demand and supply
The SDR is an international reserve asset, created by – IMF
WTO basically promotes – Multilateral trade
Fiscal policy in India is formulated by? – Finance Minister
The rupee has been convertible on the current account since – 1994
When there is a calculated upward adjustment in the exchange rate of domestic currency, then it is called – Revaluation
At present, India is following – Floating exchange rate
Trade policy is prepared and announced by – Ministry of Commerce
FERA in India has been replaced by – FEMA
Funds which continuously shifts from countries with low-interest rates to those with higher rates is called – Hot Money
The term mixed economy denoted – Existence of both private and public sectors
Which sector of Indian economy has shown remarkable expansion during the last decade – Tertiary Sector
Which is not a method of measurement of national income – Investment Method
Which was the highest body that approves Five Year Plans in the country – National Development Council
What is the name of BRICS bank and who is the first president of this bank respectively – New Development Bank and KV Kamath
Economic Planning is in – Concurrent list
The monetary policy is India is formulated by – Reserve Bank of India
A short-term government security paper is called – Treasury bill
Which state in India is estimated to have the largest coal reserves in India – Jharkhand
Major coalfields of India are located in the river valley of – Damodar
‘Samjhauta Express’ runs between which of the stations – New Delhi-Lahore
The best Index to represent standard of living in a country – Per Capita Income

In an economy, the sectors are classified into public and private on the basis of – ownership of enterprises
The ‘Dual Economy’ is a mixture of – traditional agriculture sector and modern industrial sector
It will be true to classify India as – A labour-surplus economy
Depression formed due to deflating action of winds are called – Yardang
In India, planned economy is based on – Socialist System
Economic liberalization in India started with – substantial Changes in industrial licensing policy
Formalised system of trading agreements with groups of countries is known as – Trading Blocks
The concept of ‘Vicious Circle of Poverty’ is related to – Nurske
In colonial times, who was the first to discuss the concept of a Poverty Line – Dadabhai Naoroji
Scientific socialism is attributed to – Karl Marx
Pradhan Mantri Jan Dhan Yojna has been launched for – Promoting financial inclusion in the country
Which nuclear power plants has the highest total installed capacity – Kakrapar
Which source of renewable energy has greatest potential in India – Solar Power
which union territory has the female literacy is highest according to Census 2011 – Lakshdweep
when was the ‘Central Ganga Authority’ established in India – 1985
in which type of economy property and business are owned and controlled by individuals – Capitalist Economy
barter transactions means – Goods are exchanged with goods
what is a good that is in greater demand as its price increases – Giffen goods
externality theory is the basic theory of the branch of economics – Environomics
Goods whose demand is proportional to price are called – Veblen goods
Macroeconomics deals with – The circular flow of income
Which sector is the largest employer in India – Agriculture
The relationship between the value of money and the price level in an economy is – Inverse
The removal of prohibitions and hindrance by government is called – Liberalization
Arthashastra by ‘Kautilya’ is related with – Political Reign
Which sector contribute more of the savings in India – Household Sector
If the price of an inferior good falls, its demand – Rises
All of the goods which are scarce and limited in supply are called – Economic goods
Who coined the phrase ‘Tragedy of the Commons’ – Garett Hardin”
Who determines the price in a capitalistic Economy – Demand and Supply
Price mechanism is a feature of – Capitalist economy
Production of a commodity mostly through the natural process is an activity of – Primary Sector