Economics MCQs and Answers: Economics are very important for OPSC, OSSC, OSSSC & Other State Exams. Aspirants who are willing to apply for the various Government exams in 2022 must go through the topics of Economics for competitive exams, as Economics is a key part of the syllabus.
Q1. Name the state that has become the first State in the country to implement the national policy on biofuels unveiled by the Centre this year.
(a) Uttar Pradesh
(b) Gujarat
(c) Maharashtra
(d) Rajasthan
S1. Ans.(d)
Sol. Rajasthan has become the first State in the country to implement the national policy on biofuels unveiled by the Centre this year. The desert State will lay emphasis on increasing production of oilseeds and establish a Centre for Excellence in Udaipur to promote research in the fields of alternative fuels and energy resources.
Q2. The main aim of First Five- Year Plans was-
(a) Self-dependent
(b) Industrial growth
(c) Economic growth
(d) Agricultural growth
S2. Ans.(d)
Sol. The First Five-year Plan (1951-1956) was mainly focused in development of the agricultural sector. It was based on Harrod-Domar Model.
Q3. Who among the following had propounded the concept of ‘Trusteeship’?
(a) M.N. Roy
(b) Aurobindo Ghosh
(c) Mahatma Gandhi
(d) G.K. Gokhale
S3. Ans.(c)
Sol.Trusteeship is a socio-economic philosophy that was propounded by Mahatma Gandhi.
It provides a means by which the wealthy people can be the trustees of trusts andlook after the welfare of the people in general.
Q4. The Hindu rate of growth refers to the growth rate of
(a) Per Capita Income
(b) National Income
(c) Population
(d) Literacy
S4. Ans.(b)
Sol. The Hindu rate of growth is a term used by advocates of liberalisation.
It refers to the lower annual growth rate of the economy of India (National Income) before the economic reforms of 1991.
The term was coined by Indian economist Raj Krishna.
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Q5. Green revolution was the result of adaption of New Agricultural method which was introduced in 20th Century during decades of (a) Fifties
(b) Sixties
(c) Seventies
(d) Eighties
S5. Ans.(b)
Sol. The Green Revolution was a period that began in the 1960s during which agriculture in India was converted into a modern industrial system by the adoption of technology, such as the use of high yielding variety (HYV) seeds, mechanised farm tools, irrigation facilities, pesticides and fertilizers
Q6. Bhilai Steel Plant was established with help of
- Russia
- Britain
- Germany
- Poland
S6. Ans.(a)
Sol. The Bhilai Steel Plant (BSP) is located in Bhilai, in the Indian state of Chhattisgarh.
It is India’s first and main producer of steel rails, as well as a major producer of wide steel plates and other steel products.
It was set up with the help of the USSR in 1959.
Q7. Who said that ‘Education is the manifestation of perfection already in man’?
(a) Swami Vivekanand
(b) Sri Vivekanan
(c)Ravindranath Tagore
(d) Subhash Chandra Bose
S7. Ans.(a)
Sol.Swami Vivekananda believed that “Education is the manifestation of the perfection already in man”.
Swami Vivekananda founded the Ramakrishna Math and the Ramakrishna Mission.
Q8. Public Distribution System is aimed at
(a) Providing food security to the poor
(b) To prevent hoarding and black marketing
(c) To prevent overcharging by traders
(d) All of the above
S8. Ans.(d)
Sol.The Indian food security system (Public Distribution System) was established by the Government of India under the Ministry of Consumer Affairs, Food and Public Distribution to distribute food and non-food items to India’s poor at subsidised rates.
It helps in ensuring Food and Nutritional Security of the nation.
It also helps in stabilising food prices and making food available to the poor at affordable prices.
It also prevents overcharging by traders.
Thus, all the given options are correct.
Q9. The one rupee Indian note bears the signature of
(a) Governor, Reserve Bank of India
(b) Secretary, Ministry of Finance
(c) Finance Minister
(d) None of the above
S9. Ans.(b)
Sol.Currently,the Indian 1-rupee note (₹1) is the smallest Indian banknote in circulation and the only one being issued by the Government of India.
All other banknotes in circulation are issued by the Reserve Bank of India.
As a result, the one rupee note is the only note bearing the signature of the Finance Secretary and not the Governor of the RBI.
Q10. What is the effect of deficit financing on economy?
- Reduction in taxes
- Increase in wages
- Increase in money supply
- Decrease in money supply
S10. Ans.(c)
Sol. Deficit financing means generating funds to finance the deficit which results from excess of expenditure over revenue.
The gapis covered by borrowing from the public by selling bonds or by printing new currency.
Printing new currency notes increases the flow of money in the economy.
Q11. Bokaro Steel Plant was constructed with collaboration of
(a) USA
(b) Germany
(c) England
(d) Russia
S11. Ans.(d)
Sol.Bokaro Steel Plant (BSL) is located in the Bokaro district of Jharkhand.
It is the fourth integrated public sector steel plant in India.
It was built with the help of formerSoviet Union, or Modern Russia.
Q12. RTGS in banking sector stands for
(a) Real Time Gross Settlement
(b) Real Transactions Going Settlement
(c) Ready Transfer Gross Settlement
(d) Remittance Transfer Gross settlement
S12. Ans.(a)
Sol.Real-time gross settlement (RTGS) systems are specialist funds transfer systems where the transfer of money or securities takes place from one bank to any other bank on a “real-time” and on a “gross” basis.
Settlement in “real time” means a payment transaction is not subjected to any waiting period, with transactions being settled as soon as they are processed.
Q13. The Economic Survey of India is an annual document of the Ministry of Finance, presented to the____________ of Parliament during the Budget Session.
(a) Upper House
(b) Lower House
(c) Both Houses
(d) None of the Above
S13. Ans.(c)
Sol.The Economic Survey of India is an annual document of the Ministry of Finance, Government of India. The Department of Economic Affairs, Ministry of Finance presents the Survey in the Parliament every year, just before the Union Budget. It is prepared under the guidance of the Chief Economic Adviser of India.
This document is presented to both Houses of Parliament during the Budget Session.
Q14. Which organization releases ‘World Investment Report’ every year?
(a) UNCTAD
(b) WTO
(c) IMF
(d) World Bank
S14. Ans.(a)
Sol. ‘World Investment Report’ is released byUNCTAD every year.
The World Investment Report focuses on trends in foreign direct investment (FDI) worldwide, at the regional and country levels.
Q15. Which one of the following is NOT an example of Indirect Tax?
(a) Sales Tax
(b) Excise Duty
(c) Custom Duty
(d) Expenditure tax
S15. Ans.(d)
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