Economics GK | Economics Questions and Answers for Competitive Exams

Rajesh BhatiaLast month 222.4K Views
Economics GK questions

Today I am providing Economics GK questions and answers for competitive exams. You can easily get 2-3 marks with the help of Economics GK Questions and answers for Competitive Exams. This post of Economics GK Questions for Competitive Exams is very very important.   

You should also check Basic Questions of General Awareness and Basic General Knowledge Questions for better practice of gk questions for competitive exams.

Here’s a blog of Economics GK Questions for Competitive Exams.  As you know Economics GK questions and answers are the very useful topic for SSC and banking exams.  

Practice with More Economics GK Blogs:

Economics Questions and Answers for Competitive Exams:  

1. Who was the first administrator-statesman to attempt planning as a means for economic development? 

a) Sir CP Ramaswami Aiyyar
 b) M Viswesvarayya
 c) VT Krishnamachari
 d) C Rajagopalachari

Ans . B

2. An economy is at the take off stage on its path to development when it

a) becomes stagnant
 b) begins steady growth
 c) is liberalized
 d) gets maximum foreign aid

Ans . B

3. Which of the following is the basic characteristic of Oligopoly?

a) a few sellers, one buyer
 b) a few sellers, many buyers
 c) a few sellers, a few buyers
 d) many sellers, a few buyers

Ans . B

4. The aim of which of the Five Year Plans was to correct the disequilibrium in the economy?

a) First Five Year Plan
 b) Second Five Year Plan
 c) Third Five Year Plan
 d) Fourth Five Year Plan

Ans . A

5. Which of the following Five Year Plans recognized human development as the core of all developmental efforts?

a) Eighth Five Year Plan
 b) Seventh Five Year Plan
 c) Fifth Five Year Plan
 d) Third Five Year Plan

Ans . A

6. Which of the following plans aimed at improving the standard of living?

a) Third Plan
 b) Fourth Plan
 c) Fifth Plan
 d) Sixth Plan

Ans . B

 7. At which of the following places was the mining of coal started in 1774?

a) Chhindwara
 b) Dhanbad
 c) Ranchi
 d) Raniganj

Ans . D

 8. In which of the following years were the cocking coals and non-cocking coal mines in India nationalized?

a) 1971 and 1972 repetitively
 b) 1972 and 1973 respectively
 c) 1973 and 1974 respectively
 d) 1970 and 1972 respectively

Ans . B

9. Which Indian state has the largest number of cotton textile mills?

a) Madhya Pradesh
 b) Maharashtra
 c) Gujarat
 d) West Bengal

Ans . B

10. Minor ports like Kakinada, Machilipatnam, Bheemunipatnam, and Krishnapatnam are in which of the following states?

a) Tamil Nadu
 b) Andhra Pradesh
 c) Maharashtra
 d) Karnataka

Ans . B

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    Rajesh Bhatia

    A Writer, Teacher and GK Expert. I am an M.A. & M.Ed. in English Literature and Political Science. I am highly keen and passionate about reading Indian History. Also, I like to mentor students about how to prepare for a competitive examination. Share your concerns with me by comment box. Also, you can ask anything at

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