Indian Economics GK Quiz for SSC Exams

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NEW Indian Economics GK Quiz for SSC Exams

Are you gearing up for the SSC exams and looking to ace the General Knowledge section? Our comprehensive Indian Economics GK Quiz is designed to help you master the economic concepts and current affairs crucial for success. This Indian Economics GK Quiz covers a wide range of topics, from fundamental financial principles to the latest developments in the Indian economy, ensuring you're well-prepared for any question that comes your way. Test your knowledge, track your progress, and stay ahead of the competition with our expertly curated questions and detailed explanations. Dive in and give your SSC exam preparation the boost it needs!

Indian Economics GK

In this article Indian Economics GK Quiz for SSC Exams, we are sharing the latest and most important Indian Economics GK Quiz with Answers related to GST, the Economy of India, Rates, Income Tax etc for those learners who are preparing for those learners who are preparing for upcoming competitive exams.

Also, Read Latest Current Affairs Questions 2023: Current Affairs Today

Test your knowledge and stay ahead with our General Knowledge Mock Test and Current Affairs Mock Test– a perfect way to challenge yourself and stay updated!

Indian Economics GK Quiz for SSC Exams

Q :  

What is the number of indicators in the Multidimensional Poverty Index?

(A) 7

(B) 12

(C) 10

(D) 9


Correct Answer : C
Explanation :

The MPI measures poverty using three dimensions: health, education, and standard of living. These dimensions are further broken down into ten indicators, including child mortality, nutrition, years of schooling, school attendance, cooking fuel, sanitation, drinking water, electricity, housing, and assets.


Q :  

According to the census 2011, the male literacy rate in India is ______.

(A) 81.14 per cent

(B) 82.14 per cent

(C) 84.14 per cent

(D) 83.14 per cent


Correct Answer : B
Explanation :

As per the census of 2011, the literacy rate of India is 74.04%. Literacy rate among the males is 82.14% and among females is 65.46%.


Q :  

The year whose prices are being used to calculate the real GDP is called ______.

(A) Current year

(B) Constant year

(C) Base year

(D) Fiscal year


Correct Answer : C
Explanation :
Base Year prices are used to calculate the real GDP.


Q :  

Who is a price taker in perfect competition?

(A) Industry

(B) Government

(C) Firm

(D) Buyer


Correct Answer : C
Explanation :

Perfect competition occurs when there are many sellers, there is easy entry and exiting of firms, products are identical from one seller to another, and sellers are price takers.


Q :  

Which of the following is an inverted 'U' shaped curve?

(A) average cost

(B) marginal cost

(C) total cost

(D) total cost


Correct Answer : A
Explanation :

MP curve is an inverted U-shaped curve.


Q :  

The demand for an inferior good falls when

(A) price increases

(B) income increases

(C) the price decreases

(D) the price decreases


Correct Answer : B
Explanation :

In economics, the demand for inferior goods decreases as income increases or the economy improves. When this happens, consumers will be more willing to spend on more costly substitutes.


Q :  

Name the function that represents the number of products a seller is willing to sell at a given price level.

(A) demand curve

(B) Price (cost) curve

(C) supply curve

(D) none of these


Correct Answer : B
Explanation :

Supply curve is the curve which shows the quantity of products a seller wishes to sell at a given price level. Supply curve projects different level of goods which can be suppliied by the producers at different levels.


Q :  

The supply of labour in the economy depends on

(A) Population

(B) National Income

(C) Per capita income

(D) Natural resources


Correct Answer : A
Explanation :

The supply of labour also depends on the proportion of working population in the total labour force. This partly depends on the minimum age at which a person can join the labour force and engage in full time employment.


Q :  

On what basis does the monopolist resort to price discrimination?

(A) Elasticity of supply

(B) elasticity of demand

(C) law of demand

(D) law of supply


Correct Answer : B
Explanation :

Price discrimination is practiced based on the seller's belief that customers in certain groups can be asked to pay more or less based on certain demographics or on how they value the product or service in question.


Q :  On which great mahatma's name is "National Rural Employment Guarantee Scheme?"

(A) Rajeev Gandhi

(B) Mahatama Gandhi

(C) Indira Gandhi

(D) Jawahar Lal Nehru


Correct Answer : B
Explanation :

The Government of India passed the Mahatma Gandhi National Rural Employment Guarantee Act, 2005 in September, 2005. The Act gives legal guarantee of a hundred days of wage employment in a financial year to adult members of a rural household who demand employment and are willing to do unskilled manual work.


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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 linkedin.com/in/rajesh-bhatia-7395a015b/.

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