Indian Economics GK Quiz Questions

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Indian Economics GK Quiz Questions

India's economy is the third largest economy in the world. At the same time, there has been rapid economic progress in India and today India has emerged as an economic superpower of the world. Due to its achievement, in modern times it has become necessary for every candidate to know it, especially for those students who are preparing for competitive exams, as GK questions are asked in almost all competitive exams related to the Indian economy.

Here, I am providing the Indian Economics GK Quiz Questions for learners who are preparing for competitive exams. In this post, I have updated the most important questions, and answers around the Daily GK with the latest Indian Economics Questions about many topics covered. 

Students can easily get free general knowledge questions on this platform for online exam practice to obtain good marks in competitive exams. Current Affairs Mock Test and Monthly Current Affair.

Economics GK Quiz           

Q :  

Arthashastra by “Kautilya” is related with–

(A) Military Phase

(B) Political Reign

(C) Social Phase

(D) Economic Postulates


Correct Answer : B
Explanation :

Expl:- The Kautilya’s Arthasastra is related to political reign. Arthastra is an ancient Indian treatise on statecraft, economic Policy and Military strategy, written in sanskrit.

The Arthashastra is an ancient Indian treatise on statecraft, economic policy and military strategy, written in Sanskrit.


Q :  

The Social Accounting system in India is classified into–

(A) Assets, Liabilities and Debt Position

(B) Public sector, Private Sector and Joint Sector

(C) Income, Product and Expenditure

(D) Enterprise, Households and Government


Correct Answer : C
Explanation :

Explain: -The Social Accounting system in India is classified into income, Product and Expenditure Social accounting (also known as social accounting and auditing, social accountability, social and environmental accounting, corporate social reporting, corporate social responsibility reporting, non-financial reporting or accounting) is the process of communicating the social and environmental effects of organizations.


Q :  

“Micro” and “Macro” words was firstly used by–

(A) Ragnar Frisch

(B) I. Fischer

(C) James Tobin

(D) Garle


Correct Answer : A
Explanation :

Explain: -In 1933, Ragnar Frisch firstly used the words “Micro” and “Macro”


Q :  

The Production of a commodity mostly through the natural process is an activity of–

(A) Primary Sector

(B) Secondary Sector

(C) Tertiary Sector

(D) Technology Sector


Correct Answer : A
Explanation :

Explain: -The Production of a commodity mostly through the natural process is an activity of primary sector. For Example:– agriculture an agricultural products, fertilizers, animal husbandry etc


Q :  

Rent is a cost paid for–

(A) Land

(B) Restaurant

(C) Building

(D) Factory


Correct Answer : A
Explanation :

Explain: -Rent is a cost paid for land as wages and interest are paid  for labour and capital respectively.


Q :  

Due to worldwide great depression, ‘New Deal’ was declared by?

(A) Abhraham Lincon

(B) Benzamin Frankllin

(C) J.F. Kennedy

(D) Roozwelt


Correct Answer : D
Explanation :

Explain: -New Deal definition. A group of government programs and policies established under President Franklin D. Roosevelt in the 1930s; the New Deal was designed to improve conditions for persons suffering in the Great Depression.


Q :  

The Relationship between rate of interest and consumption level was firstly estimated by–

(A) Amartya Sen

(B) Milton Freedman

(C) Irwing Fischer

(D) James Duezan Berry


Correct Answer : B
Explanation :

Explain: -With increase in rate of interest there is decrease in consumption level i.e. there is inverse relation between rate of interest and consumption level.


Q :  

The Surplus earned by a factor other thus land in the short period is referred as –

(A) Economic Rent

(B) Net Rent

(C) Quasi-Rent

(D) Super-Normal Rent


Correct Answer : C
Explanation :

Explain: -The Surplus earned by a factor other than land in the short period is referred as quasi-rent.


Q :  

Amartya Sen was awarded the Noble Prize for his contribution to–

(A) Monetary Economics

(B) Welfare Economics

(C) Econometrics

(D) Development Economics


Correct Answer : B
Explanation :

Explain: -For Welfare Economics and Social Choice Theory, Amartya Sen, in 1998 was awarded the Noble Prize. Welfare economics is a branch of economics that uses microeconomic techniques to evaluate well-being (welfare) at the aggregate (economy-wide) level. ... The field of welfare economics is associated with two fundamental theorems.


Q :  

Labour Intensive Technique would get chosen in a–

(A) Labour Surplus Economy

(B) Capital Surplus Economy

(C) Developed Economy

(D) Developing Economy


Correct Answer : A
Explanation :

Expl:- Labour Intensive Technique will be chosen in Labour Surplus Economy because in such economy labour cost is low.


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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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