Economics Quiz | Economics MCQ Questions for Competitive Exams

Practice Economics MCQ questions covering important economic concepts and indicators frequently asked in UPSC, SSC, Banking, Railways, MBA entrance exams and other competitive examinations. This Economics quiz includes questions on GDP, inflation, Consumer Price Index (CPI), trade deficit, monetary policy, economic growth, macroeconomics, microeconomics and various economic indicators used to measure the performance of an economy. Attempt these Economics MCQs to evaluate your understanding of key economic concepts and strengthen your competitive exam preparation.

Why Are Economics MCQs Important for Competitive Exams?

Economics is an important subject in UPSC, SSC, Banking, Railways, MBA entrance examinations and various government recruitment tests. Questions are frequently asked on GDP, inflation, fiscal policy, monetary policy, economic growth, unemployment and economic indicators.

Understanding economic concepts helps candidates analyze current affairs, government policies and economic developments that influence both national and global economies.

Regular practice of Economics MCQs improves conceptual clarity and helps aspirants perform better in objective examinations and interviews.

GK test on Economics

The test consists of 12 questions

No negative marking for this test.

No Time limit

The pass percentage is 70%

The correct answer with a description will be displayed after the answer has been marked.

Submit the test to calculate your score once you are done with all the questions.

Complexity Level- Moderate

Q1.Which economic indicator represents the total market value of all finished goods and services produced in a country in a given year?

Retail Inflation

GDP - Gross domestic product

GST collection

Rate of employment

Q2: Trade deficit is a situation in which _____

The demand of a commodity exceed its supply.

The forex reserve of a country drops significantly.

The foreign investors pull out the investments from the country.

A country's imports exceed its exports during a given time period.

Q3. A fall in purchasing power of money can be termed as ________

Deflation

Inflation

Stagnation

Recession

Q4: The Debt-to-GDP ratio can be used to measure _____

A country's ability to pay back its debt.

Rate of inflation.

Per capita income

All of the above

Q5: A measure of the amount of money earned per person in a nation or geographic region is called _______

Purchasing power parity

Retail price index

Per capita income

None of the above

Q6: The study of individuals, households and firms' behavior in decision making and allocation of resources is called ______

Macroeconomics

Socioeconomics

Microeconomics

None of the above

Q7: Consumer Price Index (CPI) is used to measure _______

GDP growth

Purchasing power parity

Per capita income

Inflation

Q8: A branch of economics that studies economy-wide phenomena such as inflation, price levels, rate of economic growth, national income, gross domestic product (GDP), and changes in unemployment.

Macroeconomics

Microeconomics

Socioeconomics

None of the above

Q9: Demand-pull inflation is a phenomenon when ________

The demand for certain goods and services is lower than the economy's ability to meet those demands.

The demand for certain goods and services is greater than the economy's ability to meet those demands.

There is a scarcity of liquid cash in the economy.

None of the above

Q10: A phenomenon where there is a drop in the GDP is termed as________

Recession

Slow down

Depression

All of the above

Q11: What are the corrective measures taken by the Central bank (RBI in the case of India) to control inflation?

Reduce the money supply within an economy by increasing the interest rates.

Increase the inflow of cash by printing more and more cash.

Reduce the interest rates to encourage more and more public spending.

Increase the CRR to reduce the lending capacity of commercial banks.

Issue government securities to commercial banks to reduce the credit capacity of the commercial banks.

Increase the tax on petrol and diesel to increase the price.

Q12: A phenomenon when there is a decline in the growth rate of the GDP is termed as ________

Slow down

Depression

Recession

All of the above

Frequently Asked Questions (FAQs)

Is this Economics quiz useful for UPSC preparation?

Yes. The quiz covers important economics concepts and economic indicators frequently asked in UPSC examinations.

Which topics are covered in this Economics MCQ quiz?

The quiz includes questions on GDP, inflation, CPI, economic growth, trade deficit, monetary policy, macroeconomics and microeconomics.

Can Banking exam aspirants use these Economics questions?

Yes. These questions are useful for Banking, SSC, Railways, MBA entrance examinations and other competitive exams.

What is the benefit of practicing Economics MCQs?

Economics MCQs help improve conceptual understanding and strengthen preparation for objective examinations.

Are economic indicators important for competitive exams?

Yes. Economic indicators such as GDP, CPI, inflation and unemployment are frequently asked in competitive examinations.

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Economics Quiz | Economics MCQ Questions for Competitive Exams

Why Are Economics MCQs Important for Competitive Exams?

Frequently Asked Questions (FAQs)

Is this Economics quiz useful for UPSC preparation?

Which topics are covered in this Economics MCQ quiz?

Can Banking exam aspirants use these Economics questions?

What is the benefit of practicing Economics MCQs?

Are economic indicators important for competitive exams?

Vocabulary MCQ Tests:

Essential Words

Grammar

Selenium MCQ Tests:

Selenium

Testing

Economics Quiz | Economics MCQ Questions for Competitive Exams

Why Are Economics MCQs Important for Competitive Exams?

Frequently Asked Questions (FAQs)

Is this Economics quiz useful for UPSC preparation?

Which topics are covered in this Economics MCQ quiz?

Can Banking exam aspirants use these Economics questions?

What is the benefit of practicing Economics MCQs?

Are economic indicators important for competitive exams?

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