Economics Questions & Answers (Compiled from UPSC, SSC ,PSC ,IBPS previous question papers)

In order for a GDP to increase, a country must invest in ______.

Who makes economic decisions in a command economy?

Which question below is one of the three economic questions every country must answer?

Why would a country want to increase its GDP?

Who makes economic decisions in a market economy?

What are the four types of economies?

List the four factors that influence economic growth:

What are natural resources?

What does GDP stand for?

What are capital goods that a country can acquire?

What is an entrepreneur?

Who makes economic decisions in a traditional economy?

Which question below is one of the three economic questions every country must answer?

Which question below is one of the three economic questions every country must answer?

What is an economy?

Who makes economic decisions in a mixed economy?

What do you invest in when you invest in human capital?

What is the present Marginal Standing Facility ?

What is the new reverse repo rate?

New rate of repo?

Which of the following is true about the India-USA agreement on developing gas resources ?

(A)           Both the nations will cooperate in exploiting gas hydrates in Krishna, Godavari and Mahanadi basins and deep sea of Andaman.

(B)           USA will help in establishment of an IIT exclusively for research and training in the areas of gas technology.

(C)            India will send its experts to find out more gas reserves in various parts of USA particularly in deep sea of Alaska as they have special training in the same.

Passage-7

There is more than a modicum of truth in the assertion that "a working knowledge of ancient history is necessary to the intelligent interpretation of current events". But the sage who uttered these words of wisdom might well have added something on the benefits of studying particularly the famous battles of history for the lessons they contain for those of us who lead or aspire to leadership. Such a study will reveal certain qualities and attributes which enabled the winners to win—and certain deficiemcies which caused the losers to lose and the student will see that the same pattern recurs consistently, again and again, throughout the centuries.

 With reference to the above passage, the following assumptions have been made:

1. A study of the famous battles it history would help us understand the modern warfare.

2. Studying the history is essential fin anyone who aspires to be a leader.

Which of these assumptions is/are valid?

Passage-6

The greatest blessing that technological progress has in store for mankind is not, of course, an accumulation of material possessions. The amount of these that can be effectively enjoyed by one individual in one lifetime is not great. But there is not the same narrow limit to the possibilities of the enjoyment of leisure. The gift of leisure may be abused by people who have had no experience of making use of it. Yet the creative use of leisure by a minority in societies has been the mainspring of all human progress beyond the primitive level.

With reference to the above passage, the following assumptions have been made :

1. People always see the leisure time as a gift and use it for acquiring more material possessions.

2. Use of leisure by some people to produce new and original things has been the chief source of human progress.

Which of these assumptions is/are valid?

In a free country, the man who reaches the position of leader is usually one of outstanding, character and ability. Moreover, it is usually possible to foresee that he will reach such a position, since early in life one can see his qualities of character. But this is not always true in the case of a dictator; often he reaches his position of power through chance, very often through the unhappy state of his country.

The passage seems to suggest that

Passage-4

A successful democracy depends upon widespread interest and participation in politics, in which voting is an essential part. To deliberately refrain from taking such an interest, and from voting, is a kind of implied anarchy, it is to refuse one's political responsibility while enjoying the benefits of a free political society.

This passage relates to

In a democratic State, where a high degree of Political maturity of the people obtains, the conflict between the will of the sovereign law-making body and the organized will of the people seldom occurs.

What does the above passage imply?

Passage-1

We have hard work ahead. There is no resting for any of us till we redeem our pledge in full fill we make all the people of India what destiny intends them to be. We are citizens of a great country, on the verge of bold advance, and we have to live up to that high standard. All of us, to whatever religion we may belong, are equally the children of India with, equal rights, privileges and obligations. We cannot encourage communalism or narrow mindedness, for no nation can be great whose people are narrow in thought or action.

The challenge the author of the above passage throws to the public is to achieve

Who of the following belongs to Hyderabad?

To which city does the Lecturer specialized in Economics belong?

The average rainfall in a city for the first four days was recorded to be 0.40 inch. The rainfall on the last two days was in the ratio of 4 : 3. The average of six days was 0.50 inch. What was the rainfall on the fifth day?