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

  • Why would a country want to increase its GDP?

  • ASo that its citizens can be more frivolous with their money
  • BSo that the standard of living will increase in the country
  • CSo that the poor can replace the rich in the country
  • DSo that they can get a better report card grade
  • What are the four types of economies?

  • Amixed, command, autocratic, and market
  • Bdemocratic, autocratic, republican, and oligarchic
  • Ccommand, traditional, mixed, and market
  • Dmichelin, market, mixed, oligarchic
  • List the four factors that influence economic growth:

  • ANatural resources, human capital, capital good acquirement, and entrepreneurship
  • BNatural resources, capital good gains, human capital, and many jobs
  • CWorking, buying, selling, and creating
  • DNatural resources, buying goods, selling goods, and human capital investment
  • What are natural resources?

  • AThings found in nature such as timber, iron ore, and oil.
  • BThings found in my natural living enviornment.
  • CThings found underneath my bed and in the sofa cushions.
  • DThings found in the grocery store aisles.
  • What does GDP stand for?

  • AGross Dinosaur Paleontology
  • BGross Domestic Penguins
  • CGross Dragons Percentages
  • DGross Domestic Product
  • What is an entrepreneur?

  • Aa person that opens their own business
  • Ba buyer and a seller
  • Ca worker that earns employee of the month
  • Done that employees volunteers that create nothing
  • What is an economy?

  • AThe way people spend money in a civilization.
  • BThe way people make and spend money.
  • CThe way people become educated and skilled in a school
  • DThe way people dance with their hands in the air and wave them like they just don't care.
  • What do you invest in when you invest in human capital?

  • Ainvestment in reforesting the Amazon for animals to have homes
  • Binvestment in social media to teach kids on a platform they prefer
  • Cinvestment in the education, health, and skill development of people
  • Dinvestment in the local school building so students can have superior buildings
  • New rate of repo?

  • A6%
  • Explanation:

    Reserve Bank of India has cut the third bi monthly policy by 25 bps,after a gap of 10 months