Welcome to the Economics General Knowledge Quiz Questions! Economics is the study of how societies manage their limited resources to meet the unlimited wants and needs of their citizens. In this Economics General Knowledge Quiz Questions, we will explore fundamental concepts, economic systems, key figures, and global economic issues. Whether you're a seasoned economist or just curious about the world of finance and trade, test your knowledge and learn more about the fascinating world of economics with our quiz questions."
Here I am sharing Economics General Knowledge Quiz Questions with Answers related to fundamental concepts, economic systems, key figures, and global economic issues for those learners who are preparing for upcoming competitive exams. To study this article Economics General Knowledge Quiz Questions, you can get success in government exams.
Also, Read Latest Current Affairs Questions 2023: Current Affairs Today
"Put your knowledge to the test and excel with our General Knowledge Mock Test and Current Affairs Mock Test!"
Q : What is such an economy called which does not have any connection with the rest of the world?
(A) Closed economy
(B) Free Economy
(C) Mixed economy
(D) Socialist
When a country claims to be self reliant, it is said to be closed economy. In closed economy, country produces every thing within the country what their citizens need. It neither imports nor exports, that means it does not trade with any other nation.
Unemployment arising due to a mismatch between Job availability in the market and the skills of available workers is called?
(A) Seasonal
(B) Structural
(C) Economical
(D) Frictional
Due to a mismatch in skills of the unemployed & skills needed for the available jobs Structural unemployment occurs. Structural unemployment is basically a type of long-term unemployment caused by shifts in the economy.
Which of the following is the central bank of the Government of India?
(A) Cooperative Bank
(B) Reserve Bank of India
(C) Central Bank of India
(D) State Bank of India
There is no change in demand for a commodity when its price changes more. What demand will this be called?
(A) elastic
(B) inelastic
(C) perfectly inelastic
(D) highly elastic
When the demand of a quantity does not change as a result of a change in the price of a commodity, the demand of that commodity is called a perfectly inelastic demand. In this case, the elasticity of demand is zero.
When a number of industries are located close to each other and share the benefits of their closeness, it is referred to as
(A) market economy
(B) assembly line production
(C) industrial system
(D) industrial region
Industrial regions emerge when several industries locate close to each other and share the benefits of their closeness. Major industrial regions of the world are eastern North America, western and central Europe, eastern Europe and eastern Asia.
With what is the term 'Bull and Bear' related?
(A) Foreign Exchange Reserve
(B) Stock market
(C) Internal trade
(D) Banking
The terms “bull and bear” is related to the Stock market. They are a speculator who buys for the settlement with a view of selling at some future date at a higher price and gaining the difference.
What does the consumption function express the relationship of consumption with?
(A) Saving
(B) Income
(C) Investment
(D) Price
The consumption function is an economic formula that measures the relationship between income and total consumption of goods and services in the economy. The consumption function was introduced by John Maynard Keynes.
When was the AGMARK Act implemented in India?
(A) 1937
(B) 1952
(C) 1947
(D) 1965
The AGMARK is legally enforced in India by the Agricultural Produce (Grading and Marking) Act of 1937 (and ammended in 1986).
The oldest stock exchange in India is the?
(A) Delhi Stock Exchange
(B) National Stock Exchange
(C) OTCEI
(D) Bombay Stock Exchange
The correct answer is BSE. The BSE (Bombay stock exchange) is not only India's oldest stock exchange but it is the oldest stock exchange in Asia.
What was the nationality of Mahbub-ul-Haq (another Amartya Sen), the forerunner of the Human Development Index and the founder of the Human Development Index?
(A) Pakistan
(B) Iraq
(C) UK
(D) USA
The human development concept was developed by economist Mahbub ul Haq. At the World Bank in the 1970s, and later as minister of finance in his own country, Pakistan, Dr. Haq argued that existing measures of human progress failed to account for the true purpose of development—to improve people's lives.
Get the Examsbook Prep App Today