Economics GK | Economics Questions and Answers for Competitive Exams

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Economics GK Questions and Answers

Economics Questions and Answers for Competitive Exams:

1. Who was the first administrator-statesman to attempt planning as a means for economic development? 

a) Sir CP Ramaswami Aiyyar
 b) M Viswesvarayya
 c) VT Krishnamachari
 d) C Rajagopalachari


Ans . B


2. An economy is at the take off stage on its path to development when it

a) becomes stagnant
 b) begins steady growth
 c) is liberalized
 d) gets maximum foreign aid


Ans . B


3. Which of the following is the basic characteristic of Oligopoly?

a) a few sellers, one buyer
 b) a few sellers, many buyers
 c) a few sellers, a few buyers
 d) many sellers, a few buyers


Ans . B


4. The aim of which of the Five Year Plans was to correct the disequilibrium in the economy?

a) First Five Year Plan
 b) Second Five Year Plan
 c) Third Five Year Plan
 d) Fourth Five Year Plan


Ans . A


5. Which of the following Five Year Plans recognized human development as the core of all developmental efforts?

a) Eighth Five Year Plan
 b) Seventh Five Year Plan
 c) Fifth Five Year Plan
 d) Third Five Year Plan


Ans . A


6. Which of the following plans aimed at improving the standard of living?

a) Third Plan
 b) Fourth Plan
 c) Fifth Plan
 d) Sixth Plan


Ans . B



 7. At which of the following places was the mining of coal started in 1774?

a) Chhindwara
 b) Dhanbad
 c) Ranchi
 d) Raniganj


Ans . D



 8. In which of the following years were the cocking coals and non-cocking coal mines in India nationalized?

a) 1971 and 1972 repetitively
 b) 1972 and 1973 respectively
 c) 1973 and 1974 respectively
 d) 1970 and 1972 respectively


Ans . B


9. Which Indian state has the largest number of cotton textile mills?

a) Madhya Pradesh
 b) Maharashtra
 c) Gujarat
 d) West Bengal


Ans . B


10. Minor ports like Kakinada, Machilipatnam, Bheemunipatnam, and Krishnapatnam are in which of the following states?

a) Tamil Nadu
 b) Andhra Pradesh
 c) Maharashtra
 d) Karnataka


Ans . B

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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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