Economics GK | Economics Questions and Answers for Competitive Exams

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

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

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

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

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

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

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

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

 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

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

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

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