1. Economics is the study of
A. Wealth
B. Scarcity
C. Human behavior
D. Production & consumption
✅ Answer: D
2. Who is known as the “Father of Economics”?
A. Karl Marx
B. Adam Smith
C. Alfred Marshall
D. J.M. Keynes
✅ Answer: B
3. “Wealth of Nations” was written by
A. Adam Smith
B. Ricardo
C. J.S. Mill
D. Keynes
✅ Answer: A
4. Microeconomics deals with
A. National Income
B. Inflation
C. Individual units
D. Unemployment
✅ Answer: C
5. Macroeconomics deals with
A. Consumer behavior
B. Firm decisions
C. National economy as a whole
D. Individual prices
✅ Answer: C
6. Demand curve generally slopes
A. Upward
B. Downward
C. Horizontal
D. Vertical
✅ Answer: B
7. Law of Demand states that
A. Demand rises with price
B. Demand falls with price
C. Demand is constant
D. Demand is unrelated
✅ Answer: B
8. Giffen goods violate
A. Law of Supply
B. Law of Demand
C. Law of Diminishing Returns
D. Law of Utility
✅ Answer: B
9. Which is a fixed cost?
A. Wages
B. Raw material
C. Electricity
D. Rent
✅ Answer: D
10. GDP stands for
A. Gross Domestic Product
B. Gross Development Product
C. Government Domestic Production
D. Global Development Process
✅ Answer: A
11. National Income is measured by
A. CSO
B. NITI Aayog
C. RBI
D. Finance Ministry
✅ Answer: A
12. Per capita income means
A. Total national income
B. Average income per person
C. Household income
D. Government income
✅ Answer: B
13. Which sector is called Primary Sector?
A. Industry
B. Agriculture
C. Services
D. Banking
✅ Answer: B
14. Tertiary sector refers to
A. Manufacturing
B. Mining
C. Service industry
D. Agriculture
✅ Answer: C
15. Inflation refers to
A. Fall in prices
B. Rise in prices
C. Constant prices
D. Fall in income
✅ Answer: B
16. The Central Bank of India is
A. SBI
B. RBI
C. NABARD
D. SIDBI
✅ Answer: B
17. Bank Rate is decided by
A. Finance Ministry
B. SEBI
C. RBI
D. NABARD
✅ Answer: C
18. Money supply refers to
A. Currency + deposits
B. Coins only
C. Notes only
D. Gold reserves
✅ Answer: A
19. The unemployment caused by lack of skills is
A. Seasonal unemployment
B. Cyclical unemployment
C. Structural unemployment
D. Disguised unemployment
✅ Answer: C
20. Disguised unemployment is common in
A. Industries
B. Services
C. Agriculture
D. Banking
✅ Answer: C
21. Mixed Economy means
A. Only private sector
B. Only public sector
C. Private + Public sector
D. Cooperative economy
✅ Answer: C
22. Green Revolution is related to
A. Industry
B. Agriculture
C. Banking
D. Trade
✅ Answer: B
23. Poverty Line in India is based on
A. Income
B. Population
C. Consumption expenditure
D. Employment
✅ Answer: C
24. Disinvestment means
A. Increasing government stake
B. Selling public sector shares
C. Nationalization
D. Printing money
✅ Answer: B
25. GST stands for
A. Global Sales Tax
B. General Service Tax
C. Goods and Services Tax
D. Government Service Tax
✅ Answer: C
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