Practice Economics Questions and Answers

• Extension name of flash file is .
• In the fiscal year 2022-23, what was the Year-on-Year (YoY) growth rate of India's services sector?
• Which sector contributes the most to India's GDP?
• Which organization publishes the World Economic Outlook report.
• Which of the following is not a primary function of the Reserve Bank of India (RBI).
• Who is considered the father of modern economics.
• Which institution is known as the "lender of last resort".
• Which term describes a situation where inflation is high, economic growth rate slows, and unemployment remains steadily high.
• What is the definition of a supply chain in a business context?
• What function do commercial banks in India perform?
• Consumer surplus is highest in the case of ________.
• Which of the following curves is typically inverted ‘U’ shaped?
• Which of the following taxes was levied, collected and retained by the Central Government?
• What does 'SLR' stand for in economic terms?
• Upon which economic model was India's first Five-Year Plan based?
• What is the definition of "inflation" in economic terms?
• When was the Bombay Stock Exchange established?
• Which of the following is NOT included in the 'Operating Surplus' category?
• Consider the following statements about Cess: I) Cess is not a permanent source of revenue for the government. II) Cess can be imposed on both indirect and...
• What is the main objective of the SHRESHTA Scheme?
• What is the duration associated with "Notice Money" in the financial markets?
•  In which Union Budget was the formation of MUDRA Bank announced?
• Balance of trade is the _______________.
• What type of investment are Treasury Bills (T-bills)?
• Which of the following defines 'seasonal unemployment'?
• What philosophical concept was introduced by Basavanna in the 12th century?
• What is the impact of an increase in the reverse repo rate?
• In India, who sets the Marginal Standing Facility (MSF) rate? 
• Which committee recommended the establishment of Regional Rural Banks in India?
• What does 'VAT' stand for in the context of taxation?
• Which monetary policy stance is characterized by low interest rates?
• As per the Income Tax Act of 1961, Section 115JB, the Minimum Alternate Tax (MAT) is calculated at what percentage of the book profit? 
• Normal goods, such as food and clothing, are characterized by a direct relationship between which of the following?
• What does the term 'subsidy' primarily signify?
• What essential feature is missing from the manufacturing sector in India, despite its rapid expansion?
• What term describes the consumption of fixed capital in an economy?
• Which feature is not typically associated with the manufacturing sector in India?
• In economic terms, when is a demand or supply considered inelastic?
• Which revenue system in colonial India was based on the direct settlement with the cultivators, reflecting certain aspects of the Ricardian theory of rent?
• Since which year has the Reserve Bank of India (RBI) been observing Financial Literacy Week (FLW)?