Economics Quiz
Practice quiz on Economics (General Studies). 10 exam-style questions with explanations.
About This Quiz
Economics Quiz — Questions with Solutions
All 10 questions from this quiz with the correct answer and explanation. Attempt them yourself first, then open each solution to check your reasoning.
Q1.GDP stands for
- A.General Domestic Price
- B.Gross Domestic Product
- C.Gross Development Plan
- D.Great Domestic Product
Show answer
Answer: B. Gross Domestic Product
GDP.
Q2.The father of economics is
- A.Adam Smith
- B.Ricardo
- C.Keynes
- D.Marx
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Answer: A. Adam Smith
Adam Smith.
Q3.Who wrote 'The Wealth of Nations'?
- A.Pigou
- B.Keynes
- C.Adam Smith
- D.Alfred Marshall
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Answer: C. Adam Smith
1776.
Q4.Inflation is a
- A.Rise in exports
- B.Fall in prices
- C.Rise in employment
- D.Rise in general price level
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Answer: D. Rise in general price level
Price level.
Q5.The law of demand states that, other things equal, as price rises, demand
- A.Rises
- B.Doubles
- C.Stays constant
- D.Falls
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Answer: D. Falls
Inverse relation.
Q6.Opportunity cost is
- A.The value of the next best alternative forgone
- B.Profit
- C.Fixed cost
- D.Interest
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Answer: A. The value of the next best alternative forgone
Foregone alternative.
Q7.A market with a single seller is called
- A.Duopoly
- B.Oligopoly
- C.Monopoly
- D.Perfect competition
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Answer: C. Monopoly
Monopoly.
Q8.The study of the economy as a whole is
- A.Ecology
- B.Econometrics
- C.Macroeconomics
- D.Microeconomics
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Answer: C. Macroeconomics
Macroeconomics.
Q9.The study of individual units of an economy is
- A.Demography
- B.Macroeconomics
- C.Econometrics
- D.Microeconomics
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Answer: D. Microeconomics
Microeconomics.
Q10.Unemployment where people work less than their capacity is
- A.Frictional
- B.Underemployment
- C.Cyclical
- D.Structural
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Answer: B. Underemployment
Disguised/underemployment.
Frequently Asked Questions
Is Economics Quiz free to attempt on AajExam?
Yes. Economics Quiz is completely free. You only need a free AajExam account to track your score, view detailed solutions and unlock cross-attempt analytics.
How long does it take to complete Economics Quiz?
Economics Quiz runs on a 10-minute timer in real exam-style conditions. The clock starts the moment you click Start, mirroring the time pressure of the actual exam.
Are detailed solutions provided?
Yes. Every question on Economics Quiz ships with a complete step-by-step solution, the underlying concept, and (where applicable) shortcut tricks. You can also discuss any question with the AajExam community.
Can I attempt Economics Quiz multiple times?
Yes. You can attempt this quiz as many times as you like. Each attempt is recorded separately so you can track improvement in score, accuracy and time-management.
Which government exams does this quiz prepare me for?
Indian Economy questions appear regularly in SSC CGL, CHSL, MTS, GD; IBPS PO, Clerk; SBI PO, Clerk; RRB NTPC, Group D; UPSC prelims and most State PSC exams. The specific weightage varies by exam — check the exam pattern on the corresponding AajExam exam page for details.