Economy Quiz
Practice quiz on Economy (General Knowledge). 10 exam-style questions with explanations.
About This Quiz
Economy 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.India's economy is classified as a
- A.Barter economy
- B.Capitalist economy
- C.Socialist economy
- D.Mixed economy
Show answer
Answer: D. Mixed economy
Public and private sectors.
Q2.The primary sector includes
- A.IT
- B.Agriculture
- C.Banking
- D.Manufacturing
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Answer: B. Agriculture
Agriculture and mining.
Q3.GDP stands for
- A.Great Domestic Product
- B.Gross Development Plan
- C.Gross Domestic Product
- D.General Domestic Price
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Answer: C. Gross Domestic Product
GDP.
Q4.The Five Year Plans in India were prepared by the
- A.RBI
- B.Planning Commission
- C.NITI Aayog
- D.Finance Commission
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Answer: B. Planning Commission
Planning Commission.
Q5.Economic reforms (LPG) in India started in
- A.1991
- B.2000
- C.1980
- D.1969
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Answer: A. 1991
1991.
Q6.LPG in economics stands for
- A.Loan, Profit, Growth
- B.Labour, Production, GDP
- C.Land, Production, Gold
- D.Liberalisation, Privatisation, Globalisation
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Answer: D. Liberalisation, Privatisation, Globalisation
1991 reforms.
Q7.Inflation is a
- A.Rise in the general price level
- B.Rise in unemployment
- C.Rise in exports
- D.Fall in prices
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Answer: A. Rise in the general price level
Rising prices.
Q8.Per capita income is
- A.GDP times population
- B.Exports
- C.National income divided by population
- D.Tax revenue
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Answer: C. National income divided by population
Average income.
Q9.The currency of India is
- A.Dinar
- B.Dollar
- C.Rupee
- D.Taka
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Answer: C. Rupee
Indian Rupee.
Q10.Who is considered the architect of the Second Five Year Plan of India?
- A.M. Visvesvaraya
- B.Dadabhai Naoroji
- C.P.C. Mahalanobis
- D.Kautilya
Show answer
Answer: C. P.C. Mahalanobis
The Mahalanobis model underlay the Second Plan.
Frequently Asked Questions
Is Economy Quiz free to attempt on AajExam?
Yes. Economy 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 Economy Quiz?
Economy 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 Economy 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 Economy 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.