General KnowledgeIndian Economymixed

Economy Quiz

Practice quiz on Economy (General Knowledge). 10 exam-style questions with explanations.

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About This Quiz

Practice quiz on Economy (General Knowledge). 10 exam-style questions with explanations. Economy Quiz is a free, 10-minute, 10-mark practice quiz on AajExam rated at mixed difficulty, designed to help candidates preparing for SSC, UPSC, Banking, Railway and State PSC government competitive exams sharpen their command of Indian Economy (General Knowledge). Every question on this quiz ships with a detailed step-by-step solution so you don't just learn the right answer — you learn the reasoning and shortcuts top scorers use to crack similar questions faster on the actual exam day. Why Economy Quiz matters in your preparation: government exam-conducting bodies repeatedly draw questions from the same chapters and the same skill-clusters across recruitment cycles. By attempting focused topic-wise quizzes like this one, you build pattern recognition — the ability to spot which formula, rule or trick applies the moment you see a question. Toppers consistently report that 5-10 quizzes on a single topic delivers more exam-day score gain than 20+ unfocused full-length mocks, because targeted drilling exposes your specific sub-topic weaknesses with surgical precision. How to use this quiz effectively: attempt it in one sitting under the 10-minute timer, without referring to notes or external resources — simulate exam-day conditions exactly. After submission, review the auto-generated analytics to see your accuracy, time per question and section-wise performance. Then go through every wrong and skipped question with the explanation, mentally tagging the underlying concept rather than just memorising the answer. Revisit this quiz after 7-10 days; your second attempt should be 15-20% faster with noticeably better accuracy. After mastering this quiz, explore the 6 related quizzes linked below to broaden your topic coverage. AajExam quiz design principles: every quiz on the platform is curated by subject experts using the actual question formats, difficulty distributions and time pressures of the target government exams. We deliberately avoid generic "textbook" questions in favour of exam-replicating ones. Solutions are written in plain English (and Hindi where source material was bilingual), with step-by-step working for quantitative problems, grammar rules for English questions, and direct reference statements for general awareness items. Performance analytics after each attempt include accuracy, attempt rate, time spent per question, and an estimated all-India percentile so you know exactly where you stand against other candidates. This quiz is completely free to attempt. You only need a free AajExam account to track your performance across attempts, view detailed solutions and unlock the platform-wide analytics dashboard. The platform is mobile-friendly and works seamlessly on smartphones, tablets and desktops — so you can sharpen your Indian Economy (General Knowledge) skills in any spare 15-minute window.
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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.

  1. 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.

  2. Q2.The primary sector includes

    • A.IT
    • B.Agriculture
    • C.Banking
    • D.Manufacturing
    Show answer

    Answer: B. Agriculture

    Agriculture and mining.

  3. Q3.GDP stands for

    • A.Great Domestic Product
    • B.Gross Development Plan
    • C.Gross Domestic Product
    • D.General Domestic Price
    Show answer

    Answer: C. Gross Domestic Product

    GDP.

  4. Q4.The Five Year Plans in India were prepared by the

    • A.RBI
    • B.Planning Commission
    • C.NITI Aayog
    • D.Finance Commission
    Show answer

    Answer: B. Planning Commission

    Planning Commission.

  5. Q5.Economic reforms (LPG) in India started in

    • A.1991
    • B.2000
    • C.1980
    • D.1969
    Show answer

    Answer: A. 1991

    1991.

  6. Q6.LPG in economics stands for

    • A.Loan, Profit, Growth
    • B.Labour, Production, GDP
    • C.Land, Production, Gold
    • D.Liberalisation, Privatisation, Globalisation
    Show answer

    Answer: D. Liberalisation, Privatisation, Globalisation

    1991 reforms.

  7. Q7.Inflation is a

    • A.Rise in the general price level
    • B.Rise in unemployment
    • C.Rise in exports
    • D.Fall in prices
    Show answer

    Answer: A. Rise in the general price level

    Rising prices.

  8. Q8.Per capita income is

    • A.GDP times population
    • B.Exports
    • C.National income divided by population
    • D.Tax revenue
    Show answer

    Answer: C. National income divided by population

    Average income.

  9. Q9.The currency of India is

    • A.Dinar
    • B.Dollar
    • C.Rupee
    • D.Taka
    Show answer

    Answer: C. Rupee

    Indian Rupee.

  10. 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.

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