Economics: Multiple Choice Questions with Answers

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Economics Multiple Choice Questions

These Economics Multiple Choice Questions are very important for candidates preparing for competitive examinations such as UPSC, SSC CGL, SSC CHSL, Banking, etc.

These Economics MCQ are often asked in the exams. Here we have listed the Economics Multiple Choice Questions that have already been asked in the exam.

The answer for each Economics Multiple Choice Questions is privided. There is also explanation of each important Economics MCQ questions. If you don’t find the explanation of any Economics MCQ, then it will be later provided, or it is not so inportant for that question.

Note: If you find any error or there is any confusion about the question or answer of any of these Economics MCQ; please write to us or mention it in the comment box.

We hope, these Economics Multiple Choice Questions will help you a lot in your exam.

1. The concept of Economic Planning in India is derived from?

A. USA

B. UK

C. Australia

D. Russia

Click for Answer/Explanation

2. The Great Depression occurred during –

A. 1914- 1918

B. 1929 – 1934

C. 1939 – 1945

D. 1922 – 1926

Click for Answer/Explanation

Correct Answer is B

The Great Depression originated in the USA after the fall in stock prices.

During the Depression time, economic activity becomes very low for a long period and a large number of people gets unemployed.

3. Who is called the father of economics?

A. Ricardo

B. Malthus

C. Adam Smith

D. J. M. Keynes

Click for Answer/Explanation

Correct Answer is C

Read Also: Political Science MCQ Questions with Answers

4. Planning Commission was constituted on?

A. 15 March 1948

B. 15 March 1949

C. 15 March 1950

D. 15 March 1951

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Correct Answer is C

The Prime Minister is the ex-officio Chairman of this Commission.

Now, this body is known by the name of NITI AYOG.

5. The first five-year plan was based on?

A. Herold Domar Model

B. P.C. Mahalanobis Model

C. Both of the above

D. None of above

Click for Answer/Explanation

Correct Answer is A

The second five-year plan (19561961) was based on P.C. Mahalanobis Model.

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