Free Economics Quiz for SSC UPSC Banking Exams

1. Who is regarded as the “Father of Economics”?

2. Which of the following best defines Gross Domestic Product (GDP)?

3. The rate at which the Reserve Bank of India (RBI) lends money to commercial banks is known as the:

4. India’s First Five Year Plan (1951-56) was based on which economic model and gave priority to which sector?

5. Which of the following is NOT considered a traditional factor of production?

6. Gross National Product (GNP) is calculated as:

7. Which index is currently used by the RBI as the key measure of inflation for setting monetary policy in India?

8. Goods and Services Tax (GST) in India is an example of which type of tax?

9. India’s economy is best classified as a:

10. The “World Economic Outlook” report is published by which international organization?

1. “Deficit Financing” means which of the following?

2. The Industrial Policy Resolution, often referred to as the “Economic Constitution of India,” was passed in which year?

3. The minimum percentage of deposits that commercial banks must keep as reserves with the RBI (in cash form) is called:

4. A situation where more people are engaged in a job than actually required, such that removing some workers does not reduce total output, is known as:

5. The Reserve Bank of India (RBI) was established in which year?

6. A good that is non-excludable and non-rivalrous in consumption (e.g., national defence) is called a:

7. The “Economic Survey” of India is presented in Parliament just before the Union Budget and is prepared under the guidance of the:

8. According to the Law of Demand, other factors remaining constant, when the price of a good increases, its quantity demanded:

9. The Planning Commission of India was replaced by which body in 2015?

10. Which of the following organizations is responsible for the minting of coins in India?