Economics: General Studies MCQ Quiz Practice

The following quiz provides General Economics Multiple Choice Questions With Answers. Candidates who are preparing for various Government exams must take this quiz series brought to them by Infinity Lectures.

• Number of Questions: 10
• Target: SBI PO, SBI Clerk, RBI Assistant, IBPS PO, IBPS Clerk, SSC CGL, SSC GD, SSC CPO, SSC MTS, SSC CHSL, Railways, etc.

Let’s Start

1. Which of the following is not shared by the Centre and the states in India?

1. Sales Tax
2. Corporation Tax
3. Income Tax
4. Union Excise Duties

2. In India, all taxes comes under:

1. Revenue Receipts
2. Revenue Expenditure
3. Public Debt
4. Both 1 and 2

3. Taxation and the government’s expenditure dealt under?

1. Trade policy
2. Budget
3. Fiscal policy
4. Monetary policy

4. What is the main source of revenue to meet different expenditures in India?

1. Excise duties
2. Customs duties
3. Internal borrowings
4. Income Tax

5. ‘Coal’ is an example of-

1. Abiotic resource
2. Ubiquitous resource
3. Biotic resource
4. Renewable resource

6. Which one is not a human made resource?

1. Health
2. Refinery
3. Iron ore
4. Nuclear reactor

7. Which one is not a component of human resource development?

1. Health
2. Education
3. Energy
4. Skill

8. Charecteristic features of an economy are result of?

1. Kind of production
2. Scarcity of resource
3. Problem of choice
4. Mode of exchange

9. Russian revalution of 1917, which was responsible for establishment of first centrally planned economy in the world was led by

1. Soviet party
2. Democratic party
3. Bolshevik party
4. Leninist party

10. If some people in the economy get so little a share of the final mix of goods and services produced in the economy, then it would be better to have,

1. Centrally planned Economy
2. Market Economy
3. Mixed Economy
4. Closed Economy