Economics holds a unique allure, offering insights into money, finances, and the economy that are both captivating and essential. If you’re drawn to this subject, chances are you’re either studying economics in school or college or simply have a keen interest in it.
For those passionate about economics, exploring economic quizzes or tests can be both enlightening and enjoyable. It’s an excellent way to gauge your understanding of economics and identify areas for further learning. And what better way to assess your knowledge than by tackling some challenging economic questions?
If you’re on the hunt for top-notch economic questions, you’ve come to the right place. Below, we’ve curated a selection of the finest economic questions designed to put your knowledge to the test and spark your curiosity about the subject.
Don’t hesitate—dive into the following economic questions and see how well you fare, or discover areas where you might want to focus your efforts in understanding economics!
Three Economic Questions
1.What should we produce?–A society (or country) might decide to produce candy or cars, computers or combat boots. The goods might be produced by unskilled workers in privately owned factories or by technical experts in government-funded laboratories. Once they are made, the goods might be given out for free to the poor or sold at high prices that only the rich can afford. The possibilities are endless.
2.How should we produce it?–Resources are all of the ingredients needed for production, including physical materials (such as land, coal, or timber), labor (workers), technology (not just computers but, in a broader sense, all the technical ability and knowledge that is necessary to produce a given commodity), and capital (the machinery and tools of production). Scarcity refers to the essential fact that people’s wants or desires are always going to be greater than the resources available to fulfill those wants.
3.For whom should we produce it?–scarcity means that resources are limited. No country can produce everything, no matter how rich its mines, how massive its forests, or how advanced its technology. Because of the constraints of scarcity, then, decisions must be made about resource allocation (that is, how best to allocate, or distribute, resources for the maximum benefit of the society.
Economic Questions
Q1.Union Budget of India is presented by whom and in which house/ houses of the Parliament?Ans-Finance Minister of India; Lok Sabha
Q2.Who among the following presented Union Budget maximum number of times?Ans-Morarji Desai; 10 times
Q3.Who among the following presented the first budget (interim) of Independent India?Ans-R K Shanmukham Chetty; 26th November, 1947
Q4.Who was the first administrator-statesman to attempt planning as a means for economic development?Ans-M Viswesvarayya
Q5.An economy is at the take off stage on its path to development when itAns-begins steady growth
Q6.Which of the following is the basic characteristic of Oligopoly?Ans-a few sellers, many buyers
Q7.The aim of which of the Five Year Plans was to correct the disequilibrium in the economy?Ans-First Five Year Plan
Q8.Which of the following Five Year Plans recognized human development as the core of all developmental efforts?Ans-Eighth Five Year Plan
Q9.Which of the following plans aimed at improving the standard of living?Ans-Fourth Plan
Q10.At which of the following places was the mining of coal started in 1774?Ans-Raniganj
Q11.In which of the following years were the cocking coals and non-cocking coal mines in India nationalized?Ans-1972 and 1973 respectively
Q12.Which Indian state has the largest number of cotton textile mills?Ans-Maharashtra
Q13.Minor ports like Kakinada, Machilipatnam, Bheemunipatnam, and Krishnapatnam are in which of the following states?Ans-Andhra Pradesh
Q14.When, for the first time, did the Prime Minister of India announce the 20-point Economic Programme?Ans-1975
Q16.Which of the following plans aimed at the removal of poverty and attainment of self-reliance?Ans-fifth plan
Q17.Census in India is being held regularly after everyAns-10 years
Q18.People belonging to what age group are eligible for training under TRYSEM scheme?Ans-18-35
Q19.According to the census in 2001, which city in India has the largest population?Ans-Mumbai
Q20.In terms of geographical area India occupies what position in the world?Ans-seven
Conclusion –
Here are the best economic questions for you to explore, and we’re confident you found them both stimulating and informative. How many did you manage to answer correctly? If you stumbled on a few, don’t fret—these questions were designed to be challenging.
Now that you have this valuable list of economic questions, why not share them with your friends? You could host a trivia night or quiz, sparking engaging discussions about economics. Don’t hesitate to spread the wealth of knowledge and see how well others fare with these questions! Thank you for visiting, and we hope you found our page insightful and helpful.
