Top 27 Best Economic Questions & Answers 2023

Economics is one of the best subjects to read and it certainly is one of the most helpful as well. After all reading about money, finances and the economy are pretty fascinating as well as exciting. If you are here, we can guess that you, too, like economics or lead read economics as your major in school or college.
If you like reading economics then you would also like to take an economic quiz or participating in economic tests. Either way, it’s a great opportunity to find out how much you know about economics and how much more you need to learn about the subject. The best way to test your knowledge about the subject is to take a test and answer some economic questions. And the best way to do so is to find the best economic questions.
If you are looking for the best economic questions then you are at the right place. Here we have listed down some of the best economic questions that might challenge you and test your knowledge about the subject as well.
What are you waiting for? Go ahead and take a look at the following economic questions and see if you can answer all of them or you need to work on your economics!
Here are some of the best economic questions.
economic questions

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?
Finance Minister of India; Lok Sabha
Q2.Who among the following presented Union Budget maximum number of times?
Morarji Desai; 10 times
Q3.Who among the following presented the first budget (interim) of Independent India?
R K Shanmukham Chetty; 26th November, 1947
Q4.Who was the first administrator-statesman to attempt planning as a means for economic development?
M Viswesvarayya
Q5.An economy is at the take off stage on its path to development when it
begins steady growth
Q6.Which of the following is the basic characteristic of Oligopoly?
a few sellers, many buyers
Q7.The aim of which of the Five Year Plans was to correct the disequilibrium in the economy?
First Five Year Plan
Q8.Which of the following Five Year Plans recognized human development as the core of all developmental efforts?
Eighth Five Year Plan
Q9.Which of the following plans aimed at improving the standard of living?
Fourth Plan
Q10.At which of the following places was the mining of coal started in 1774?
Q11.In which of the following years were the cocking coals and non-cocking coal mines in India nationalized?
1972 and 1973 respectively
Q12.Which Indian state has the largest number of cotton textile mills?
Q13.Minor ports like Kakinada, Machilipatnam, Bheemunipatnam, and Krishnapatnam are in which of the following states?
Andhra Pradesh
Q14.When, for the first time, did the Prime Minister of India announce the 20-point Economic Programme?
Q16.Which of the following plans aimed at the removal of poverty and attainment of self-reliance?
fifth plan
Q17.Census in India is being held regularly after every
10 years
Q18.People belonging to what age group are eligible for training under TRYSEM scheme?
Q19.According to the census in 2001, which city in India has the largest population?
Q20.In terms of geographical area India occupies what position in the world?

Conclusion –

So these are the best economic questions that you can find and we are pretty sure that you had a good time reading and answering these questions. So how many questions you answered right? If you failed to answer a few questions from our list then don’t worry these questions were not that easy to answer anyway.
Now that you have got a list of economic questions, you might as well use them and ask your friends these questions as well. Or host a trivia or quiz, whatever you like. Don’t hesitate to share the list of economic questions and see how much they know about economics! Thank you for visiting and we hope you found our page helpful.

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