Economics MCQ Set – 12

Dear Sehpaathians,

With Exams for RRB NTPC, SSC and UPSC are nearing we are here with our set of Multiple Choice Questions related to Economics. Each set consists of 10 questions and we will be coming up with more sets of the same.

Here is a sample paper sheet of the 5 questions for your practice. Attempt all the questions on our Sehpaathi Test app as well as Do give us a review.

Q1. Which of the following efforts fall under Financial Inclusion Plan (FIP) of RBI / government?
(a) Nationalization of banks
(b) Priority Sector Lending (PSL) targets
(c) Zero balance accounts, like BSBDA, Jan-Dhan Account, Small Account, etc.
(d) All of the above

Q2. In the case of a Giffen good, the demand curve will be:
(a) horizontal.
(b) downward-sloping to the right.
(c) vertical.
(d) upward-sloping to the right.

Q3. By consumer surplus, economists mean
(a) the area inside the budget line.
(b) the area between the average revenue and marginal revenue curves.
(c) the different between the maximum amount a person is willing to pay for a good and its market price.
(d) None of the above.

Q4. What is “Stagflation”?
(a) inflation with growth
(b) deflation with growth
(c) persistent high inflation with high level of unemployment
(d) inflation with depression

Q5. What do you mean by “Outcome Budget”?
(a) It denotes reaction of the media after Budget Papers are approved in the Parliament
(b) It aims to measure performance of the Government in various departments
(c) It is a report submitted by the Government of India indicating made in different projects by ministries and departments as a first step towards converting outlays into income
(d) None of the above