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Q1. What is an economy?
A. Banking system
B. System of production and consumption
C. Stock exchange
D. Insurance system
Answer: B
Explanation: An economy refers to the system where goods and services are produced, distributed, and consumed.
Q2. GDP stands for?
A. Gross Domestic Product
B. General Domestic Price
C. Global Demand Product
D. Gross Development Plan
Answer: A
Explanation: GDP measures the total value of goods and services produced in a country.
Q3. Which sector includes agriculture?
A. Primary sector
B. Secondary sector
C. Tertiary sector
D. Financial sector
Answer: A
Explanation: Agriculture comes under the primary sector of the economy.
Q4. Inflation means?
A. Decrease in prices
B. Increase in prices
C. Stable prices
D. No change
Answer: B
Explanation: Inflation refers to a rise in the general price level of goods and services.
Q5. Which institution controls monetary policy in India?
A. SBI
B. RBI
C. LIC
D. SEBI
Answer: B
Explanation: RBI (Reserve Bank of India) controls monetary policy.
Q6. What is fiscal policy?
A. Banking rules
B. Government revenue and expenditure
C. Stock trading
D. Insurance policy
Answer: B
Explanation: Fiscal policy deals with government spending and taxation.
Q7. What is unemployment?
A. Working people
B. Jobless people willing to work
C. Retired people
D. Students
Answer: B
Explanation: Unemployment refers to people who are willing to work but do not have jobs.
Q8. What is demand?
A. Supply of goods
B. Desire to buy goods
C. Production of goods
D. Export of goods
Answer: B
Explanation: Demand refers to the willingness and ability to buy goods.
Q9. What is supply?
A. Demand of goods
B. Availability of goods
C. Consumption
D. Investment
Answer: B
Explanation: Supply means the quantity of goods available in the market.
Q10. What is per capita income?
A. Total income
B. Income per person
C. Government income
D. Company income
Answer: B
Explanation: Per capita income is the average income per person in a country.ected events.
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