🧪 Economics MCQ Quiz Hub

1. The sectors are classified into public and private sector on the basis of :
Employment conditions
The nature of economic activities
Number of workers employed
Ownership of enterprises

2. When we produce a good by exploiting natural resources, it is an activity of the:
Secondary sector
Tertiary sector
Primary sector
Organised sector

3. The service sector includes activities such as:
agriculture, dairy, fishing and forestry
making sugar, gur and bricks
transport, communication and banking
None of these

4. Choose the correct meaning of organised sector:
It covers those enterprises where the terms of employment are regular.
It is outside the control of the government.
Jobs are not regular.
It provides low salaries.

5. Which of the following is included in tertiary sector?
ATM booths
Call centres
Internet cafe
All of them

6. Government owns most of the assets and provides all the services:
Private Sector
Public Sector
Organised Sector
Tertiary Sector

7. The value of all final goods and services produced within a country during a particular year is called as:
Gross Domestic Product
Net Domestic Product
National Product
Production of Tertiary Sector

8. A situation in which more persons are employed on a job than are optimally required is:
Structural unemployment
Disguised unemployment
Cyclical unemployment
Seasonal unemployment

9. Out of 200 million children in the school going age group, how many are attending schools?
One-fourth
Half
Two-thirds
One-fifth

10. Central government in India made a law, implementing the Right to Work in how many districts of India?
150 districts
200 districts
250 districts
625 districts

11. Which one of the following statements is most appropriate regarding transaction made in money?
It is the easiest way.
It is the safest way.
It is the cheapest way.
It promotes trade.

12. Which one of the following is a modem form of currency?
Gold
Silver
Copper
Paper notes

13. Which among the following authorities issues currency notes on behalf of the government?
Government of India
The State Bank of India
National Bank for Agriculture and Rural Development
Reserve Bank of India

14. In which of the following systems exchange of goods is done without use of money?
Credit system
Barter system
Banking system
Collateral system

15. Banks provide a higher rate of interest on which of the following accounts?
Saving account
Current account
Fixed deposits for long period
Fixed deposits for very short period

16. Banks use the major portion of the deposits to:
Keep as reserve so that people may withdraw
Meet their routine expenses
Extend loans
Meet renovation of bank

17. What percentage of their deposits is kept as cash by the banks in India?
25%
20%
15%
10%

18. The informal source of credit does not include which one of the following?
Traders
Friends
Cooperative Societies
Moneylenders

19. Which one of the following is the new way of providing loans to the moral poor?
Co-operative societies
Traders
Relatives and friends
SHGs

20. Why is currency accepted as a medium of exchange?
Because the currency is authorised by the government of the country.
Because it is liked by the people who use it.
Because the use of currency has its origin in ancient times.
Because the currency is authorised by the World Bank.

21. Removing barriers or restrictions set by the government is called:
Liberalisation
Investment
Fovourable trade
Free trade

22. Rapid integration or interconnection between countries is known as:
Privatisation
Globalisation
Liberalisation
Socialisation

23. Globalisation has led to improvement in living conditions:
of all the people
of people in the developed countries
of workers in the developing countries
none of the above

24. Which one of the following Indian indus�tries has been hit hard by globalisation?
Information Technology (IT)
Toy making
Jute
Cement

25. World Trade Organisation (WTO) was started at the initiative of which one of the following group of countries?
Rich countries
Poor countries
Developed countries
Developing countries

26. Which of the following organisations lays stress on liberalisation of foreign trade and foreign investment?
International Labour Organisation
International Monetary Fund
World Health Organisation
World Trade Oraganisation

27. Investments made by MNCs are termed as:
Indigenous investment
Foreign investment
Entrepreneur?s investment
None of the above

28. Which of the following is not a feature of a Multi-National Company?
It owns/controls production in more than one nation.
It sets up factories where it is close to the markets.
It organises production in complex ways.
It employs labour only from its own country.

29. Tax on imports is an example of:
Terms of Trade
Collateral
Trade Barriers
Foreign Trade

30. Which one of the following is not characteristic of Special Economic Zone??
They do not have to pay taxes for long period.
Government has allowed flexibility in labour laws.
They have world class facilities.
They do not have to pay taxes for an initial period of five years.

31. Why do we need to have set rules and regulations for consumer rights?
To protect and promote the interest of the consumers against unethical and unfair trade practices.
To bring discipline in the country.
To provide police protection to consumers during a dispute with the sellers.
Its aim is to make all the sellers fair and honest.

32. When was the Consumer Protection Act passed in India?
1968
1986
1984
1976

33. In which year did the United Nations adopt the guidelines for consumer protection?
1960
1988
1985
1999

34. When was the ?Right to Information? Act passed?
Oct-05
Mar-06
December 2007
Sep-03

35. What was the cause of the rise of consumer movement?
The movement started to help consumers to form a group to protest against price rise.
The movement grew out of consumers dissatisfaction due to unfair practices of sellers.
The movement grew out of the satisfaction enjoyed by the consumers for fair practices of the sellers.
The movement was started to help the sellers to promote their own interest and cheat consumers.

36. What can be the maximum claim amount at the district level of the consumer court?
Less than rs 1 lakh
rs 1 crore
Upto rs 20 lakhs
Above then rs 1 crore

37. Which one of the following does not provide certificate of standardization in India?
ISI
Agmark
Hallmark
COPRA

38. When is ?National Consumers? Day? celebrated in India?
26th January
22nd October
24th December
25th December

39. The quasi-judicial machinery set up at the highest level for redressal of consumer disputes is:
The District Forum
The State Consumer Commission
Consumers International
National Consumer Disputes Redressal Commission

40. What was the name given to the agency at the global level for the protection of consumer rights?
Consumer Court of Justice
International Consumer Forum
Consumers Commission
Consumers International