MCQ
ECONOMICS: MCQ - Practice Questions with Answers
Solve 80 ECONOMICS: questions for RAS/RPSC preparation.
Practice questions
Q1In external-sector reform, the 1991 balance-of-payments crisis was followed by exchange-rate and trade-policy changes. Which pair is most consistent with that reform direction?
The balance-of-payments crisis made foreign-exchange management central to reform. A downward adjustment of the rupee was used to restore competitiveness, while trade liberalisation reduced the old regime of licensing and quantitative restrictions, especially for inputs and capital goods over the reform period.
Q2In sectoral analysis of India's 2024-25 GVA at current prices, the primary sector's share was about 21.4%, the secondary sector's about 25.8%, and the tertiary sector's about 52.9%. Which inference is most defensible from these figures?
The sectoral composition points to a services-dominant economy: the tertiary sector accounts for over half of current-price GVA. A hard exam trap is to treat the primary sector as only agriculture; in official broad-sector grouping it also includes allied activities and mining and quarrying, so its share is not the same as agriculture's standalone share.
Q3The National Food Security Act, 2013 is closely linked with which policy objective?
The National Food Security Act, 2013 strengthens food security by giving eligible people access to highly subsidised foodgrains through the targeted public distribution system. It is therefore a poverty-alleviation and welfare policy, not a labour-market programme.
Q4A shopkeeper wants to decide which shoe size should be stocked in the largest quantity for the next month. Which measure of central tendency is most appropriate?
When the practical question is 'which item occurs most often?', mode is the suitable average. A shoe retailer needs the size with the highest frequency of demand, not a mathematical balance point. Therefore, mode is the most appropriate measure for deciding the largest stock quantity by size.
Q5The observations in a small survey are 12, 18, 15, 27, 20, 15 and 31. What is the median of this series?
For an individual series with an odd number of observations, the median is the value at the (n+1)/2 position after arranging the data. With n = 7, the required position is the fourth. The ordered series is 12, 15, 15, 18, 20, 27, 31, so the median is 18.
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6A researcher argues that India's structural transformation is incomplete because agriculture's share in output is far below its share in employment. Which evidence pattern would most strongly support this argument?
7For a moderately skewed distribution, the empirical relation among mean, median and mode is often used. If mean = 50 and median = 47, what is the estimated mode?
8In the standard Indian classification of money supply, which aggregate is commonly described as currency with the public plus demand deposits with banks plus other deposits with the RBI?
9A student says: "If a sector's GVA at basic prices rises, GDP at market prices must rise by exactly the same amount." Which correction best fits India's national-accounting framework?
10In a competitive market diagram, the equilibrium price is determined at the point where:
11Which of the following best explains money acting as a unit of account?
12Which option best captures the direction of the New Industrial Policy, 1991, as part of India's economic reforms?
13Consider the following comparison for FY 2024-25: the tertiary sector had the largest current-price GVA share, while the secondary sector recorded faster real growth than the tertiary sector. Which statement best captures the implication for analysing growth?
14Which set correctly represents the three basic dimensions of the Human Development Index?
15Section I has 40 students with mean marks 55, and Section II has 60 students with mean marks 65. What is the combined mean marks of the two sections?