Preparing for competitive exams like SSC, UPSC, RRB, Banking and other government exams can feel overwhelming especially when it comes to Economics One wrong concept one weak topic and it can cost you precious marks so exactly why a well structured Economics Practice Set 2 becomes a game changer for serious aspirants.
This Economics Practice Set 2 is designed to help beginners as well as revision-focused students build a strong foundation in core economic concepts asked in SSC, UPSC, RRB, Banking and all major competitive exams The questions are framed as per the latest exam trends focusing on clarity concept application and smart practice rather than rote learning.
This practice set reflects real exam level questions that boost both confidence and accuracy Whether you are starting your Economics preparation or looking for reliable revision material this set ensures you practice the most important Economics MCQs in a simple exam oriented manner.
If your goal is to score better with less confusion this Economics practice resource is made for you Clear explanations student focused structure and trust worthy content make it ideal for aspirants who want smart preparation not random practice aligned perfectly with today competitive exam demand.
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Economics Practice Set 2: for SSC, UPSC, RRB, Banking And All Competitive Exams
Q. Which Indian state has the highest per capita income?
A) Maharashtra
B) Goa
C) Gujarat
D) Karnataka
Answer: B) Goa
Q. Who propounded the ‘Drain Theory’?
A) Mahatma Gandhi
B) Dadabhai Naoroji
C) R.C. Dutt
D) Gopal Krishna Gokhale
Answer: B) Dadabhai Naoroji
Q. Where was ‘Centralized Planning’ first adopted?
A) America
B) Britain
C) Soviet Union
D) France
Answer: C) Soviet Union
Q. Who is the author of the book ‘Planned Economy for India’?
A) P.C. Mahalanobis
B) M. Visvesvaraya
C) Dadabhai Naoroji
D) Amartya Sen
Answer: B) M. Visvesvaraya
Q. When did the Indian National Congress constitute the National Planning Committee under the chairmanship of Jawaharlal Nehru?
A) 1935
B) 1937
C) 1938
D) 1940
Answer: C) 1938
Q. Which sector contributes the most to India’s national income?
A) Primary sector
B) Secondary sector
C) Tertiary sector
D) Agricultural sector
Answer: C) Tertiary sector
Q. In which year was ‘The Wealth of Nations’ published?
A) 1757
B) 1776
C) 1789
D) 1800
Answer: B) 1776
Q. According to the World Bank’s classification, into how many categories are the world’s economies divided based on per capita Gross National Income (GNI)?
A) 2
B) 3
C) 4
D) 5
Answer: C) 4
Q. Which country has the largest economy in the world? A) China
B) Japan
C) USA
D) Germany
Answer: C) USA
Q. Who first propounded the theory of the state economy?
A) Adam Smith
B) John Maynard Keynes
C) Karl Marx
D) David Ricardo
Answer: C) Karl Marx
Q. What type of economy does India have?
A) Capitalist economy
B) Socialist economy
C) Mixed economy
D) Closed economy
Answer: C) Mixed economy
Q. What is an economy called in which there are neither exports nor imports?
A) Open economy
B) Mixed economy
C) Closed economy
D) Capitalist economy
Answer: C) Closed economy
Q. In which category are workers directly involved in the production process placed?
A) White-collar job
B) Blue-collar job
C) Gold-collar job
D) Pink-collar job
Answer: B) Blue-collar job
Q. What is the most appropriate measure of a country’s economic growth?
A) National income
B) Gross Domestic Product (GDP)
C) Real per capita income
D) Foreign exchange reserves
Answer: C) Real per capita income
Q. In which year was the Purchasing Power Parity (PPP) method first used in the Human Development Report?
A) 1990
B) 1991
C) 1993
D) 1995
Answer: C) 1993
Q. Where is the headquarters of the United Nations Development Programme (UNDP) located?
A) Geneva
B) Paris
C) New York
D) Vienna
Answer: C) New York
Q. In which year was the first Human Development Report (HDI) released by the United Nations?
A) 1988
B) 1989
C) 1990
D) 1992
Answer: C) 1990
Q. Who is known as the father of national income accounting? A) Adam Smith
B) Simon Kuznets
C) J.M. Keynes
D) Alfred Marshall
Answer: B) Simon Kuznets
Q. Who made the first estimate of India’s national income and per capita income?
A) M. Visvesvaraya
B) P.C. Mahalanobis
C) Dadabhai Naoroji
D) V.K.R.V. Rao
Answer: C) Dadabhai Naoroji
Q. When was the first estimate of India’s national income and per capita income made?
A) 1857-58
B) 1867-68
C) 1875-76
D) 1881-82
Answer: B) 1867-68
Q. According to Dadabhai Naoroji, what was India’s per capita income in the year 1867-68?
A) ₹15
B) ₹20
C) ₹25
D) ₹30
Answer: B) ₹20
Q. When was the National Income Committee constituted by the Government of India?
A) 1947
B) 1948
C) 1949
D) 1950
Answer: C) 1949
Q. Who was the first Chairman of the National Income Committee?
A) V.K.R.V. Rao
B) P.C. Mahalanobis
C) D.R. Gadgil
D) C. Rangarajan
Answer: B) P.C. Mahalanobis
Q. When was the Central Statistical Organisation (CSO) established in India?
A) January 1950
B) May 1951
C) August 1952
D) April 1953
Answer: B) May 1951
Q. In which year did the Five-Year Plans begin in India?
A) 1947
B) 1950
C) 1951
D) 1952
Answer: C) 1951
Conclusion
Economics Practice Set 2 is a smart and reliable way to strengthen your concepts and improve exam performance Regular practice with such exam focused questions builds confidence accuracy and speed Stay consistent and success in SSC, UPSC, RRB, Banking and other competitive exams will follow.