Economics Objective Questions

Economics – Multiple Choice Questions (MCQ) with Answers

These Economics MCQ will for various interview, competitive  and entrance exams.  

Note- If you find error, please do mention in the comment box.

1. The concept of Economic Planning in India is derived from ?

A. USA

B. UK

C. Australia

D. Russia

View Answer/Explanation

Correct Answer is D

2. The Great Depression occurred during –

A. 1914- 1918

B. 1929 – 1934

C. 1939 – 1945

D. 1922 – 1926

View Answer/Explanation

Correct Answer is B

The Great Depression originated in the USA after the fall in stock prices .

During the Depression time economic activity becomes very low for a long period and a large number of people gets unemployed.

3. Who is called the father of economics ?

A. Ricardo

B. Malthus

C. Adam Smith

D. J. M. Keynes

View Answer/Explanation

Correct Answer is C

4. Planning Commission was constituted on ?

A. 15 March, 1948

B. 15 March, 1949

C. 15 March, 1950

D. 15 March, 1951

View Answer/Explanation

Correct Answer is C

The Prime Minister is the ex-officio Chairman of this Commission.

Now, this body is known by the name of NITI AYOG

5. First five year plan was based on ?

A. Herold Domar Model

B. P.C. Mahalanobis Model

C. Both of above

D. None of above

View Answer/Explanation

Correct Answer is A

Second five year plan (19561961) was based on P.C. Mahalanobis Model.

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