UPSC Economic Questions and Answers

UPSC Economic Questions and Answers

The civil services exam is one of the toughest examinations conducted in the country, and economy questions constitute a major of the two written phases of the examination. At BYJU’S we bring to you a compiled list of Economy questions along with answers that are suitable from the prelims and mains perspective.

These answers have been provided by UPSC experts for the candidate’s assistance, without any indirect or ambiguous information. Questions based on sustainable development, GDP, economic growth, taxation, etc. are included in the economy syllabus and the list of questions provided below will focus on the same.

The compiled list of questions given below comes with straightforward and crisp answers, with the IAS mains General Studies-III paper syllabus as the focal point. Aspirants can refer to these questions and answers and familiarize themselves with the depth of important economic topics as per the UPSC Syllabus.

Bank Rate is decided by the Reserve Bank of India. Bank Rate refers to the interest rate at which the Reserve Bank lends loans to commercial...
The National Income is estimated by the Central Statistical Organisation. It works under the Ministry of Statistics and Programme Implementation...
Contemporary currency notes by the Reserve Bank of India have 15 languages printed on them. This is in addition to the Hindi displayed in the...
Formal sources of credit do not include the employers. Employers are only involved in service and perform their duties according to the owners or...
Credit cards are an example of plastic money. They are issued by financial institutions like banks. Plastic money is a convenient substitute...
The Chairman of the Goods and Services Tax(GST )Council in India is the Finance Minister.The current Chairman of the GST Council is Nirmala...
GST was implemented in India on July 1, 2017. It is a destination-based tax system in India imposed on the supply of goods and services. GST was...
The Central Statistical office is responsible for preparing the estimates of National Income in India. Formed on 2nd May 1951, it works under the...
The Banking Regulation Act was passed in 1949. Initially known as the Banking Companies Act, it was changed to the Banking Regulation Act on...
Poverty in less developed countries is due to income inequality. According to the World Population review, it is the measure of the distribution...
The first bank of India is the Bank of Hindustan, located in Calcutta and founded by Alexander and Co. It was established in the year 1770. After...
Yes, there are instances when the economic superpower, the United States of America had to face deflation. The most recent example of deflation...
During a specific time period, money supply is the total volume of money that is in circulation in a national economy. It includes both currency...
Two prominent examples of deflation are the 2007-2008 recession and the Great Depression in the United States of America (USA). When deflation...
There are many consequences of recession. Some of them are cutting back on investments by the private sector. To stimulate economic growth, the...
A general decline in economic activity, a contraction in the business cycle is known as recession. This decline in economic activity is spread...
Recession is definitely bad for the economy of a country. Recession means massive decline in economic activity across the nation, spread over...
Soon after the pandemic, the entire global economy was facing the situation of recession. In 2022, India is expected to have a strong growth rate...
Disinflation means price levels slowing down temporarily and deflation means decrease in general price levels throughout an economy. It is not...
Reflation is an act of stimulating the economy by reducing taxes or by increasing the money supply. To curb the effects of deflation, a monetary...