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.

An increase in the production of economic goods and services, thereby increasing the overall national income of the country is referred to as...
Economic development is defined as an increase in a country's wealth and standard of living. For example, Improved productivity, higher literacy...
The current base year of the industrial production index is 2011-12. The earlier base years which were used for calculating the index of...
The Industrial Production Index gets affected by inward factors such as imports, expenditure, consumptions, and public expenditure. The...
The full form of IPI is Industrial Production Index. The current base year for measuring the Index of Industrial Production (IIP) is 2011-12. On...
As per quick estimates from the National Statistical Office (NSO), India’s industrial output grew by 11.5% in July compared to a 10.5%...
The US Industrial Production Index measures output of electric and gas utilities industries, mining industry, and manufacturing industry. The...
Laspeyres fixed base formula is used while measuring IIP. IIP full form is the Index of Industrial Production. IIP shows the growth rates in...
An economic indicator which is used for measuring the real production output of various industries like utilities, mining, and manufacturing is...
The base year of IIP in India is 2011-12. The base year was changed from 2004-05 to 2011-12, in 2017. This change was done as a regular exercise...
For the month of August 2021, the overall Index of Industrial Production is 131.1. In June 2021, the IIP was 122.6, and for July 2021, the IIP...
Three farm laws which were passed by the Parliament of India and which received assent from the President are Essential Commodities (Amendment)...
Laspeyre's fixed base formula is used. Industrial Production Index is calculated as the weighted average of production relatives of all the...
The Index of Industrial Production is important for understanding the industrial activity in the economy on a monthly basis. This index is used...
Industrial production is measured in an index based on a reference period that expresses change in the volume of production output. Industrial...
The current base year of IIP is 2011-12. Fertilisers, Natural gas, cement, coal, crude oil, refinery products, steel, electricity are the eight...
Producer Price Index (PPI) is calculated by dividing the current prices received by the sellers of a representative basket of goods by their...
The 5 reports which were submitted by the National Commission on Farmers from December 2004 to October 2006 are known as the Swaminathan Report....
The National Commission on Agriculture was established in August 1970. This Commission was functioning under the Ministry of Agriculture,...
The names of different sectors in the Indian economy are Agriculture Sector, Industry Sector, Services Sector, Food Processing Sector, and the...