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.

The 3 major types of industries are primary industry, secondary industry and tertiary industry. The industries which are involved in extraction...
Based on economic activity, the 5 sectors of the economy are primary, secondary, and tertiary sectors. These are classical distinctions of...
The 4 important components used while calculating the Gross Domestic Product (GDP) are net exports, Government spending on services and goods,...
In the stock market, the key areas of the economy are divided into 11 different sectors. They are telecommunication, consumer staples, utilities,...
The main industries in the Philippines are Agribusiness and Manufacturing. Electronics, semiconductors, ship building, pharmaceuticals are the...
The main sectors of the Indian economy are the services sector, manufacturing sector, agriculture sector. To boost the manufacturing sector, the...
The 4 main sectors which contribute the most to the economy of the United Kingdom (U.K.) are Production, Agriculture, Construction and Services....
There are many different factors which play a vital role in establishing an industry. The factors responsible are abundant availability of...
The 7 factors which influence the decision of establishing an industry are: availability of raw materials, labour, capital, access to markets,...
Transportation is an important factor for the location of industry. It is important to have proper roadways, railways to transport raw materials...
Prof. M.S. Swaminathan is the present chairman of the National Commission on Farmers. The National Commission on farmers was formed on 18...
The 3 main sectors of the economy are primary, secondary and tertiary sectors. Manufacturing comes under the secondary sector, extraction of raw...
The 4 different sectors of the economy are primary sector, secondary sector, tertiary sector and quaternary sector. The quaternary sector of the...
The major sectors of the Indian economy are the Agriculture sector, Industry sector, Services sector, manufacturing sector and food processing...
In India, the largest of the 4 sectors in terms of contribution to the GDP of the nation is the services sector. Around 60% of India’s GDP...
Universal Basic income can be considered to be a good idea. It can provide numerous economic benefits. It can protect people from lack of job...
It will cost the Government of India Rs 21.6 lakh crores a year to implement Universal Basic Income. This will be less expensive to the...
Universal basic income has three components - Unconditionality, Universality, Agency. Unconditionality means there are no criteria to...
The list of freebies given by different political parties keeps expanding keeping in mind the incoming elections. Hence, there won’t be...
Universal Basic Income has the potential to reduce economic inequality and reduce poverty. It has the potential to increase job growth rate as...