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 2 main components of revenue budget are Tax and Non Tax Revenue which are known as Revenue Receipts and the other component of revenue budget...
As per RBI, if any person is interested in availing Direct Benefit Transfer, the Aadhar number of the customers should be obtained by the banks...
The purpose of the revenue budget is to provide information on the sources of revenue for the Government and the revenue expenditure of the...
Direct Benefit Transfer (DBT) was launched by the Government of India in January, 2013. Here the money will be directly transferred to the bank...
The three types of annual Government budgets based on estimates are Surplus Budget, Balanced Budget, and Deficit Budget. When the revenues are...
DBT stands for Direct Benefit Transfer and DBTL stands for Direct Benefit Transfer for LPG. Direct Benefit Transfer (DBT) was launched by the...
Full Form of DBT is Direct Benefit Transfer. Government has been using DBT on a regular basis since 2013, to transfer the cash directly into the...
Subsidy on LPG gas cylinders cannot be availed by people whose annual income is more than Rs 10 lakhs, it includes combined earnings of husband...
DBT helped in reducing leakages of funds, and removing the delays associated in transfer of funds to the beneficiaries. You can read about the...
The main difference between the Gini coefficient and the Lorenz Curve is that the Gini coefficient helps in measuring the degree of income...
The Gini coefficient is used to measure income inequality across a population. It was developed by Corrado Gini, an Italian statistician, in...
The Lorenz curve is important because it helps in understanding economic inequality. When the lorenz curve keeps moving away from the baseline it...
When the unequal distribution of income keeps increasing, the lorenz curve keeps shifting away from the line of equality. The Lorenz curve was...
The Y-axis represents the income, and the X-axis represents the population. The percentage of wealth or income owned by a percentage of the...
The Lorenz curve is applied to find the income inequality in a population. The area between the curve and the equality line is the gini...
If two Lorenz Curves intersect, it is not possible to determine which distribution has more inequality. In the lifetime of an individual, there...
Applying uniform tax on a large percentage of low income earners than on high income earners is known as regressive tax. Regressive tax imposes...
Yes, mobile banking facilities can be availed in Pradhan Mantri Jan Dhan Yojana (PMJDY). Pradhan Mantri Jan Dhan Yojana (PMJDY) was launched by...
Earlier,State Bank of Sikkim was not not under the regulatory purview of the Reserve Bank of India (RBI). Recently, even State Bank of Sikkim was...
Deflation is very bad for the economy of a nation. Deflation happens due to falling prices which is the result of lower spending by consumers....