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 5 causes of inflation are increase in wages, increase in the price of raw materials, increase in taxes, decline in productivity, increase in...
When prices are increasing at a slower rate, i.e. when there is a fall in inflation rate, then it is known as disinflation. Disinflation could...
People who have to repay their large debts will benefit from inflation. People who have fixed wages and have cash savings will be hurt from...
When prices rise, business entities are bound to gain more profits. When there is inflation, people having stocks or shares of companies will...
Central Banks try to maintain an inflation of around 2% to 3%. As per economists, maintaining a moderate level of inflation is good for the...
Demand-pull inflation is the most common type of inflation. It usually happens when the price is increased by the sellers when the demand is much...
Inflation reduces the purchasing power of the money. Inflation reduces unemployment. The price of goods and services become more expensive. An...
Yes, Bitcoins are legal in India. Bitcoins are legal in many countries. Bitcoins are not legal in all the countries. Some of the other countries...
Around 17% of the total bitcoins which will come into circulation are yet to be mined. Currently 18.78 million bitcoins have been mined i.e. 83%...
It is possible to buy a house with bitcoin provided the sellers agree to deal in bitcoins. You can read about the Bitcoin: Notes for UPSC Exam in...
One of the world's foremost investors has termed Bitcoins as speculative and volatile. Many individuals and institutional investors are investing...
As per a recent survey conducted at a global level, the countries with the highest use of cryptocurrency per capita are Nigeria, Vietnam,...
Bitcoins are difficult to be hacked as it uses the blockchain technology. There could be security risks at different stages of the trading...
It is not possible to mine 1 bitcoin, rather it is mined as a block. It will take 10 minutes to mine 1 block of bitcoin. You can read about the...
Based on speed, there are 4 different types of inflation - hyperinflation, galloping, walking, and creeping. When the inflation is 50% a month,...
The Government had plans to set up 3 new manufacturing zones for power and clean energy equipment manufacturing. The proposal is to set up these...
The Karnataka 2014-19 industrial policy aims to build a prosperous Karnataka through balanced, sustainable, and inclusive development of...
There are 11 Industrial corridors in India. They are Delhi Mumbai Industrial Corridor (DMIC), Chennai Bengaluru Industrial Corridor (CBIC),...
The full form of DMIC is Delhi-Mumbai Industrial Corridor. It was launched after signing a Memorandum of Understanding (MoU) between the...
Bitcoin is a decentralized digital currency. Bitcoins can be exchanged for services, products and other currencies. Bitcoin was released in...