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.

Unemployment and low income are one of the best examples to understand socio-economic development. If the unemployment rate is high, people have...
A few social-economic factors are as follows: Income Gender Education Employment Community Safety Further Reading: Economic Growth...
The economy and society are interdependent on each other. If the economy grows, it automatically reflects in the growth of society as a whole....
The 8 Millennium Development Goals of the United Nations are: Eradicate extreme poverty and hunger Achieve universal primary education...
The Millennium Development Goals were eight international development goals set by the United Nations Organisation. The United Nations Millennium...
A green economy is defined as low carbon, resource-efficient and socially inclusive. It refers to a development strategy that harmonises both...
The Gross National Happiness Index is a single number index developed from the 33 indicators categorised under nine domains. It was first coined...
Socio-economic development is the process of social and economic development in a society. Its purpose is to maintain the social and material...
Economic development refers to the growth in terms of economy, while social development refers to the entire well-being of the people in terms of...
Gross National Happiness Index implies that sustainable development should take a holistic approach towards notions of progress and give equal...
Bhutan is the only country in the world that measures Gross National Happiness (GNH). Further Reading: World Happiness Report Human...
Gross National Happiness is a term coined by His Majesty the Fourth King of Bhutan, Jigme Singye Wangchuck in the 1970s. Further Reading:...
NDP stands for Net Domestic Product, whereas, NNP stands for Net National Product. NDP is an annual measure of the economic output of a nation...
If GNP is higher than GDP, it means that the income earned by a domestic company in any overseas country is more than the income earned by a...
Gross National Product is mostly lower than the Gross Domestic Product. If the income earned by domestic firms in overseas countries exceeds the...
Gross National Product (GNP) indicates the value of all goods and services produced by the residents and businesses of any country. It estimates...
Ministry of Statistics and Programme Implementation, Government of India evaluates GDP in India.  Further reading: GDP of India List of...
Gross domestic product (GDP) is the standard measure of the value-added created through the production of goods and services in a country during...
The growth rate of GDP is used to measure the general health of the economy in a country. If there is an increase in the Gross Domestic Product...
GDP as an economic indicator is used worldwide to show the economic health of a country. When there is economic growth of a country during a...