Quiz 271 – UPSC Previous Year’s Economics Questions its Answers with Explaination

Which one of the following regions of the world supplies the maximum of our imported commodities (in term of rupee value)

(a) Asia and Oceania

(b) America

(c) Europe

(d) Africa


The region which supplies the maximum of our imported commodities is Europe.

Ans- (c)


‘MERCOSUR’ consists of group of countries of:

(a) Latin America

(b) South East Asia

(c) Asia

(d) Africa


‘MERCOSUR’ consists of group of countries of ‘Latin America’.

Ans- (a)


Consider the following statements:

  1. World Bank
  2. Demand for goods/ services provided by the country concerned
  3. Stability of the Government of the concerned country
  4. Economic potential of the country in question of these statements:

(a) 1, 2, 3 and 4 are correct

(b) 1 and 4 are correct

(c) 3 and 4 are correct

(d) 2 and 3 are correct


The price of any currency in International market is decided by the demand for goods and services of country and stability of the Government of concern country.

Ans- (d)


A consumer is said to be in equilibrium, if:

(a) He can fulfil his needs without consumption of certain items.

(b) He is able to fulfil his need with a given level of income

(c) He is able to locate new sources of income

(d) He is able to live in full comforts with a given level of income


If there is equilibrium in the marginal utility derived from the goods consumed and money paid then consumers would be in equilibrium.

Ans- (b)


The supply-side economics lays greater emphasis on the point of view of:

(a) producer

(b) consumer

(c) Middle-man

(d) global economy


The demand side economic consider the interest of consumer. The economics which deal with the cost-scenario of the enterprises is called supply-side economics.

Ans- (a)


Human Poverty Index was introduced in the Human Development Report of the year:

(a) 1994

(b) 1996

(c) 1995

(d) 1997


Human Poverty Index consists of the three measures:

(i) The percentage of the excepted population not living up to 40 years in total population.

(ii) Old illiteracy rate and

(iii) Deprivation index

Ans- (a)


The economist who was associated with the WTO draft document is:

(a) J.N. Bhagwati

(b) A.K. Sen

(c) Avinash Dixit

(d) T.N. Srinivasan

Ans- (b)


‘Eco mark’ is given to the Indian products that are:

(a) pure and unadulterated

(b) environment friendly

(c) economically viable

(d) rich in proteins


A pitcher of clay is the mark of ECOMARK.

Ans- (b)


The economic crisis in the later half of 1990s most seriously affected Indonesia, Thailand, Malaysia and South Korea. The cause of the crisis was:

(a) the downswing and recession in the Western economies which earlier provided export market oriented countries.

(b) the prolonged over-valuation of local currencies vis-vis Western currencies.

(c) mismanagement of the financial resources and financial sector, in general

(d) none of these

Ans- (c)


The farmers are provided credit from a number of sources for their short and long term needs. The main sources of credit to the farmers include:

(a) the District Central Cooperative Banks (DCCB), the lead banks, IRDP and JRY

(b) the Primary Agricultural Cooperative Societies, commercial banks, RRBs and private money lenders

(c) the NABARD, RBI, commercial banks and private moneylenders

(d) the Large Scale Multi-purpose Adivasis Programme, DCCB, IFFCO and commercial banks.

Ans- (b)


Which one of the following is the objective of National Renewal Fund?

(a) For human resources development such as full literacy, employment population control, housing and drinking water.

(b) to safeguard the interest of workers, who may be affected by technological up gradation of industry or closure of sick units

(c) For the development of infrastructure such as energy, transport communications and irrigation

(d) To develop the core sector of the economy


National Renewal Fund has to provide assistance to cover the cost of retaining and redevelopment of employers arising as a result of modernization technology up gradation.

Ans- (b)

Related Articles:

Quiz 268 – Previous Year’s Polity Questions with Explained Answers

Quiz 265 – Previous years Biology Questions and its Answers with Explaination

Quiz 260 – Previous Year’s Chemistry Questions with Explained Answers

Quiz 257 – Previous Year’s History Questions with Explained Answers

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  1. I have completed my B.E and i really wana be an ips officer….
    Tell me how can i did it..??????

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