Indian Economy MCQs
Indian Economy Multiple Choice Questions (MCQs) for SSC, State and all One Day Examinations of India. Objective Questions on Indian Economy for competitive examinations.
11. What is the ICMR daily calorie norm for rural areas in India?
[A] 2,100 kcal per day
[B] 2,200 kcal per day
[C] 2,400 kcal per day
[D] 2,500 kcal per day
Show Answer
Correct Answer: C [2,400 kcal per day]
Notes:
The Indian Council of Medical Research recommends 2,400 kcal per person per day as the calorie norm for rural areas. The norm for urban areas is set at 2,100 kcal per day. The ICMR released these recommendations to reflect higher physical activity in rural populations. National Sample Survey Office (NSSO) reports use these benchmarks in poverty and nutrition studies.
12. Which among the following is an example of micro-economic variable?
[A] National Income
[B] Consumer’s Equilibrium
[C] Aggregate Supply
[D] Employment
Show Answer
Correct Answer: B [Consumer’s Equilibrium]
Notes:
Microeconomic variables are those patterns or elements that can be used to describe the behavior of a person or an individual economic unit, like a business. Eg. Consumer’s Equilibrium.
13. Which economist publicly opposed Keynes and supported private spending during a recession?
[A] Thomas Malthus
[B] Friedrich Hayek
[C] Arthur Pigou
[D] Gary Becker
Show Answer
Correct Answer: B [Friedrich Hayek]
Notes:
Friedrich Hayek might be considered the poster boy for the Austrian School of Economics. Influenced and mentored by Ludwig von Mises, a prominent figure in the Libertarian movement, Hayek was awarded the Nobel Prize for Economics in 1974. While working at the London School of Economics he publicly opposed Keynes and his theories of government spending as the solution to the Great Depression, arguing instead that private investment was the path to prosperity and development.
14. Which economist is the brainchild behind the 1991 LPG reforms in India?
[A] P.C.Mehalonibis
[B] Manmohan Singh
[C] Amartya Sen
[D] None of the above
Show Answer
Correct Answer: B [Manmohan Singh]
Notes:
Former Prime Minister Dr. Manmohan Singh is one of India’s leading economists and is known to have been the brain behind India’s socio-economic reforms and economic liberalization.
15. Which sector mainly employs ‘pink-collar workers’?
[A] Tertiary
[B] Primary
[C] Quaternary
[D] Secondary
Show Answer
Correct Answer: A [Tertiary]
Notes:
Pink-collar workers, often in services like nursing and teaching, are primarily found in the tertiary sector, which includes service-oriented jobs. The primary sector covers agriculture, secondary involves manufacturing, and quaternary relates to knowledge and information-based activities.
16. In which year were ₹10,000 notes demonetized in India?
[A] 1975
[B] 2016
[C] 2015
[D] 1978
Show Answer
Correct Answer: D [1978]
Notes:
In 1978, under Prime Minister Morarji Desai, ₹1,000, ₹5,000, and ₹10,000 notes were demonetized to combat black money. The Reserve Bank of India executed this demonetization, removing high-value currency to curb illegal wealth and unaccounted cash circulation in the Indian economy.
17. Who suggested the rolling plan for backward countries?
[A] Gunnar Myrdal
[B] Amartya Sen
[C] R.Samuelson
[D] M.R.Lewis
Show Answer
Correct Answer: A [Gunnar Myrdal]
Notes:
The Rolling Plan for backward countries was suggested by Gunnar Myrdal. The rolling plan consists of three different steps, First, a plan for the current year which includes the annual budget. Second, a plan fixed for a fixed number of years, say three-four or five years. As per the requirement of the economy, it is revised every year. Third a perspective plan for 10, 15, or 20 years.
18. Which fertilizer is also known as carbamide?
[A] Potash
[B] Ammonium Phosphate
[C] Urea
[D] Ammonium Nitrate
Show Answer
Correct Answer: C [Urea]
Notes:
Urea is also called carbamide. Its chemical formula is CO(NH₂)₂. Urea was first synthesized in 1828 by Friedrich Wöhler. Urea contains about 46% nitrogen by weight. It is widely used as a nitrogen-release fertilizer globally. In India, urea is the most commonly used fertilizer for agriculture.
19. Which country is the largest producer of sugarcane globally?
[A] India
[B] China
[C] Brazil
[D] USA
Show Answer
Correct Answer: C [Brazil]
Notes:
Brazil is the world’s largest producer of sugarcane. In the 2022-23 season, Brazil produced over 715 million metric tons of sugarcane. The main cultivation areas in Brazil include São Paulo and the Central-South region. Brazil leads global sugar and ethanol exports due to its sugarcane industry size and production capacity. India ranks as the second largest sugarcane producer worldwide after Brazil.
20. Which is the largest oilseed producing state in India?
[A] Gujarat
[B] Maharashtra
[C] Rajasthan
[D] Madhya Pradesh
Show Answer
Correct Answer: C [Rajasthan]
Notes:
Rajasthan produced over 9.3 million metric tons of oilseeds in 2024, accounting for 21.41% of India’s total oilseed production. Major oilseeds grown include rapeseed, mustard, sesame, and groundnut. Rajasthan consistently surpasses all other Indian states in cumulative oilseed output.