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. The terms IBAN, BBAN, SEPA and SWIFT are associated with:
[A] International Banking
[B] Disaster Management
[C] Nuclear Waste Management
[D] International Maritime Boundaries
Show Answer
Correct Answer: A [International Banking]
Notes:
IBAN, BBAN, SEPA and SWIFT are all terms used in international banking and payment systems. SWIFT is the global messaging network used by banks, SEPA refers to the Single Euro Payments Area, and IBAN is the International Bank Account Number used for identifying bank accounts in cross-border payments. BBAN stands for Basic Bank Account Number and forms the country-specific part of the account identifier. These terms are widely used in international fund transfers.
12. Which state in India has the largest coal resources?
[A] Chhattisgarh
[B] West Bengal
[C] Jharkhand
[D] Odisha
Show Answer
Correct Answer: D [Odisha]
Notes:
Odisha has the largest coal resources among Indian states. According to the Ministry of Coal’s National Coal Inventory 2025, Odisha’s coal resources stand at about 100.99 billion tonnes as on 1 April 2025. This is higher than any other state, making Odisha the leading coal-bearing state in the country. Major coalfields in the state include Talcher, Ib Valley and others, which contribute significantly to India’s coal resource base.
13. Where was India’s first successful iron and steel industry established?
[A] Parangipettai
[B] Jamshedpur
[C] Kulti
[D] Mumbai
Show Answer
Correct Answer: B [Jamshedpur]
Notes:
Tata Iron and Steel Company (TISCO) was established in Jamshedpur in 1907. Pig iron production began in 1911 and steel production started in 1912. Jamshedpur is located in present-day Jharkhand. TISCO became the first commercially successful iron and steel plant in India, whereas earlier plants in Parangipettai and Kulti eventually failed and did not operate at such a large scale.
14. Kudremukh iron ore was historically exported from which port?
[A] Cochin
[B] Chennai
[C] Mangalore
[D] Karwar
Show Answer
Correct Answer: C [Mangalore]
Notes:
The Kudremukh Iron Ore Company Limited, formed in 1976 in Karnataka, transported mined ore via slurry pipeline to Panambur. Export operations used New Mangalore Port. Kudremukh mine ceased operations in 2006 after Supreme Court directive. KIOCL now exports pellets through Mangalore port. New Mangalore Port is a major port located in Karnataka on the Arabian Sea, operational since 1974.
15. Which of the following is an economic system combining private and state enterprise?
[A] Private economy
[B] Market economy
[C] Mixed economy
[D] Centrally planned economy
Show Answer
Correct Answer: C [Mixed economy]
Notes:
A mixed economy is variously defined as an economic system blending elements of market economies with elements of planned economies, free markets with state interventionism, or private enterprise with public enterprise.
16. What is an Indian Depository Receipt (IDR)?
[A] A deposit account with a public sector bank.
[B] A depository account with Indian depositories.
[C] An instrument in the form of a depository receipt.
[D] An instrument in the form of deposit receipt issued by Indian depositories.
Show Answer
Correct Answer: C [An instrument in the form of a depository receipt.]
Notes:
An Indian Depository Receipt (IDR) is a financial instrument denominated in Indian Rupees, issued by a domestic depository against the equity shares of a foreign company. IDRs are listed and traded on Indian stock exchanges. The concept was introduced under Section 605A of the Companies Act, 1956 and regulated by SEBI. The first IDR was issued by Standard Chartered PLC in 2010.
17. What is the name given to the unemployment which occurs when workers move from one job to another job? (UPSC Prelims 1992)
[A] Seasonal unemployment
[B] Frictional unemployment
[C] Technological unemployment
[D] Cyclical unemployment
Show Answer
Correct Answer: B [Frictional unemployment]
Notes:
Frictional unemployment is a type of unemployment. It is sometimes called search unemployment and can be based on the circumstances of the individual. It is time spent between jobs when a worker is searching for a job or transitioning from one job to another.
18. Who wrote the book principles of economics?
[A] Alfred Marshall
[B] Milton Friedman
[C] J S Mill
[D] None of the above
Show Answer
Correct Answer: A [Alfred Marshall]
Notes:
Principles of Economics is a leading political economy or economics textbook of Alfred Marshall (1842–1924), first published in 1890. It says The essence of economics can be reduced to three basic principles: scarcity, efficiency, and sovereignty
19. Who is the author of the famous book “The social Framework”?
[A] James Tobin
[B] Amartya Sen
[C] Dean Baker
[D] J.R.Hicks
Show Answer
Correct Answer: D [J.R.Hicks]
Notes:
The Social Framework. Posted on May 23, 2015. is the title of a short book by John Hicks published in 1942. It’s an introduction, for the general reader, to the then-new fangled concept of national income accounting – beautifully clearly written and very straightforward.
20. Which of the following activities comes under the primary sector?
- Fishing
- Pisciculture
- Apiculture
- Manufacturing
- Internet of things
Select the correct option from the codes given below:
[A] 1 and 2 only
[B] 1, 4 and 5 only
[C] 4 and 5 only
[D] 1, 2 and 3 only
Show Answer
Correct Answer: D [1, 2 and 3 only]
Notes:
Primary sector activities involve direct extraction or utilization of natural resources. Fishing, pisciculture (fish farming), and apiculture (beekeeping) are all primary sector activities. Manufacturing and Internet of Things (IoT) are secondary and tertiary sector activities, respectively, and do not fall under the primary sector.
