List of top Economics Questions

“Import substitution policy, if not applied carefully, can prove to be a double-edged sword for any economy.” Do you agree with the given statement? Justify your answer with valid arguments.

Elaborate the meaning of disguised unemployment with the help of a suitable example.

``Disposition phase of circular flow of income involves flow of factor income from firms to households.''
Justify the statement giving valid reason.

Critically appraise the micro-credit programmes in rural India.

Informalisation of workforce in India has increased various concerns on the front of employment generation among the youth of the country. State and elaborate whether the statement is true/false with valid arguments.

In the Indian rural landscape, agricultural diversification has emerged as a solution for a lot of farmers’ problems. State and elaborate whether the statement is true/false with valid arguments.

State the meaning of sustainable development.

Discuss briefly, causes and consequences of tax reforms taken by the Indian Government during economic reforms.

Suppose an economy is experiencing a situation of rise in Real Gross Domestic Product (GDP), without any corresponding rise in employment opportunities. In economic parlance, such a situation is termed as _________ growth. (Choose the correct option to fill in the blank)

Elaborate the economic reforms in agriculture sector undertaken by China.

Describe ‘LPG’ and ‘Gobar Gas’ as strategies used to achieve sustainable development in rural areas.

Appraise the Navratna policy adopted by the Government of India in the reforms of 1991.

Read the following statements – Assertion (A) and Reason (R). Choose the correct alternative from the options given below:
Assertion (A): Excessive regulation of permit license raj prevented certain private firms from becoming more efficient.
Reason (R): Private sector wasted a significant time in obtaining licenses rather than enhancing product quality and international competitiveness.

Distinguish between human capital and physical capital.

“Under the British rule, India underwent systematic economic exploitation with its resources and wealth being diverted to Britain.” Justify the given statement with valid explanation.

In the post-independence era, the policy makers of India pushed for ‘self-reliance’ for the first _______ Five Year Plans. (Choose the correct option to fill in the blank)

Identify, which of the following statements is incorrect about the Rural Banking system in India. (Choose the correct option)

Read the following statements carefully:
Statement 1: The Food Corporation of India maintains buffer stocks of wheat and rice as a measure to improve market mechanism.
Statement 2: Minimum Support Price (MSP) is imposed by the government to safeguard the interest of farmers.
In the light of the given statements, choose the correct option from the following:

Production of diverse varieties of crops rather than one specialized crop is known as diversification of __________. (Choose the correct option to fill in the blank)

Read the following text carefully:
\textit{``This function of money provides different items to be evaluated against a common standard. It allows comparison of prices and keeping financial records.''}
(i) On the basis of the given text, identify the indicated function of money.
(ii) List any other two functions of money.

Elaborate the process of Credit Creation using a suitable numerical example.

``All producer goods are essentially capital goods.''
Defend or refute the given statement, with the help of a suitable example.

On the basis of the following data, estimate the value of National Income (NNP\textsubscript{FC}):

S.No.	Items	Amount (in ₹ crore)
(i)	Household Consumption Expenditure	\( 800 \)
(ii)	Gross Business Fixed Capital Formation	\( 150 \)
(iii)	Gross Residential Construction Investment	\( 120 \)
(iv)	Government Final Consumption Expenditure	\( 270 \)
(v)	Excess of Imports over Exports	\( 20 \)
(vi)	Inventory Investments	\( 50 \)
(vii)	Gross Public Investments	\( 130 \)
(viii)	Net Indirect Taxes	\( 20 \)
(ix)	Net Factor Income from Abroad	\( -25 \)
(x)	Consumption of Fixed Capital	\( 40 \)