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UPPSC 2024 — Economy Questions with Answers

All 16 Economy previous-year questions from UPPSC 2024, each with the correct answer and a full explanation. Practise them as a free, timed mock test with instant scoring.

1. Q1.Economy

   With reference to Economic Growth, which of the following statements is/are correct? 1. Indian Economy is an Underdeveloped Economy. 2. Indian Economy is a Mixed Economy. 3. J.M. Keynes is the Father of Economics. Select the correct answer from the codes given below:

   • a)(a) Only 1 and 2 are correct.
   • b)(b) Only 3 is correct.
   • c)(c) Only 1 is correct.
   • d)(d) Only 2 and 3 are correct.
2. Q2.Economy

   Given below are two statements, one is labelled as Assertion (A) and the other as Reason (R). Assertion (A): The value of national currency determined by demand and supply of foreign currency is called flexible exchange rate. Reason (R): Demand and supply of the foreign currency is being determined by the Central Bank. Select the correct answer from the codes given below:

   • a)(a) Both (A) and (R) are true and (R) is the correct explanation of (A).
   • b)(b) (A) is false, but (R) is true.
   • c)(c) Both (A) and (R) are true, but (R) is not the correct explanation of (A).
   • d)(d) (A) is true, but (R) is false.
3. Q3.Economy

   With reference to India, consider the following events: 1. Nationalisation of Banks 2. Formation of Regional Rural Banks 3. Adoption of villages by Bank Branches Which of the above events can be considered as steps taken to achieve "financial inclusion in India"?

   • a)(a) Only 2 and 3
   • b)(b) 1, 2 and 3
   • c)(c) Only 1 and 2
   • d)(d) Only 3
4. Q4.Economy

   Given below are two statements, one is labelled as Assertion (A) and the other as Reason (R). Assertion (A): There is a positive relationship between Human Development Index (HDI) and the Sustainable Development Goals (SDGs) ranking of Indian States. Reason (R): The underlying dimensions of SDG targets are closely related to education and health aspects. Select the correct answer from the codes given below:

   • a)(a) Both (A) and (R) are true, but (R) is not the correct explanation of (A).
   • b)(b) (A) is false, but (R) is true.
   • c)(c) Both (A) and (R) are true and (R) is the correct explanation of (A).
   • d)(d) (A) is true, but (R) is false.
5. Q5.Economy

   List-I contains the names of countries, whereas List-II shows the Rank as remittances received in the year 2022. Match List-I with List-II and choose the correct answer using the codes given below the lists: List-I List-II (Country) (Rank) A. Mexico 1. First B. China 2. Second C. India 3. Third D. Philippines 4. Fourth Codes: A B C D

   • a)(a) 4 1 2 3
   • b)(b) 2 3 1 4
   • c)(c) 3 4 2 1
   • d)(d) 1 2 3 4
6. Q6.Economy

   Match List-I with List-II and choose the correct answer using the codes given below the lists: List-I List-II (State) (Rank according to expenditure on infrastructure 2019-23) A. Maharashtra 1. First B. Uttar Pradesh 2. Second C. Tamil Nadu 3. Third D. Karnataka 4. Fourth Codes: A B C D

   • a)(a) 1 2 3 4
   • b)(b) 2 1 3 4
   • c)(c) 4 1 2 3
   • d)(d) 2 3 1 4
7. Q7.Economy

   With reference to the “National Intellectual Property Rights Policy” consider the following statements: 1. It reiterates India’s commitment to Doha Development Agenda and the TRIPS agreement. 2. Department of Industrial Policy and Promotion is the nodal agency for regulating Intellectual Property Rights in India. Which of the above statements is/are correct?

   • a)(a) Only 2
   • b)(b) Neither 1 nor 2
   • c)(c) Only 1
   • d)(d) Both 1 and 2
8. Q8.Indian Economy

   Which of the following statements is true regarding the trend of unemployment rate in India between July-September, 2019 and July-September, 2022? 1. It remained the same. 2. It declined. Select the correct answer from the codes given below: (a) 2 is true and 1 is false. (b) Both 1 and 2 are false. (c) 1 is true and 2 is false. (d) Both 1 and 2 are true.

   • a)2 is true and 1 is false.
   • b)Both 1 and 2 are false.
   • c)1 is true and 2 is false.
   • d)Both 1 and 2 are true.
9. Q9.Economy / International Organizations

   Who prepares/ publishes the Global Multidimensional Poverty Index (MPI) report? 1. World Bank and International Monetary Fund (IMF) 2. Oxford Poverty and World Health Organisation (WHO) 3. Oxford Poverty and Human Development Initiative (OPHI) 4. United Nations Development Programme (UNDP) Select the correct answer from the codes given below:

   • a)(a) 2 and 4
   • b)(b) Only 4
   • c)(c) 1 and 4
   • d)(d) 3 and 4
10. Q10.Economy / Current Affairs

    Given below are two statements, one is labelled as Assertion (A) and the other as Reason (R). Assertion (A): During 2023-24, Singapore emerged as the largest source of FDI to India. Reason (R): The India Mauritius Tax Treaty amendment has brought a major shift in countries as major sources of FDI to India. Select the correct answer from the codes given below:

    • a)Both (A) and (R) are true, but (R) is not the correct explanation of (A).
    • b)(A) is false, but (R) is true.
    • c)Both (A) and (R) are true and (R) is the correct explanation of (A).
    • d)(A) is true, but (R) is false.
11. Q11.Economics/International Organizations

    Match List-I with List-II and choose the correct answer using the codes given below the lists: List-I A. Human Development Report B. World Economic Outlook C. World Investment Report D. Emissions Gap Report List-II 1. International Monetary Fund 2. United Nations Environment Programme 3. United Nations Development Programme 4. United Nations Conference on Trade and Development Codes: A B C D (a) 3 1 4 2 (b) 3 4 1 2 (c) 1 2 3 4 (d) 2 3 4 1

    • a)(a) 3 1 4 2
    • b)(b) 3 4 1 2
    • c)(c) 1 2 3 4
    • d)(d) 2 3 4 1
12. Q12.Economics

    Which indicators are used in Human Development Index (HDI)? 1. Income level 2. Education 3. Condition of environment 4. Life expectancy Select the correct answer from the codes given below:

    • a)(a) Only 1, 2 and 3
    • b)(b) Only 1 and 4
    • c)(c) Only 1, 2 and 4
    • d)(d) Only 1 and 2
13. Q13.Economics

    Malthus argued that the population grows in a __________ progression, while agricultural production/food supply grows in a __________ progression. From the following options, choose the correct answer to fill in the blanks:

    • a)(a) Linear, Exponential
    • b)(b) Exponential, Linear
    • c)(c) Arithmetic, Geometric
    • d)(d) Geometric, Arithmetic
14. Q14.Economy

    According to the Economic Survey, 2022-23, what fiscal policy response did the Government of India undertake in response to the aggravated global supply disruptions? 1. Decreasing food and fertiliser subsidies 2. Increasing taxes on fuel and imported products 3. Reducing taxes on fuel and certain imported products Select the correct answer from the codes given below:

    • a)(a) Only 3
    • b)(b) Only 1
    • c)(c) Only 2
    • d)(d) None of the above
15. Q15.Government Schemes / Economy

    Match List-I with List-II and choose the correct answer using the codes given below the lists: List-I (Social Security Programme) A. Pradhan Mantri Shram Yogi Maan-Dhan Yojana B. Pradhan Mantri Jeevan Jyoti Bima Yojana C. Pradhan Mantri Suraksha Bima Yojana D. Atal Pension Yojana List-II (Beneficiary's Contribution) 1. Beneficiary's choice 2. ₹55-₹200 per month 3. ₹436 per year 4. ₹20 per year Codes: A B C D

    • a)(a) 2 3 4 1
    • b)(b) 2 4 1 3
    • c)(c) 1 2 3 4
    • d)(d) 3 2 1 4
16. Q16.Economy / Social Development

    Given below are two statements, one is labelled as Assertion (A) and the other as Reason (R). Assertion (A): Development is being defined as improving living standards and welfare. Reason (R): Growth in per capita income is not a sufficient measure of development. Select the correct answer from the codes given below:

    • a)(a) Both (A) and (R) are true and (R) is the correct explanation of (A).
    • b)(b) (A) is false, but (R) is true.
    • c)(c) Both (A) and (R) are true, but (R) is not the correct explanation of (A).
    • d)(d) (A) is true, but (R) is false.