Important Economics MCQ Questions with Solutions for Board & Competitive Exams
Multiple Choice Questions (MCQs) on economics test students’ knowledge of important concepts such as demand, supply, production, national income, and market structures. MCQ on economics is crucial for exam preparation—especially for school boards and entrance tests—helping learners master and revise key topics efficiently.
| MCQ Focus Area | Example Subtopics | Typical Exam Use |
|---|---|---|
| Microeconomics | Law of Demand, Elasticity, Market Structures | Class 11/12 Boards, UPSC Prelims |
| Macroeconomics | GDP, GNP, National Income, Inflation | Class 12, Competitive Exams |
| Indian Economy | Planning, Poverty, Agriculture, Financial System | UPSC, State PSC, CBSE Boards |
| Applied Economics | Daily Business Application, Case Studies | Practical Viva, Commerce Olympiads |
MCQ On Economics: Definition & Importance
Economics MCQs are objective questions testing your understanding of economic concepts, theories, and applications. They provide rapid revision and self-assessment, making them a popular tool for competitive and school exam preparation. Practicing MCQs helps clarify doubts and improves accuracy under timed conditions.
Types of Economics MCQs
- Class 9–12 economics MCQs (CBSE, ISC)
- UPSC/SSC/Banking exam economics MCQs
- Economic current affairs MCQs
- Microeconomics and macroeconomics MCQs
- Downloadable MCQ PDFs for offline revision
Key Economics MCQs With Answers
Below are sample MCQs on economics to help students test their knowledge. Each question is followed by the correct answer for instant learning.
- What do you mean by the supply of goods?
a) Stock available for sale
b) Total stock in the warehouse
c) The actual production of the goods
d) Quantity of the goods offered for sale at a particular price per unit of time
Answer: d - Which relation does the law of demand define?
a) Income and price of a commodity
b) Price and quantity of a commodity
c) Income and quantity demanded
d) Quantity demanded and quantity supplied
Answer: b - What is a mixed economy?
a) Modern and traditional industries
b) Public and private sectors
c) Foreign and domestic investments
d) Commercial and subsistence farming
Answer: b - What is Gross National Product?
a) The total value of goods and services produced in the country
b) The total value of all the transactions in the country
c) The depreciation in the total value of goods and services produced in the country
d) The total value of goods and services produced in the country and the net factor income from abroad
Answer: d - Which banks have the highest share in credit disbursement to agriculture in India?
a) Cooperative banks
b) Regional Rural Banks
c) Commercial banks
d) Microfinance institutions
Answer: c
How Economics MCQs Help in Exams
MCQ on economics prepares students for objective assessments in school boards, competitive entrances, and job exams. Practicing MCQs improves speed, comprehension, and confidence. They are ideal for time-bound revision and self-assessment.
Exam Preparation Tips for Economics MCQs
- Revise definitions and examples regularly
- Practice one-question-at-a-time for faster recall
- Understand differences (e.g., GDP vs. GNP)
- Use downloadable PDF MCQ banks for mobile/offline study
- Always review expert explanations for each answer
Internal Links for Enhanced Learning
- Build strong basics with Basic Concepts of Economics
- Clarify macro topics at Macroeconomics Concepts
- Revise demand theory at Law of Demand
- Learn about national income at National Income
- Master market structures at Features of Perfect Competition
- Find more practice at Sandeep Garg Economics Class 11 Solutions Chapter 1
PDF Download: Economics MCQ Question Bank
For comprehensive revision, download Vedantu’s expert-curated PDF of economics MCQs with answers. These PDFs are ideal for mobile and offline practice. Download Economics MCQ PDF
Why Choose Vedantu Economics MCQs?
At Vedantu, each MCQ on economics is created and verified by experienced educators. Our question bank covers board syllabi, UPSC, and major competitive exams, ensuring accuracy and conceptual clarity. Students trust Vedantu for expert explanation and exam-ready content.
Summary
MCQ on economics is a critical resource for school and competitive exam aspirants. Practicing categorized questions on demand, supply, macro topics, and more enhances accuracy and speed. Vedantu provides expertly designed, syllabus-aligned MCQs and downloadable PDFs to boost exam confidence and conceptual understanding.
FAQs on MCQ Practice on Economics: Questions, Answers & Concepts
1. What is an economics MCQ?
An economics MCQ (Multiple Choice Question) tests your understanding of key economic concepts like demand, supply, GDP, market structures, and more. They're crucial for board exams and competitive exams like the UPSC, helping you assess your knowledge and improve exam performance.
2. What are top MCQs in economics?
Top economics MCQs often cover fundamental concepts like the law of demand, market equilibrium, GDP vs. GNP, national income calculations, and different economic systems. The specific 'top' MCQs vary depending on the exam (UPSC, class 11, class 12, etc.), but focusing on core definitions and calculations is key.
3. Which books have economics MCQs?
Many textbooks and practice books include economics MCQs. Standard textbooks for CBSE, ISC, and UPSC preparation often have practice sections with MCQs. Additionally, many commercially available guides and question banks are specifically designed for MCQ practice in economics.
4. Which MCQ is asked most in economics exams?
Predicting the *most* frequently asked MCQ is impossible. However, questions focusing on core definitions (GDP, inflation, demand), calculations (national income), and understanding of key economic principles (supply and demand, market structures) frequently appear in exams.
5. How to download MCQ on economics pdf?
Many websites offer downloadable PDFs of economics MCQs. Search for "economics MCQ PDF download," "class 11 economics MCQ PDF," or similar terms. Ensure the source is reliable and the content aligns with your exam syllabus (CBSE, ISC, UPSC).
6. How do I prepare for economics MCQ?
Effective economics MCQ preparation involves understanding core concepts, practicing regularly with diverse question types, and reviewing answers carefully. Use chapterwise MCQ practice, focus on areas you find challenging, and try timed practice tests to simulate exam conditions.
7. Where can I find MCQs for Economics Class 12?
You can find Class 12 economics MCQs in various resources. Look for class 12 economics MCQ PDFs online, check your textbook's practice sections, or use commercially available MCQ question banks specifically designed for the CBSE or ISC syllabus.
8. How can I download a PDF of economics MCQ questions and answers?
Search online for "economics MCQ questions and answers PDF download." Many educational websites and resources provide downloadable PDFs containing economics MCQs with answers. Always verify the source's reliability and ensure the content is relevant to your syllabus.
9. Which topics are covered in economics MCQs for competitive exams?
Competitive exam economics MCQs typically cover a broad range of topics, including microeconomics (demand and supply, market structures), macroeconomics (GDP, inflation, national income), and potentially current economic affairs. The specific topics depend on the exam (e.g., UPSC).
10. Are answers provided for every economics MCQ?
Most reputable sources providing economics MCQs will include answers. Check the resource description to confirm whether answers and explanations are provided. High-quality resources often include detailed explanations to clarify the correct answer and enhance understanding.
11. How do I prepare for economics objective questions effectively?
Effective preparation for economics objective questions involves a multi-pronged approach. Thorough understanding of concepts is crucial. Practice a wide variety of MCQs, focusing on areas where you struggle. Analyze incorrect answers to identify knowledge gaps. Regular revision and timed practice tests are also beneficial.
