Crack the IAS Economy Section with the Power of Erudition: Top MCQs for 2021
Aspiring Civil Service candidates must put in a lot of effort to ace the IAS exam, and the Economy section is a crucial component of the test that demands a lot of preparation. Understanding the concepts and terminology used in the Economy section of the IAS exam is a challenging task, but it is a crucial one if candidates are to secure a good score in this section. Therefore, we have compiled some of the top MCQs for 2021 to help aspirants tackle this tough section with ease.
What are MCQs?
MCQs, also known as Multiple-Choice Questions, are frequently used in entrance exams, competitive exams, and job interviews. These questions are designed to help the examiner assess a candidate’s knowledge and understanding of the subject matter. Candidates are given different options to choose from, and they must select the correct answer among the options provided.
Why MCQ questions in the IAS exam are important?
In the IAS exam, candidates must answer several MCQ questions as part of the Economy section. Aspirants must have a strong understanding of the subject so they can respond effectively to these MCQs. To be successful in this section, candidates must be familiar with the latest trends and developments in the Indian economy and be aware of the various tools and techniques used in macro and microeconomics.
What are the top MCQs for the IAS Economy section in 2021?
Here are the top MCQs for the IAS Economy section in 2021:
1. Which of the following is not a tax?
a) Income tax
b) Value Added Tax
c) Goods and Service Tax (GST)
d) Salary tax deductions
Answer: d) Salary tax deductions
2. GNP stands for:
a) Gross Net Product
b) Gross National Product
c) Government Net Product
d) None of the above
Answer: b) Gross National Product
3. Which of the following indicates the total value of goods and services produced within a country?
a) GNP
b) GDP
c) PPP
d) BIP
Answer: b) GDP
4. Which of the following sectors is the highest employer in India?
a) Agriculture
b) Manufacturing
c) Services
d) IT.
Answer: c) Services
5. The Reserve Bank of India (RBI) has the power to:
a) Issue currency notes
b) Approve mergers and acquisitions
c) Regulate the stock market
d) None of the above
Answer: a) Issue currency notes
Conclusion
In conclusion, the IAS exam’s Economy section is a tough nut to crack, but the right preparation and practice can make all the difference. The key to success is to keep reading and stay up to date with the latest developments and trends. This requires maintaining a steady study schedule, reading current affairs, and being aware of the various economic indicators used in the country.
By practicing the top MCQs for the IAS Economy section, aspirants can improve their chances of cracking the exam and securing a good score. Success in the IAS exam requires hard work, determination, and a well-planned strategy. With the right approach, aspirants can overcome the challenging and daunting task of cracking this exam.
