The trend of questions on Economics in terms of percentage of total 100 questions has approximately varied from 9% to 14% with an average of 10%. the questions pertain to various aspects of Indian Economy and economic planning in India right from the first five year plan (1952-1957). Besides this, it also has questions on the basic concepts of economics and the current global economic trend. However, in recent years there have been very few questions related to Economics. Nevertheless, you have to keep a watch on current economic trends.
In recent years the following topics have assumed great significance: Small and Medium entrprises (SME), Micro Small and Medium Enterprises (MSME), Financial inclusion and of course the ongoing Doha round whose latest meeting is to be held in copenhagen in December 2010 including the various issues involved in it like NAMA, Service sector access, trigger mechanism, Non tarrif barriers etc and the India's stand on these issues.
The latest global crisis starting from the collapse of the housing finance in USA and subsequently spreading to all over the world and the global response to it is equally important.
You must be familiar with the conceptes like per capita income, GDP, GNP, National income, poverty line, thirld world country, GATT, WTO IMF, World Bank, policies related to Income tax, sales tax, excise duty, property tax, Corporate tax and of course the newly implemented VAT, customs, Import and Export, RBI, Primary sector, Secondary sector, tertiary sector, Public sector, Private sector, FDI, Public borrowing, Domestic saving, consumer goods, cash crops, inflation, deflation, growth rate, Partial convertibility, Full convertibility, closed economy,Plan expenditure, Non plan expenditure cash reserve ratio, SLR, Bank rate, Soft loans, capital goods, Broad money, WPI, CPI, Economic globalisation, Import quota, Exchange rate, Fiscal policy, Budget, Embargo, Trade policy, patents (products as well as process), Monetary policy, Fiscal deficit, Rupee convertibility, Devaluation, Stamp duty, SSI, FCNR, subsidy, Mutual fund, Finance commission, Planning commission, Inter state council, National Development council etc. It is important to become familiar with all such terms so that you are able to tackle questions on economics with confidence. At this point it should also be understood that questions on economics are relatively tougher than other subjects. Nevertheless, regular practise and reading the economics section in the daily newspaper to keep abreast with current economics affair both at national and international levels will help a lot in tackling questions on economics.
Some questions of the previous years are listed below for your guidance:
Which institution is the watch dog of trade?
What is the contribution in terms of percentage of SSI in manufacturing?
What is meant by disguised unemployment?
Public sector, in India is most dominant in which economic activity?
The new population bomb refers to?
What is meant by Hawala transaction?
What is the sex ratio in India as per the latest census?
What is meant by Non plan expenditure?
The banks are required to maintain a certain ratio between their cash in hand and total assets. This is called?
Economic survey in India is officially published by which agency?
Which Indian economist was associated with the WTO draft document? The economic crisis in the later half of 1990s most severely affected Indonesia, Thailand, Malaysia and South Korea. What was the cause of the crisis?
What are the main sources of credit to the farmers?
What is the role of IMF, WTO, IBRD?
What is the criteria for classifying persons below the poverty line?
What is meant by economic liberalisation in India?
What is meant by Rupee convertibility?
What is the measure of a country's economic growth?
What does the term National income represents?
Five year plan in India is finally approved by?
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