It is very important for every competitive exam aspirant to understand the basic concepts of the Indian economy. Questions related to mixed economy, fiscal deficit and revenue deficit, composition of GDP, Niti Aayog, inflation, GST, poverty line, disinvestment and monetary policies are often asked in UPSC, SSC, Banking, Railways, Defence, State PSCs and other government exams. In the section below, we will provide MCQs that will help enhance your conceptual clarity in engaging, easy to follow explanations. Each question also has a “Simple Talk Explanation” so that more complicated economics topics are easy to understand and remember.