Economics Questions for SSC CHSL, Basic Concepts, Free PDF, Free Tests

Preparing for the SSC CHSL exam can be a challenging task, especially when it comes to subjects like Economics. One may find it difficult to prepare due to the vast syllabus, but it is considered an important topic in the exam because 1-3 questions at an easy-to-moderate level can be asked in the exam. Covering the whole syllabus can be difficult, but you can make it easy by preparing exam-level questions. In this blog, we have provided a PDF of Economics Questions for SSC CHSL. Attempting an economics test will make one familiar with the types of questions, not the real exam conditions. Below, we have provided a direct link to our free topic-wise tests.

SSC CHSL Economics: Basic Concept, Syllabus

Economics is the study of how people, businesses, and governments use resources to produce, distribute, and consume goods and services. It helps us understand how choices are made when resources are limited but wants are unlimited. Below, we have mentioned topics and their key concepts. This will help you to know the syllabus of economics for SSC CHSL exam.

Topic	Key Concepts & Definitions
Economy & Its Types	– Economy: System of production, consumption, distribution of goods/services. – Types: Capitalist, Socialist, Mixed (India = Mixed Economy).
Demand & Supply	– Law of Demand: Price ↓ → Demand ↑ (inverse relationship). – Law of Supply: Price ↑ → Supply ↑ (direct relationship). – Elasticity: Responsiveness of demand/supply to price change.
National Income	– GDP: Total value of goods/services produced within a country. – GNP: GDP + Net Factor Income from Abroad (NFIA). – NDP, NNP, PCI: Net and per capita measures of income.
Inflation	– Definition: Rise in general price level. – Types: Demand-pull, Cost-push. – CPI/WPI: Indexes used to measure inflation in India.
Banking & Finance	– RBI Functions: Issue currency, regulate banks, control inflation. – Monetary Policy Tools: CRR, SLR, Repo Rate, Reverse Repo. – Types of Banks: Commercial, Cooperative, RRBs.
Budget & Taxation	– Union Budget: Annual financial statement by the government. – Taxes: Direct (e.g., Income Tax) vs Indirect (e.g., GST). – Fiscal Deficit: Govt. expenses > revenue.
Indian Economic Planning	– Five-Year Plans: Long-term planning strategy (discontinued now). – NITI Aayog: Replaced Planning Commission. – Important Schemes: MGNREGA, PM-KISAN, Make in India, Startup India.

Download Free PDF of Economics Questions for SSC CHSL 2025

Here, we have provided a PDF that consists of various types of economics questions for SSC CHSL 2025 Tier 1 exam. You can download the PDF for free and understand the types of questions asked in the exam. The PDF includes topic-wise MCQs, previous year questions, and answers to help you practice and revise easily.

1. As per Mankiw’s Principles of Economics, the standard of living of a country depends on the country’s _____
   (a) government policy
   (b) nominal wages
   (c) average wages
   (d) ability to produce goods and services
2. The interest rate charged by banks on short-term loans to their largest, most secure and most creditworthy customers is called ______
   (a) Prime Lending Rate
   (b) Amortised Rate
   (c) Discount Rate
   (d) Variable Rate
3. What is the value of all tangible resources such as raw materials and labour that are used in the production process called?
   (a) Real Cost
   (b) Variable Cost
   (c) Opportunity Cost
   (d) Fixed Cost
4. A marketplace in which a final good or service is bought and sold is called ______
   (a) Equity Market
   (b) Factor Market
   (c) Commodity Market
   (d) Product Market
5. What is the economic impact of increase in productivity of firms?
   (a) Decrease in Gross Domestic Product
   (b) No change in Gross Domestic Product
   (c) The impact may vary among nations and their economic conditions
   (d) Increase in Gross Domestic Product
6. What would happen to the demand curve when there is an increase in the price of substitute products?
   (a) Outward shift
   (b) Remains constant
   (c) Initially inward and then after a period outward shift
   (d) Inward shift
7. Which theory in economics proposes that countries export what they can most efficiently and plentifully produce?
   (a) Solow-Swan Model
   (b) Heckscher-Ohlin Model
   (c) Input-Output Model
   (d) Cournot Competition
8. Which theory is used to make long-run predictions about exchange rates in a flexible exchange rate system?
   (a) Purchasing Power Parity Theory
   (b) Balance of Payment Theory
   (c) Interest Rate Approach
   (d) Portfolio Balance Approach
9. ADF stands for —- in the context of banking.
   (a) Actual Data Flow
   (b) All Day Finance
   (c) Automated Data Flow
   (d) Automated Digital Flow
10. In ________ economies, all productive resources are owned and controlled by the government.
    (a) mixed
    (b) capitalist
    (c) socialist
    (d) dual

How to Prepare Economics Questions for SSC CHSL?

Most candidates find it difficult to prepare for economics because they do not prepare for it correctly. Below, we have provided some preparation tips that will help you to prepare for economics questions effectively for the SSC CHSL exam. Follow these tips so that you become able to increase your preparation level.

• First, know the Syllabus: Before starting your preparation, you are advised to go through the syllabus. The syllabus is vast, so you should create a study plan so that you can cover the syllabus quickly and systematically. You are strongly advised to attempt a test so that you can know the difficulty level of the exam.
• Go Back to Basics with NCERTs: Remember those school textbooks? For Economics, the NCERT books for classes 11 and 12 are the best. Before you jump into complex theories, you need a solid foundation, and these books provide just that. They explain the core concepts in simple, easy-to-understand language. NCERTs are considered the best foundation for understanding topics like GDP, inflation, demand-supply, national income, and more.
• Focus on Current Affairs: You are advised to stay updated with current affairs related to economics. It can include the latest economic developments, government policies, and reports like the Economic Survey and the Union Budget. This will not only help you with current affairs questions but also increase your knowledge related to national and international current events. For revision and practice, you should attempt our free weekly current affairs quizzes created by our experts.
• Make Short & Smart Notes: As you know syllabus is vast and it is mostly of a conceptual nature. If you think that you will remember everything just by reading, then you might be mistaken. To prepare such topics effectively, you require a lot of practice and revision. For that, you are required to make your own short notes comes in. Just make a habit of highlighting important facts and points, and note down the important definitions, data, and concepts in a separate notebook. This simple habit can help you prepare this section effectively.
• Practice Previous Year Questions (PYQs): The syllabus for Economics is vast, and you can’t possibly master everything. So, how do you study smart? Attempting the Previous Year Questions (PYQs) can be the best step. When you attempt these papers, you know the pattern of the questions and the difficulty level of the questions. After knowing this, you make your study plan accordingly and take your preparation systematically.

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