Preparing for PEO, OPSC ASO, Odisha Police SI and Constable 2026 exams? This GK/GS practice set contains 20 important General Knowledge and General Studies questions covering Indian Economy, inflation, GDP, taxation, fiscal deficit, government schemes, financial inclusion and poverty.
Previous-year-question practice is useful for becoming familiar with question styles and recurring subject areas. Official OSSSC pages also provide question booklets from several past examinations, while previous-year resources for Odisha Police examinations cover papers from different years.
GK/GS Previous Year Question Paper Practice
This set includes questions on:
- GDP and GNP
- Inflation and Stagflation
- Consumer Price Index (CPI)
- Wholesale Price Index (WPI)
- Primary, Secondary and Services sectors
- Per Capita Income
- Direct Taxes
- Fiscal Deficit
- Mixed Economy
- Value Added Method
- Balance of Payments
- MGNREGA
- National Food Security Act
- Pradhan Mantri Jan-Dhan Yojana
- Skill India
- Multidimensional Poverty
Start Your GK/GS Practice
Attempt all 20 GK/GS MCQs and check the detailed explanations provided with each answer. Keep practicing similar sets regularly for your PEO, OPSC ASO, Odisha Police SI and Constable 2026 preparation.
1. What does economic growth mean when it is described as ‘intensive’?
Increase in population
Increase in output through better efficiency and productivity
Increase in imports
Increase in government expenditure
Intensive economic growth means increasing output through improved efficiency, productivity, technology, and better utilization of existing resources.
2. What is the definition of GDP (Gross Domestic Product)?
Total income earned by citizens abroad
Total value of intermediate goods produced
Total monetary value of final goods and services produced within a country
Total government revenue
GDP is the total monetary value of final goods and services produced within a country’s domestic territory during a specific period.
3. How does GNP differ from GDP?
GNP excludes domestic production
GNP includes net factor income from abroad
GNP measures only government production
GNP measures only agricultural production
GNP is calculated by adding net factor income from abroad to GDP.
4. How is inflation best described?
A sustained decrease in prices
A sustained increase in the general price level
A decrease in money supply
An increase in exports only
Inflation refers to a sustained increase in the general price level of goods and services, reducing the purchasing power of money.
5. What is meant by ‘stagflation’?
High growth with low inflation
Deflation with high employment
High inflation combined with stagnant growth and unemployment
Rapid growth with falling prices
Stagflation is a situation where high inflation occurs alongside stagnant economic growth and high unemployment.
6. Which index is used to measure inflation at the retail level in India?
Wholesale Price Index
Consumer Price Index
Index of Industrial Production
GDP Deflator only
The Consumer Price Index (CPI) is the main index used to measure retail inflation in India.
7. Which body releases the Wholesale Price Index (WPI) in India?
Reserve Bank of India
NITI Aayog
Office of the Economic Adviser, DPIIT
Ministry of Finance
The Office of the Economic Adviser under the Department for Promotion of Industry and Internal Trade (DPIIT) publishes WPI data.
8. Which sector is referred to as the ‘primary sector’?
Banking and insurance
Manufacturing
Agriculture and allied activities
Information technology
The primary sector includes activities directly dependent on natural resources, such as agriculture, forestry, fishing, and mining.
9. Which sector contributes the largest share to India’s GDP?
Agriculture sector
Industrial sector
Services sector
Mining sector
The services sector contributes the largest share to India’s Gross Domestic Product.
10. How is per capita income calculated?
Population ÷ National Income
National Income ÷ Population
GDP × Population
National Income × Population
Per capita income is calculated by dividing national income by the total population.
11. Which of the following is an example of a direct tax?
GST
Customs Duty
Income Tax
Excise Duty
Income Tax is a direct tax because it is directly imposed on and paid by the person or entity on whom it is levied.
12. What is fiscal deficit?
Excess of government revenue over expenditure
Excess of total government expenditure over total receipts excluding borrowings
Excess of exports over imports
Difference between GDP and GNP
Fiscal deficit is the excess of total government expenditure over total receipts excluding borrowings.
13. What defines a ‘mixed economy’?
Only the private sector operates
Only the public sector operates
Both public and private sectors operate
There is no government regulation
A mixed economy combines the participation of both the public sector and private sector in economic activities.
14. Which method measures value added at each stage of production to avoid double counting?
Income Method
Expenditure Method
Value Added Method
Investment Method
The Value Added Method calculates the value added at each stage of production, thereby avoiding double counting.
15. What does the Current Account in the Balance of Payments mainly record?
Only foreign investments
Goods, services, primary income and secondary income transactions
Only government loans
Only changes in foreign exchange reserves
The Current Account records transactions in goods, services, primary income, and secondary income between residents and the rest of the world.
16. Which ministry administers the MGNREGA scheme?
Ministry of Finance
Ministry of Rural Development
Ministry of Agriculture
Ministry of Labour and Employment
The Ministry of Rural Development is the central ministry responsible for administering MGNREGA.
17. What is the primary objective of the National Food Security Act (NFSA)?
Promote exports of food grains
Provide subsidized food grains and ensure food and nutritional security
Increase agricultural taxes
Promote industrial development
The NFSA aims to provide subsidized food grains and ensure food and nutritional security for eligible sections of the population.
18. What is the core objective of the Pradhan Mantri Jan-Dhan Yojana?
Promote tourism
Promote financial inclusion
Increase agricultural exports
Build highways
Pradhan Mantri Jan-Dhan Yojana aims to promote financial inclusion by providing access to banking and financial services.
19. What does the ‘Skill India’ mission aim to do?
Provide skill training and improve employability
Increase imports
Reduce industrial production
Promote only government employment
Skill India aims to provide skill development and training opportunities to improve the employability of India’s workforce.
20. Which body is currently responsible for estimating multidimensional poverty levels in India?
Reserve Bank of India
NITI Aayog
Election Commission of India
Finance Commission
NITI Aayog publishes India’s Multidimensional Poverty Index (MPI), which measures poverty across multiple dimensions beyond income.
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Practice for Odisha Government Exams
These questions are useful for candidates preparing for PEO, OPSC ASO, Odisha Police SI and Constable 2026 examinations. Recent online preparation sessions also use previous-year GK/GS questions for these Odisha government examinations.
Try to solve each MCQ yourself before checking the answer and explanation. Regular practice can help you revise important concepts and identify topics that need more attention.
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