CUET Economics Questions 2024: Topic-wise Important Questions

Overview: Are you gearing up for the CUET 2024 and aiming to conquer the Economics section with flying colours? Read this blog for the solved CUET Economics questions.

In the  CUET 2024, the Economics section falls under Section II, which covers domain-specific subjects. When you sit for the Economics exam, you'll encounter 50 questions.

However, you're required to answer 40 of these questions. The time allocated for this section is 45 minutes, conducted in a computer-based test format.

The Economics section is worth 200 marks, making it a crucial exam. In terms of scoring, each correct answer earns you 5 marks.

But be cautious because, for each wrong answer, you lose 1 mark. If you choose not to answer a question, it neither gains nor loses you any marks.

Download Free Study Materials for CUET 2024 by cuet.com

CUET Economics Questions 2024 with Answers 

These questions are taken from the official CUET Sample Paper and aim to give students an understanding of the potential questions that can appear in the CUET Economics exam paper. Start practising the CUET economics MCQ questions and answers pdf.

CUET economics question paper with answers are as follows - 

Q1) What does the consumption function depend on?

1) Disposable Income
2) Wealth
3) Interest Rates
4) Consumer Confidence

Correct Answer: 1) Disposable Income

Q2) What is devaluation?

1) An increase in the value of a country's currency relative to other currencies.
2) A sudden drop in the stock market.
3) The deliberate downward adjustment of a country's currency value.
4) A government policy to encourage foreign investment.

Correct Answer: 3) The deliberate downward adjustment of a country's currency value.

Q3) Despite the rise in GDP, what was the major problem of the Indian economy?

1) Income Inequality
2) Poverty and Unemployment
3) Informal Sector and Lack of Formal Jobs
4) Agricultural Distress

Correct Answer: 2) Poverty and Unemployment

Check Out: CUET Marking Scheme

Q4) Indian economy reform was characterized by?

1) Liberalization of Trade and Foreign Investment
2) Deregulation and Privatization
3) Financial Sector Reforms
4) Fiscal Reforms
5) Infrastructure Development
6) Focus on Social Sector Reforms
7) Global Integration

Correct Answer: All of the above (1) Liberalization of Trade and Foreign Investment, (2) Deregulation and Privatization, (3) Financial Sector Reforms, (4) Fiscal Reforms, (5) Infrastructure Development, (6) Focus on Social Sector Reforms, and (7) Global Integration.

Q5) Which of the following years is famously known as the Great Divide in the demographic history of India?

1) 1947
2) 1950
3) 1971
4) 1921
5) 1980
6) 1991
7) 2000
8) 2011

Correct Answer: 4) 1921

Q6) When was NABARD established?

1) 1969
2) 1975
3) 1980
4) 1982

Correct Answer: 4) 1982

Q7) Industrial reform of China took place in which year?

A) 1978
B) 1984
C) 1991
D) 2000

Answer: 1978 

Q8) When was the Suez Canal opened?

A) 1850
B) 1869
C) 1875
D) 1888

Answer: 17 November 1869 

Explore Now: CUET Answer Key

Q9) From which state is SEWA related?

A) Gujarat

B) Maharashtra

C) Rajasthan

D) Haryana

Answer: Gujarat 

Q10) Which of the following is a function of RBI? 

A) Accepting deposits from the general public 

B) Giving loans to the general public 

C) Banker to the government 

D) Credit creation 

Answer: Credit creation 

Q11) Which of the following is considered an intermediate good? 

A) A mobile purchased by a student 

B) Car purchased by a household 

C) Seeds and fertilizers purchased by a farmer 

D) Vegetables by a households 

Find More: CUET Course List

Q12) Economic activities in a market economy are controlled by:

A) Market forces 

B) The government or the central authority 

C) Institutions 

D) None of these

Answer: Market forces 

Q13) When a domestic currency loses its value in relation to a foreign currency in the international money market, it is a situation of: 

A) Currency appreciation 

B) Currency depreciation 

C) Currency devaluation 

D) None of these 

Answer: Currency depreciation 

Q14) The Green Revolution started happening in India in the year. 

A) 1980-81 

B) 1967-68 

C) 1901-92 

D) 1961-62 

Answer: 1967-68 

Read More: CUET Colleges

CUET Economics Questions 2024 Preparation Tips 

You can follow the tips below to prepare and answer well in the CUET economics question paper. 

1) CUET Economics Syllabus

• The economics syllabus is entirely based on the 11th and 12th class syllabi from the NCERT textbooks.
• Study word by word from your 11th and 12th NCERT books thoroughly.

2) Divide and Concur

Divide the economics syllabus into four categories as listed below:

• Microeconomics 
• macroeconomics 
• Statistics 
• Indian Economics 

3) Key terms to remember 

• Inflation 
• Deflation 
• Fiscal policy 
• Terms of trade 
• Demographic 
• Consumer surplus 
• Index number 

Read More: CUET Cut Off

4) Important CUET Economics Questions 

Prepare for the following questions - 

• Are you sure the demand curve is downward-sloping? 
• What do you think of the Supply curve?
• Is it upward-slopping or downwards-slopping? 

5) Revise formulas for the CUET Economics Syllabus.

Practice formulas for the following parameters - 

• Statistics 
• National income 
• Elasticity 
• Production 
• Consumer multipliers 
• National income 
• Aggregate Demand 
• Aggregate supply 

6) Reference Books and Mock Tests

Practice as many mocks and CUET economics questions and answers pdf as possible. You can refer to the following CUET preparation books:

• NTA CUET (UG) Practice Paper Economics| Exam Preparation Book 2022 by VK Publications
• CUET Economics by Drishti Publications 

Learn more: How many questions are there in CUET?

Conclusion 

The CUET Economics Questions 2024 can be scored with the right preparation. Familiarity with the types of questions and consistent study and practice can ensure a commendable performance. 

Here are the key takeaways:

• CUET Economics questions are based on the 11th and 12th class NCERT syllabi.
• Divide your preparation into microeconomics, macroeconomics, statistics, and Indian economics.
• Familiarize yourself with key economic terms and formulas.
• Practice mock tests and refer to recommended CUET preparation books to enhance your readiness.