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CUET Economics Mock Test 3 – Practice with Answers & Explanations

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How to Effectively Prepare for CUET Economics with Mock Tests

Mock Test: 20 Questions - 20 Minutes
Prepare yourself for CUET with 20 challenging questions from Economics. You have exactly 20 minutes to complete the test. Ready to begin?

Time Left: 20:00

1. Who among the following is regarded as the 'Father of Economics'?

2. The law of demand explains the inverse relationship between:

3. National Income is measured by which of the following methods?

4. In Monopoly, the demand curve is:

5. Which of the following is NOT included in the calculation of GDP?

6. Marginal Cost is defined as:

7. Inflation can be controlled by:

8. Which of the following is a characteristic of a perfectly competitive market?

9. The supply of a perishable commodity is:

10. The primary sector of an economy is associated with:

11. Opportunity Cost refers to:

12. If the MPC is 0.8, the multiplier will be:

13. The concept of 'Invisible Hand' was propounded by:

14. Which curve is known as the 'Aggregate Supply Curve'?

15. The central problem of an economy is:

16. The Reserve Bank of India was established in:

17. Which is not a feature of a mixed economy?

18. The demand for inferior goods decreases when:

19. Phillips Curve shows the relationship between:

20. Balance of Trade means:

Hurray! 🎉 You answered all the questions correctly! 🏆

What is Economics Mock Test?

An Economics mock test is a collection of carefully designed practice questions targeting important theories, concepts, and applications in Economics, just like you’ll find in CUET. It gives students a real exam-like feel, complete with multiple choice format and a strict time limit, helping them evaluate their preparation accurately.


In the CUET examination, Economics is a major subject for students who want to pursue social sciences, commerce, or business-related degrees. Attempting mock tests routinely helps you get familiar with the actual paper structure, improve speed, and boost confidence for the final exam.


These mock tests are based on the latest CUET Economics syllabus and cover questions from both micro and macroeconomics, testing your conceptual clarity and calculation skills under time-bound conditions.


How Mock Tests on Economics Help You

Regular practice with Economics mock tests enables you to master key topics like demand-supply, national income, market structures, and fiscal policy. Timed tests train your brain to solve questions quickly and accurately, which is crucial for CUET success.


Mock tests serve as effective revision tools. You can identify strong and weak areas by analyzing your performance after every test. This focused revision strategy increases your retention of important Economics concepts and formulas.


A great advantage of CUET mock tests is that they teach you time management. By attempting 20 questions in 20 minutes, you learn to allocate time wisely per question, minimizing the chances of leaving answers blank. For deeper guidance, explore our CUET course page.


Economics Subject-wise Mock Test Coverage

SubjectChapters CoveredNo. of Questions
EconomicsIntroduction to Microeconomics5
EconomicsForms of Market and Price Determination3
EconomicsNational Income and Related Aggregates4
EconomicsMoney and Banking2
EconomicsGovernment Budget and the Economy2
EconomicsBalance of Payments2
EconomicsDevelopment Experience of India2

Steps to Take the Economics Mock Test

To take the Economics mock test, start by selecting ‘Economics’ as your CUET subject mock test in your online test series. Once you are ready, click the “Start the Mock Test” button to begin the test and see your timer start.


Read each multiple-choice question carefully and select your answers. Once you finish, click the “Submit Test” button. Your answers will be locked and your score displayed instantly. If time runs out, the test submits automatically.


After submission, review your answers and see which questions were correct or incorrect. You can retry the test for better practice and track your score improvement over time.


Why Choose Vedantu’s Economics Subject Mock Test?

Vedantu’s Economics mock tests for CUET are created by subject experts as per the latest exam pattern. You get fresh, exam-level MCQs on each important topic, making your practice comprehensive and up to date.


Our platform highlights correct and incorrect answers after every attempt. You also receive smart reports so you know exactly where to focus for improvement. This makes your Economics revision efficient and exam-ready!


Vedantu provides similar tests for all other CUET subjects, and you can prepare for Economics and your other subjects all in one place. Keep your practice flexible—repeat the mock test as many times as you want to achieve your target score.


CUET Mock Test Subject-wise
1CUET GK & Current Affairs Mock Test
2CUET Numerical Ability Mock Test
3CUET Logical Reasoning Mock Test
4CUET English Mock Test
5CUET Hindi Mock Test
6CUET Science Mock Test
7CUET Maths Mock Test
8CUET Computer Science Mock Test
9CUET Physics Mock Test
10CUET Chemistry Mock Test
11CUET Biology Mock Test
12CUET Agriculture Mock Test
13CUET History Mock Test
14CUET Political Science Mock Test
15CUET Geography Mock Test
16CUET Environmental Studies Mock Test
17CUET Accountancy Mock Test
18CUET Business Studies Mock Test
19CUET Economics Mock Test
Essential Study Materials for CUET UG 2026
1CUET 2026 Notification
2CUET 2026 Eligibility Criteria
3CUET 2026 Syllabus
4CUET 2026 Exam Pattern
5CUET 2026 Registration Process
6CUET 2026 Admit Card
7CUET 2026 Exam Centers
8CUET 2026 Exam Date
9CUET 2026 Answer Key
10CUET 2026 Results
11CUET 2026 Counselling

FAQs on CUET Economics Mock Test 3 – Practice with Answers & Explanations

1. How to solve CUET Economics mock test?

To solve a CUET Economics mock test effectively, follow a systematic strategy:
- Read each question carefully before answering.
- Attempt familiar questions first to quickly secure marks.
- Use the elimination method to narrow down confusing options.
- Manage your time by skipping difficult questions and returning to them later.
- Always review your answers if time permits before final submission. Regular mock test practice improves accuracy, speed, and confidence, which are essential for CUET Economics exam success.

2. What chapters are asked in CUET Economics?

CUET Economics covers all fundamental microeconomics and macroeconomics chapters as per the latest syllabus:
- National Income and Related Aggregates
- Money and Banking
- Government Budget and the Economy
- Microeconomics Concepts (like Indifference Curve, Demand, Supply)
- Other key topics include Personal Income, Consumer Price Index, Fiscal Deficit, and more. Focus your revision on these core chapters for effective CUET preparation.

3. Is CUET Economics difficult?

CUET Economics difficulty level is moderate if you prepare systematically:
- Consistent practice with mock tests and sample papers can simplify challenging topics.
- Understanding core concepts like National Income, Money & Banking, and Microeconomics is crucial.
- Time management and conceptual clarity are key factors that make the exam manageable for most aspirants.

4. What is the exam pattern and weightage for CUET Economics?

The CUET Economics exam includes MCQs distributed across major chapters:
- National Income: ~20%
- Money & Banking: ~15%
- Microeconomics: ~25%
- Government Budget: ~10%
- Other topics: ~30%
Practice with mock tests reflecting this pattern helps maximise your score.

5. What are the best tips to increase accuracy in CUET Economics?

Boosting accuracy in CUET Economics involves focused practice:
- Attempt mock tests regularly to identify weak areas.
- Use a timer to develop speed and avoid silly mistakes.
- Read questions thoroughly to ensure you understand what is asked.
- Eliminate obviously wrong answers first.
- Revise key formulas and definitions frequently for clarity.

6. How does practising mock tests help in CUET Economics?

Regular mock test practice offers multiple benefits for CUET Economics:
- Reinforces important concepts and exam-specific topics.
- Highlights strengths and areas needing improvement.
- Improves time management within the exam duration.
- Builds exam-day confidence and reduces anxiety.
- Ensures familiarity with question patterns and marking schemes.

7. What are the main functions of money as per CUET Economics syllabus?

The four core functions of money are:
- Medium of Exchange: Used to buy and sell goods.
- Measure of Value: Standard for quoting prices.
- Store of Value: Allows saving for future use.
- Standard of Deferred Payment: Used in credit transactions.
These functions help stabilise the economy and simplify transactions.

8. Which chapters should be prioritised for scoring maximum marks in CUET Economics?

Prioritise high-weightage chapters for efficient preparation:
- Focus first on Microeconomics, National Income, and Money & Banking.
- Regularly practice government budget concepts.
- Revise definitions and formulas for key macroeconomic indicators.
This approach ensures better performance in scoring sections of the CUET exam.

9. What is the law of diminishing marginal utility?

The law of diminishing marginal utility states that:
As a person consumes more units of a good, the additional (marginal) utility gained from each extra unit decreases.
Key points:
- First few units provide higher satisfaction.
- Subsequent units offer less and less additional satisfaction.
- Commonly tested in CUET microeconomics and consumer behavior scenarios.

10. How is disposable income calculated in Economics?

Disposable income is the amount households can spend or save after paying personal taxes:
- Formula: Disposable Income = Personal Income – Personal Taxes
- It is a crucial concept for understanding consumer spending capacity and often appears in CUET Economics exams.