MCQ ONLINE ECONOMICS TEST NO.01 MCQ ONLINE ECONOMICS TEST NO.01 56 General Knowledge - ECONOMICS TEST NO.01 General Knowledge - ECONOMICS TEST NO.01 1 / 46 The lowest price below which a thing will not be sold is called its Ceiling price Real price Floor price Average price 2 / 46 Pakistan’s domestic demand for petroleum products in growing annually with the percentage of 15 percent 8 percent 5 percent 3 percent 3 / 46 Embargoes are designed to Restrict trade of particular commodities Restrict trade of drugs Promote trade of prohibited goods None 4 / 46 A free port is the port where Restrictions on imports but not on exports Selective duties are paid No duties and no restrictions Less duties are paid 5 / 46 The domestic production of crude oil in the country is approximately (per day) 65,200 Barrels 44,300 Barrels 57,700 Barrels 70,000 Barrels 6 / 46 The value of the output of all goods and services produced within a nation's borders, normally given as a total for the year. It thus includes the production of foreign owned firms within the country, but excludes the income from domestically owned firms located abroad, is called Gross Home Products General Domestic Production Gross Domestic Product Gross National Product 7 / 46 Identify the main functions of IMF: None of the above To make foreign exchange resources available for those countries that want to import essential items of food To provide loans to the members of UNO for development of Industrial infra structure To make foreign exchange resources available for those countries facing balance of payments difficulties 8 / 46 Which five year plan of Pakistan is yet to be implemented 10th 8th 7th 9th 9 / 46 The lowering of the value of a currency in the international market or against specific other currencies, which makes exports cheaper and imports expensive is called Inflation Revolution Devaluation Deflation 10 / 46 The Women’s Division was created in the Federal Government in January 1974 1977 1981 1979 11 / 46 Which country has maximum foreign project investments in Pakistan U.K USA China Japan 12 / 46 Which province has the highest literacy rate Punjab Balochistan Sindh N.W.F.P 13 / 46 What percentage of population in Pakistan is under the age of 15 45% 38% 40% 50% 14 / 46 The world's most Powerful super computer is called None ASCI White ASCI Pink ASCI Red 15 / 46 The United Nations celebrated “International Year of Shelter for the Homeless” in 1992 1987 1990 1985 16 / 46 The Islamic Development Bank would provide half a billion US dollars in Capital to create International Islamic Foundation for Science and Technology Private Pan Islamic Bank Refugees Rehabilitation Fund None of the above 17 / 46 The number of family welfare centres in Punjab are 1230 1503 560 940 18 / 46 Which of the following country will provide financial aid for the construction of Gwadar Port and Makran Coastal highway in Balochistan? Canada China Russia USA 19 / 46 When no tariffs are imposed on exports and imports, it is called Selective trade Free trade Exchange trade Two way trade 20 / 46 In the budget 2001-2002, the government has decided to wind-up one of the following privilege of the new employees Benevolent fund Pension None House rent 21 / 46 The Balance of payment is understood as The balance of amount after paying debt The balance between a nation's expenditure on imports and its receipts from exports. None of the above The balance of income and expenditure in the annual budget 22 / 46 Family Planning Programme was started in Pakistan in: 1955 1959 1952 1957 23 / 46 Which one among the following statements is truly explain the `Laissez Faire' theory None State should manage every field of economic activities for the benefit of the public There should be fair distribution of wealth in the society State should refrain from all intervention in economic affairs 24 / 46 Safety stock of grains held by the government is: Buffer stock Surplus stock Overhead stock Overall stock 25 / 46 Dow Jones index' is the scale NONE For measuring the average share price of leading Japanese companies For measuring the average share price of major US industrial companies For measuring Industrial profit in a year 26 / 46 An economy when private and government enterprises both operates, is Mixed economy Joint economy Closed economy Free economy 27 / 46 Both-way trade between two countries is also known as Volume of Trade Government Expenditure Fiscal Revenue Terms of Trade 28 / 46 In the budget 2001, 2002, what amount the government has allocated to undertake new water projects in the country: Rs. 5 billion Rs. 2 billion Rs. 4 billion Rs. 3 billion 29 / 46 The lowest number of people living below the poverty line among the SAARC Countries are in Sri Lanka Nepal Pakistan Bangladesh 30 / 46 Financial year of USA starts from 1st March 1st July 1st January 1st April 31 / 46 The first “World Population Conference” under the United Nations was held in 1975 at Ankara Kampala Bucharest Nairobi 32 / 46 The biggest market of Pakistani Imports is Japan USA U.K Russia 33 / 46 Agreement between two countries is Single agreement Special agreement Bilateral agreement Multi lateral agreement 34 / 46 Family Planning in rural areas hampered mainly due to Psychological and Social Orthodoxy Non-availability of devices Lack of knowledge Deficiency in planning 35 / 46 Trade by exchange of Commodities is called International Trade Line of Credit Foreign Exchange Barter Trade 36 / 46 When a group of countries have removed all tariffs quotas and export subsidies on trade among themselves – that is called: Liberal Trade region all Laissez faire Free Trade zone 37 / 46 Who is the first Tax Mohtasib of Pakistan Justice (R) Saleem Kazmi Justice (R) Ijaz Nisar Justice (R) Saleem Akhtar Justice (R) Allah Nawaz 38 / 46 In the budget 2001-2002, the largest sector of current expenditure is allocated on Running of civil government Defence Subsidies Debt servicing 39 / 46 Difference between a countrys exports and imports is Trade Deficit Trade Surplus Volume of Trade Trade Balance 40 / 46 Which of the following statement is not true The World Bank has to affiliates, the International Development Association and the International Finance Corporation. The membership of the IMF is the principal condition for membership of the World Bank (d) The World Bank finance all kinds of capital infrastructure such as roads and railways, telecommunications, seaports and power facilities in the developing countries The World Bank provides loans to such countries whose balance of payments condition is not favourable 41 / 46 The regulations of World Trade Organization (WTO) shall be enforced from 1-Jan-02 1-Jan-05 1-Jul-04 1-Jan-03 42 / 46 What do you understand by the term "Kerb" in foreign currency dealings: (a) All sort of Monetary dealings in foreign currencies within the stock exchange The exchange rate of currencies determined by the State Bank of Pakistan None The exchange rate of currencies in the open market 43 / 46 The per capita income of Pakistan is approximately 503 US Dollars 350 US Dollars 483 US Dollars 408 US Dollars 44 / 46 Cash crop is the crop NONE Which is grown only for sale Which gives high profit to the farmers Which is grown after taking Cash loan from Banks 45 / 46 The outflow of the best and brightest students from developing countries is called Transfer of mind Migration of intellectual Brain drain Shift of Brain 46 / 46 Pinpoint the main objectives of World Trade Organization (WTO): To eliminate quota system and promote free competition in trade To abolish completely custom duties on items of trade within member countries To secure Third World markets for American and European goods Fix a quota for each member country trading in International Market Your score isThe average score is 40% LinkedIn Facebook Twitter VKontakte 0% Restart quiz Read more articles Previous PostAssessment scheme for Physics Class 9th 2016-2017 Onwards Next PostHISTORY, CULTURE AND CIVILIZATION MCQs TEST NO.1 You Might Also Like EDUCATIONAL PSYCHOLOGY AND GUIDANCE MCQs TEST NO. 1 November 22, 2015 PHYSICS 2nd Year MCQs Chapter No.6 PHYSICS OF SOLIDS Test No.1 November 27, 2020 9th Class Math Chapter No.8 LINEAR GRAPHS & THEIR APPLICATIONS MCQs April 14, 2021 PALESTINE ISSUE AGAINST ISRAEL MCQs Competition Exams December 10, 2020 PPSC Past PAPER No.47 SS Lecturer Education Headmaster MCQs October 19, 2021 9th Class Math Chapter No.5 FACTORIZATION MCQs April 13, 2021 Leave a ReplyCommentEnter your name or username to comment Enter your email address to comment Enter your website URL (optional) Δ