MCQ ONLINE ECONOMICS TEST NO.01 MCQ ONLINE ECONOMICS TEST NO.01 55 General Knowledge - ECONOMICS TEST NO.01 General Knowledge - ECONOMICS TEST NO.01 1 / 46 A free port is the port where Restrictions on imports but not on exports No duties and no restrictions Selective duties are paid Less duties are paid 2 / 46 Which one among the following statements is truly explain the `Laissez Faire' theory There should be fair distribution of wealth in the society None State should refrain from all intervention in economic affairs State should manage every field of economic activities for the benefit of the public 3 / 46 Cash crop is the crop Which is grown only for sale NONE Which is grown after taking Cash loan from Banks Which gives high profit to the farmers 4 / 46 In the budget 2001-2002, the largest sector of current expenditure is allocated on Debt servicing Subsidies Running of civil government Defence 5 / 46 The biggest market of Pakistani Imports is U.K USA Japan Russia 6 / 46 Identify the main functions of IMF: To provide loans to the members of UNO for development of Industrial infra structure None of the above To make foreign exchange resources available for those countries facing balance of payments difficulties To make foreign exchange resources available for those countries that want to import essential items of food 7 / 46 Safety stock of grains held by the government is: Overhead stock Surplus stock Overall stock Buffer stock 8 / 46 The Islamic Development Bank would provide half a billion US dollars in Capital to create International Islamic Foundation for Science and Technology None of the above Private Pan Islamic Bank Refugees Rehabilitation Fund 9 / 46 The Balance of payment is understood as The balance of income and expenditure in the annual budget The balance of amount after paying debt None of the above The balance between a nation's expenditure on imports and its receipts from exports. 10 / 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 Devaluation Revolution Inflation Deflation 11 / 46 Which of the following statement is not true The membership of the IMF is the principal condition for membership of the World Bank The World Bank has to affiliates, the International Development Association and the International Finance Corporation. (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 12 / 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 None The exchange rate of currencies determined by the State Bank of Pakistan The exchange rate of currencies in the open market 13 / 46 Family Planning in rural areas hampered mainly due to Psychological and Social Orthodoxy Lack of knowledge Deficiency in planning Non-availability of devices 14 / 46 The domestic production of crude oil in the country is approximately (per day) 44,300 Barrels 57,700 Barrels 70,000 Barrels 65,200 Barrels 15 / 46 Which country has maximum foreign project investments in Pakistan USA Japan U.K China 16 / 46 The lowest price below which a thing will not be sold is called its Real price Floor price Average price Ceiling price 17 / 46 The Women’s Division was created in the Federal Government in January 1981 1974 1979 1977 18 / 46 When no tariffs are imposed on exports and imports, it is called Exchange trade Selective trade Two way trade Free trade 19 / 46 In the budget 2001, 2002, what amount the government has allocated to undertake new water projects in the country: Rs. 4 billion Rs. 3 billion Rs. 2 billion Rs. 5 billion 20 / 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 21 / 46 The first “World Population Conference” under the United Nations was held in 1975 at Nairobi Ankara Bucharest Kampala 22 / 46 The lowest number of people living below the poverty line among the SAARC Countries are in Pakistan Sri Lanka Nepal Bangladesh 23 / 46 In the budget 2001-2002, the government has decided to wind-up one of the following privilege of the new employees None House rent Pension Benevolent fund 24 / 46 Agreement between two countries is Bilateral agreement Multi lateral agreement Single agreement Special agreement 25 / 46 Difference between a countrys exports and imports is Volume of Trade Trade Deficit Trade Surplus Trade Balance 26 / 46 Who is the first Tax Mohtasib of Pakistan Justice (R) Saleem Akhtar Justice (R) Allah Nawaz Justice (R) Saleem Kazmi Justice (R) Ijaz Nisar 27 / 46 Trade by exchange of Commodities is called International Trade Foreign Exchange Barter Trade Line of Credit 28 / 46 The outflow of the best and brightest students from developing countries is called Brain drain Shift of Brain Transfer of mind Migration of intellectual 29 / 46 Embargoes are designed to Promote trade of prohibited goods Restrict trade of particular commodities None Restrict trade of drugs 30 / 46 The number of family welfare centres in Punjab are 940 560 1503 1230 31 / 46 Pakistan’s domestic demand for petroleum products in growing annually with the percentage of 15 percent 8 percent 5 percent 3 percent 32 / 46 The world's most Powerful super computer is called ASCI Pink ASCI Red ASCI White None 33 / 46 The regulations of World Trade Organization (WTO) shall be enforced from 1-Jan-03 1-Jul-04 1-Jan-02 1-Jan-05 34 / 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 Domestic Product General Domestic Production Gross Home Products Gross National Product 35 / 46 Which five year plan of Pakistan is yet to be implemented 7th 9th 8th 10th 36 / 46 What percentage of population in Pakistan is under the age of 15 38% 40% 50% 45% 37 / 46 The per capita income of Pakistan is approximately 503 US Dollars 408 US Dollars 350 US Dollars 483 US Dollars 38 / 46 Dow Jones index' is the scale For measuring Industrial profit in a year For measuring the average share price of major US industrial companies For measuring the average share price of leading Japanese companies NONE 39 / 46 The United Nations celebrated “International Year of Shelter for the Homeless” in 1985 1992 1990 1987 40 / 46 When a group of countries have removed all tariffs quotas and export subsidies on trade among themselves – that is called: all Liberal Trade region Free Trade zone Laissez faire 41 / 46 Financial year of USA starts from 1st April 1st January 1st March 1st July 42 / 46 Pinpoint the main objectives of World Trade Organization (WTO): To secure Third World markets for American and European goods To abolish completely custom duties on items of trade within member countries Fix a quota for each member country trading in International Market To eliminate quota system and promote free competition in trade 43 / 46 An economy when private and government enterprises both operates, is Mixed economy Joint economy Closed economy Free economy 44 / 46 Family Planning Programme was started in Pakistan in: 1955 1959 1952 1957 45 / 46 Both-way trade between two countries is also known as Fiscal Revenue Government Expenditure Volume of Trade Terms of Trade 46 / 46 Which province has the highest literacy rate N.W.F.P Punjab Sindh Balochistan 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 PPSC Lahore Online Test Preparation for all Jobs November 3, 2016 10th Class Biology MCQs Chapter No 9 PHARMACOLOGY October 11, 2018 SS Lecturer Education Headmaster PPSC Past PAPER No. 31 May 3, 2022 Chemistry Chapter No.6 Chemical Bonding 1st Year MDCAT MCQs June 13, 2020 MCQs Lecturer English Literature PPSC Exams Past Papers May 2, 2021 PPSC Headmaster MCQs Online Test Preparation March 2, 2023 Leave a ReplyCommentEnter your name or username to comment Enter your email address to comment Enter your website URL (optional) Δ