The Balance of payment is understood as:
(a) The balance of amount after paying debt
(b) The balance of income and expenditure in the annual budget
(c) The balance between a nation's expenditure on imports and its receipts from exports-✔️
(d) None of the above
Pinpoint the main objectives of World Trade Organization (WTO) :
(a) Fix a quota for each member country trading in International Market
(b) To eliminate quota system and promote free competition in trade-✔️
(c) To secure Third World markets for American and European goods
(d) To abolish completely custom duties on items of trade within member countries
The number of family welfare centres in Punjab are:
(a) 560
(b) 940-✔️
(c) 1230
(d) 1503
Which of the following statement is not true?
(a) The World Bank has to affiliates, the International Development Association and the International Finance Corporation.
(b) The membership of the IMF is the principal condition for membership of the World Bank.
(c) The World Bank provides loans to such countries whose balance of payments condition is not favourable-✔️
(d) The World Bank finance all kinds of capital infrastructure such as roads and railways, telecommunications, seaports and power facilities in the developing countries.
Identify the main functions of IMF;
(a) To provide loans to the members of UNO for development of Industrial infra structure
(b) To make foreign exchange resources available for those countries that want to import essential items of food
(c) To make foreign exchange resources available for those countries facing balance of payments difficulties-✔️
(d) None of the above
The United Nations celebrated “International Year of Shelter for the Homeless” in:
(a) 1985
(b) 1987-✔️
(c) 1990
(d) 1992
The Islamic Development Bank would provide half a billion US dollars in Capital to create__
(a) Private Pan Islamic Bank
(b) International Islamic Foundation for Science and Technology-✔️
(c) Refugees Rehabilitation Fund
(d) None of the above
The domestic production of crude oil in the country is approximately (per day)
(a) 44,300Barrels
(b) 57,700Barrels-✔️
(c) 65,200Barrels
(d) 70,000Barrels
The regulations of World Trade Organization (WTO) shall be enforced from:
(a) 1 January 2002
(b) 1 January 2003
(c) 1 July 2004
(d) 1 January 2005-✔️
The biggest market of Pakistani exports is:
(a) France
(b) Saudi Arabia
(c) U.S.A-✔️
(d) U.K.
The Government has reduced the rate of profit on National Saving Schemes primarily for the reason of:
(a) Enhancing the level of saving rate
(b) Discouraging the blockage of money in such schemes
(c) To encourage the investors to invest their capital in active business ventures
(d) To bridge the gap between their profit rate and Bank's mark up rate on loans-✔️
Pakistan’s domestic demand for petroleum products in growing annually with the percentage of:
(a) 3 percent
(b) 5 percent-✔️
(c) 8 percent
(d) 15 percent
The Women’s Division was created in the Federal Government in January:
(a) 1974-✔️
(b) 1977
(c) 1979
(d) 1981
The first “World Population Conference” under the United Nations was held in 1975 at:
(a) Kampala
(b) Bucharest-✔️
(c) Nairobi
(d) Ankara
Difference between a countrys exports and imports is:
(a) Trade Balance-✔️
(b) Trade Deficit
(c) Trade Surplus
(d) Volume of Trade
Cash crop is the crop:
(a) Which gives high profit to the farmers
(b) Which is grown only for sale-✔️
(c) Which is grown after taking Cash loan from Banks
(d) None of the above one
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:
(a) Devaluation-✔️
(b) Revolution
(c) Inflation
(d) Deflation
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:
(a) Gross National Product
(b) Gross Home Products
(c) Gross Domestic Product-✔️
(d) General Domestic Production
Dow Jones index' is the scale:
(a) For measuring Industrial profit in a year
(b) For measuring the average share price of leading Japanese companies
(c) For measuring the average share price of major US industrial companies-✔️
(d) None of the above
(a) Promote trade of prohibited goods
(b) Restrict trade of particular commodities-✔️
(c) Restrict trade of drugs
(d) None of the above
When a group of countries have removed all tariffs quotas and export subsidies on trade among themselves - that is called:
(a) Laissez faire
(b) Liberal Trade region
(c) Free Trade zone-✔️
(d) All of the above one
Which one among the following statements is truly explain the 'Laissez Faire' theory?
(a) State should refrain from all intervention in economic affairs-✔️
(b) State should manage every field of economic activities for the benefit of the public
(c) There should be fair distribution of wealth in the society
(d) None of the above one
The lowest number of people living below the poverty line among the SAARC Countries are in:
(a) Bangladesh
(b) Pakistan
(c) Nepal
(d) Sri Lanka-✔️
Family Planning in rural areas hampered mainly due to:
(a) Deficiency in planning
(b) Lack of knowledge-✔️
(c) Psychological and Social Orthodoxy
(d) Non-availability of devices
Both-way trade between two countries is also known as:
(a) Government Expenditure
(b) Fiscal Revenue
(c) Volume of Trade-✔️
(d) Terms of Trade
Trade by exchange of Commodities is called:
(a) International Trade
(b) Foreign Exchange
(c) Line of Credit
(d) Barter Trade-✔️
Tax on a Commodity according to its volume is:
(a) Real tax
(b) Direct Tax
(c) Indirect Tax
(d) Ad Valorem Tax-✔️
Who is the first Tax Mohtasib of Pakistan?
(a) Justice (R) Saleem Kazmi
(b) Justice (R) Allah Nawaz
(c) Justice (R) Ijaz Nisar
(d) Justice (R) Saleem Akhtar-✔️
Safety stock of grains held by the government is:
(a) Surplus stock
(b) Overhead stock-✔️
(c) Buffer stock
(d) Overall stock
In the budget 2001, 2002. the government has decided to wind-up one of the following privilege of the new employees:
(a) House rent
(b) Benevolent fund
(c) Pension
(d) None of the above-✔️
In the budget 2001, 2002, the largest sector of current expenditure is allocated on:
(a) Defence
(b) Subsidies
(c) Running of civil government-✔️
(d) Debt servicing
In the budget 2001, 2002, what amount the government has allocated to undertake new water projects in the country:
(a) Rs 2 billion
(b) Rs 4 billion
(c) Rs 3 billion
(d) Rs billion-✔️
General Sales Tax is a:
(a) Federal Subject-✔️
(b) Provincial Subject
(c) Concurrent subject under the constitution 1973
(d) None of the above one
Which of the following country will provide financial aid for the construction of Gwadar Port and Makran Coastal highway in Balochistan?
(a) China-✔️
(b) Canada
(c) USA
(d) Russia
The world's most Powerful super computer is called:
(a) ASCI White-✔️
(b) ASCI Red
(c) ASCI Pink
(d) None of the above
The outflow of the best and brightest students from developing countries is called:
(a) Migration of intellectual
(b) Shift of Brain
(c) Brain drain-✔️
(d) Transfer of mind
Which five year plan of Pakistan is yet to be implemented?
(a) 7th
(b) 8th
(c) 9th-✔️
(d) 10th
The per capita income of Pakistan is approximately:
(a) 350 US Dollars
(b) 408 US Dollars
(c) 483 US Dollars-✔️
(d) 503 US Dollars
Which province has the highest literacy rate?
(a) NWFP
(b) Balochistan
(c) Punjab
(d) Sindh-✔️
According to a recent report of International Labour Organization (ILO) the number of people in the World living on two dollars or less a day are:
(a) 2 billion
(b) 3 billion-✔️
(c) 3.5 billion
(d) 4 billion
Pinpoint the source through which budgetary gap is financed in Pakistan?
(a) External borrowing
(b) Domestic non-Bank borrowing
(c) Borrowing from to banking system
(d) All the above sources-✔️
If a country wants to achieve rapid rate of economic development it must save at least:
(a) 25% Gross National Products each year-✔️
(b) 30% Gross National Products each year
(c) 35% Gross National Products each year
(d) 40% Gross National Products each year
Identify the main reason of 'deficit financing' in Pakistan-
(a) Low savings
(b) Rapid growth of Population
(c) Inadequate banking facilities
(d) All the above one-✔️
Pakistan's domestic saving rate of GNP is:
(a) 7%
(b) 9%
(c) 11%-✔️
(d) 14%
Which is the single largest component of GDP of Pakistan?
(a) Industry
(b) Agriculture-✔️
(c) Foreign remittances
(d) None of the above
Which of the following sector is the main source of foreign exchange earnings in Pakistan?
(a) Industry
(b) Agriculture-✔️
(c) Both the above
(d) None of the above one
Identify the duration of the First five year plan of Pakistan:
(a) 1948-52
(b) 1955-60-✔️
(c) 1960-65
(d) 1962-67
What is the share of wheat crop in total cropped area of Pakistan?
(a) 18.05%
(b) 28.07%
(c) 37.01%-✔️
(d) 48.01%
The total area of Pakistan is million hectares out of which area under forests is:
(a) 3.5%
(b) 4.8%-✔️
(c) 7.3%
(d) 9.3%
OPEC's largest oil producing country is:
(a) Kuwait
(b) Iran
(c) Saudi Arabia-✔️
(d) UAE
The Aid to Pakistan Consortium now renamed as:
(a) IMF
(b) World Bank
(c) Assistance to Pakistan Forum
(d) Pakistan Development Forum-✔️
The ratio of males and females population of Pakistan is equal in:
(a) Quetta
(b) Peshawar
(c) Lahore
(d) Rawalpindi-✔️
United Nations World Food Programme commenced its operation in Pakistan during:
(a) 1963
(b) 1965
(c) 1968-✔️
(d) 1972
The country with highest ratio of urban population in South Asia is:
(a) India
(b) Sri Lanka
(c) Pakistan-✔️
(d) Nepal
The Government of Pakistan has given certain incentives to farmers for growing black tea on experimental basis at:
(a) Peshawar
(b) Mardan
(c) Mansehra-✔️
(d) DG Khan
In which of the following country population growth rate is lowest?
(a) Japan-✔️
(b) India
(c) Sri Lanka
(d) Indonesia
In which of the following country the population growth rate is lowest?
(a) Pakistan
(b) China-✔️
(c) Indonesia
(d) Bangladesh
The largest population density is in:
(a) Pakistan
(b) Bangladesh-✔️
(c) India
(d) Sri Lanka
The World's population has now reached on:
(a) 6 billion-✔️
(b) 8 billion
(c) 9 billion
(d) 10 billion
The study of science of population is called :
(a) Geography
(b) Demography-✔️
(c) Plutocracy
(d) Sociology
The th national census recorded the total population of Punjab with annual growth rate of:
(a) 47.292 million -2.51%
(b) 72.585 million -2.01%-✔️
(c) 73.585 million -2.61%
(d) 63.433 million -3.01%
The population growth rate in the country is:
(a) 2.01%
(b) 2.61%-✔️
(c) 3.01%
(d) 3.61%
Identify the total percentage of population in the country having access to safe and clean water supply
(a) 40%
(b) 52%
(c) 59%-✔️
(d) 68%
The population density in Punjab per square kilometer is approximately : (persons)
(a) 353-✔️
(c) 590
(b) 480
(d) 882
Identify the member of G-✔️ organization which will provide million US dollars to Pakistan in for certain development projects?
(a) America
(b) UnitedKingdom
(c) Germany
(d) Japan-✔️
In the total population of Pakistan the percentage of income tax payers is only :
(a) 1.05%-✔️
(b) 1.75%
(c) 2.01%
(d) 3.4%
What do you understand by the term "deflation"?
(a) Excess circulation of money causing dearness of goods
(b) Increase in interest rates diverts money into savings and reduce circulation of money causing prices to fall-✔️
(c) Devaluation of local currency to the larger extend
(d) Decline in remittances from abroad causing economic hardships for the Government
The maximum number of persons populated in one square kilometer of area are in;
(a) Punjab
(b) Sindh
(c) NWFP
(d) Islamabad-✔️
The minimum number of persons populated in one square kilometer of area are in:
(a) Islamabad
(b) FATA
(c) Balochistan-✔️
(d) NWFP
(a) Geography
(b) Demography-✔️
(c) Plutocracy
(d) Sociology
The th national census recorded the total population of Punjab with annual growth rate of:
(a) 47.292 million -2.51%
(b) 72.585 million -2.01%-✔️
(c) 73.585 million -2.61%
(d) 63.433 million -3.01%
The population growth rate in the country is:
(a) 2.01%
(b) 2.61%-✔️
(c) 3.01%
(d) 3.61%
Identify the total percentage of population in the country having access to safe and clean water supply
(a) 40%
(b) 52%
(c) 59%-✔️
(d) 68%
The population density in Punjab per square kilometer is approximately : (persons)
(a) 353-✔️
(c) 590
(b) 480
(d) 882
Identify the member of G-✔️ organization which will provide million US dollars to Pakistan in for certain development projects?
(a) America
(b) UnitedKingdom
(c) Germany
(d) Japan-✔️
In the total population of Pakistan the percentage of income tax payers is only :
(a) 1.05%-✔️
(b) 1.75%
(c) 2.01%
(d) 3.4%
What do you understand by the term "deflation"?
(a) Excess circulation of money causing dearness of goods
(b) Increase in interest rates diverts money into savings and reduce circulation of money causing prices to fall-✔️
(c) Devaluation of local currency to the larger extend
(d) Decline in remittances from abroad causing economic hardships for the Government
The maximum number of persons populated in one square kilometer of area are in;
(a) Punjab
(b) Sindh
(c) NWFP
(d) Islamabad-✔️
The minimum number of persons populated in one square kilometer of area are in:
(a) Islamabad
(b) FATA
(c) Balochistan-✔️
(d) NWFP
In the total population of Pakistan the share of Punjab province is approximately:
(a) 50%
(b) 55%
(c) 60%-✔️
(d) 62%
In the total population of Pakistan the share of Balochistan is approximately:
(a) 3%
(b) 5%-✔️
(c) 7%
(d) 9%
Hydel power Stations of 'WAPDA' are generating electricity approximately:
(a) 3500 mw
(b) 4250 mw-✔️
(c) 4880 mw
(d) 5200 mw
The total demand of power (electricity) in the country at present is approximately:
(a) 7000 mw
(b) 9000 mw-✔️
(c) 12000 mw
(d) 14000 mw
In which of the following districts the government of Pakistan has given incentives package to farmers for growing black tea on experimental basis?
(a) Rawalpindi
(b) Mardan
(c) Mansehra-✔️
(d) Noshki
UNESCO required one country must spend at least one percent of its GDP on Science and Technology but Pakistan is spending only:
(a) 0.02%-✔️
(d) 0.05%
(c) 0.07%
(d) 0.08%
In which division of Punjab the ratio of males and females is equal?
(a) Bahawalpur
(b) Faislabad
(c) Lahore
(d) Rawalpindi-✔️
Which of the continents has the lowest population growth rate?
(a) Asia
(b) Australia
(c) North America
(d) Europe-✔️
With the present population growth rate Pakistan would become world’s rd most populated country by the year:
(a) 2020
(b) 2025
(c) 2030
(d) 2050-✔️
In which Division of Punjab the ratio of females in population is % more than males?
(a) Multan
(b) DG Khan
(c) Gujranwala
(d) Lahore-✔️
(a) 50%
(b) 55%
(c) 60%-✔️
(d) 62%
In the total population of Pakistan the share of Balochistan is approximately:
(a) 3%
(b) 5%-✔️
(c) 7%
(d) 9%
Hydel power Stations of 'WAPDA' are generating electricity approximately:
(a) 3500 mw
(b) 4250 mw-✔️
(c) 4880 mw
(d) 5200 mw
The total demand of power (electricity) in the country at present is approximately:
(a) 7000 mw
(b) 9000 mw-✔️
(c) 12000 mw
(d) 14000 mw
In which of the following districts the government of Pakistan has given incentives package to farmers for growing black tea on experimental basis?
(a) Rawalpindi
(b) Mardan
(c) Mansehra-✔️
(d) Noshki
UNESCO required one country must spend at least one percent of its GDP on Science and Technology but Pakistan is spending only:
(a) 0.02%-✔️
(d) 0.05%
(c) 0.07%
(d) 0.08%
In which division of Punjab the ratio of males and females is equal?
(a) Bahawalpur
(b) Faislabad
(c) Lahore
(d) Rawalpindi-✔️
Which of the continents has the lowest population growth rate?
(a) Asia
(b) Australia
(c) North America
(d) Europe-✔️
With the present population growth rate Pakistan would become world’s rd most populated country by the year:
(a) 2020
(b) 2025
(c) 2030
(d) 2050-✔️
In which Division of Punjab the ratio of females in population is % more than males?
(a) Multan
(b) DG Khan
(c) Gujranwala
(d) Lahore-✔️
Which is the most urbanized division of Punj ab?
(a) Multan
(b) Rawalpindi
(c) Sargodah
(d) Lahore-✔️
In the ten () most populated cities of Pakistan Sialkot is on number:
(a) Four
(b) Six
(c) Seven
(d) Nine-✔️
In the ten most populated cities of Pakistan Rawalpindi is on number:
(a) Three
(b) Four-✔️
(c) Five
(d) Six
Which region of Punjab is free from water-✔️logging Problem?
(a) Gujranwala
(b) Lahore
(c) Rawalpindi-✔️
(d) Multan
What is the main reason of the flour crisis in the country?
(a) Wheat sowing area has been replaced with sugar cane crop by the farmers
(b) A large portion of wheat Crop has been damaged by pests
(c) Smuggling of wheat flour to other country-✔️
(d) None of the above
Identify the length of Islamabad-✔️Peshawar section of Motorway:
(a) 96 km
(b) 133 km
(c) 144 km
(d) 154 km-✔️
Which Division of Punjab produces maximum wheat crop?
(a) Bahawalpur Division
(b) Faislabad Division
(c) Lahore Division
(d) Multan Division-✔️
"Rawal" and "Hajveri" are the two varities of one of the following crops
(a) Rice
(b) Cotton-✔️
(c) Soyabean
(d) Wheat
The share of Cotton crop in the total cropped area of Punjab is approximately
(a) 16.0%-✔️
(b) 18.0%
(c) 25.0%
(d) 39.0%
Which division of the Punjab Produces maximum Sugarcane crop?
(a) Faisalabad-✔️
(b) Bahawalpur
(c) Gujranwala
(d) Multan
(a) Multan
(b) Rawalpindi
(c) Sargodah
(d) Lahore-✔️
In the ten () most populated cities of Pakistan Sialkot is on number:
(a) Four
(b) Six
(c) Seven
(d) Nine-✔️
In the ten most populated cities of Pakistan Rawalpindi is on number:
(a) Three
(b) Four-✔️
(c) Five
(d) Six
Which region of Punjab is free from water-✔️logging Problem?
(a) Gujranwala
(b) Lahore
(c) Rawalpindi-✔️
(d) Multan
What is the main reason of the flour crisis in the country?
(a) Wheat sowing area has been replaced with sugar cane crop by the farmers
(b) A large portion of wheat Crop has been damaged by pests
(c) Smuggling of wheat flour to other country-✔️
(d) None of the above
Identify the length of Islamabad-✔️Peshawar section of Motorway:
(a) 96 km
(b) 133 km
(c) 144 km
(d) 154 km-✔️
Which Division of Punjab produces maximum wheat crop?
(a) Bahawalpur Division
(b) Faislabad Division
(c) Lahore Division
(d) Multan Division-✔️
"Rawal" and "Hajveri" are the two varities of one of the following crops
(a) Rice
(b) Cotton-✔️
(c) Soyabean
(d) Wheat
The share of Cotton crop in the total cropped area of Punjab is approximately
(a) 16.0%-✔️
(b) 18.0%
(c) 25.0%
(d) 39.0%
Which division of the Punjab Produces maximum Sugarcane crop?
(a) Faisalabad-✔️
(b) Bahawalpur
(c) Gujranwala
(d) Multan
Out of total wheat production in Pakistan Punjab contributes around :
(a) 65%
(b) 73%-✔️
(c) 79%
(d) 83%
The largest portion of sakne area of land in Punjab is in:-
(a) Faisalabad Divisional
(b) DG Khan Division
(c) Multan Division
(d) Bahawalpur Division-✔️
The total area Pakistan has under forestation is estimated at:
(a) 5,062millionacres
(b) 8,095 million acres-✔️
(c) 9,900millionacres
(d) 12,300millionacres
National income is the sum of:
(a) Income of all the rich people of the country
(b) Income of all industrialists of the country
(c) Income of all the agriculturists in the country
(d) Income of all the people in the country during a year-✔️
GDP (Gross Domestic Product) is the value of all goods and services:
(a) Produced in the country with foreign resources during a year
(b) Produced within the geographical boundaries of a country during a year-✔️
(c) Produced by the factors belonging to the country working in or outside the country
(d) None of the above
GNP (Gross National Product) is the total value of goods and services:
(a) Produced in a country with domestic or foreign factors
(b) Produced by the factors belonging to the country working in or out of the country-✔️
(c) Produced by the factors belonging to the country working abroad
(d) None of the above
National income is essentially composed of:
(a) Annual income of Central Government
(b) Total wealth of a Nation-✔️
(c) Income derived from taxes by the Central Government
(d) Annual income of citizens of a country
Which of the following of Punjab has the lowest population density?
(a) Rajanpur-✔️
(c) Layyah
(b) Bahawalpur
(d) DG Khan
National income is essentially composed of:
(a) All wealth of a nation
(b) Annual income of the central government
(c) All incomes of the people of the country in a year-✔️
(d) Income derived from taxes by the central government
The value of the vegetables a retired school teacher grows in his lawn is excluded from the calculation of national income because:
(a) Retired person's activities are not included in calculating national income
(b) The goods are not exchanged through the market mechanism
(c) It would involve double counting
(d) There is no way of imputing the value of such goods-✔️
(a) 65%
(b) 73%-✔️
(c) 79%
(d) 83%
The largest portion of sakne area of land in Punjab is in:-
(a) Faisalabad Divisional
(b) DG Khan Division
(c) Multan Division
(d) Bahawalpur Division-✔️
The total area Pakistan has under forestation is estimated at:
(a) 5,062millionacres
(b) 8,095 million acres-✔️
(c) 9,900millionacres
(d) 12,300millionacres
National income is the sum of:
(a) Income of all the rich people of the country
(b) Income of all industrialists of the country
(c) Income of all the agriculturists in the country
(d) Income of all the people in the country during a year-✔️
GDP (Gross Domestic Product) is the value of all goods and services:
(a) Produced in the country with foreign resources during a year
(b) Produced within the geographical boundaries of a country during a year-✔️
(c) Produced by the factors belonging to the country working in or outside the country
(d) None of the above
GNP (Gross National Product) is the total value of goods and services:
(a) Produced in a country with domestic or foreign factors
(b) Produced by the factors belonging to the country working in or out of the country-✔️
(c) Produced by the factors belonging to the country working abroad
(d) None of the above
National income is essentially composed of:
(a) Annual income of Central Government
(b) Total wealth of a Nation-✔️
(c) Income derived from taxes by the Central Government
(d) Annual income of citizens of a country
Which of the following of Punjab has the lowest population density?
(a) Rajanpur-✔️
(c) Layyah
(b) Bahawalpur
(d) DG Khan
National income is essentially composed of:
(a) All wealth of a nation
(b) Annual income of the central government
(c) All incomes of the people of the country in a year-✔️
(d) Income derived from taxes by the central government
The value of the vegetables a retired school teacher grows in his lawn is excluded from the calculation of national income because:
(a) Retired person's activities are not included in calculating national income
(b) The goods are not exchanged through the market mechanism
(c) It would involve double counting
(d) There is no way of imputing the value of such goods-✔️
Which of the following activity will be considered as investment?
(a) Construction of a new house
(b) Purchasing a newly floated share of a joint stock company
(c) Building a new factory
(d) All the above-✔️
Real national income increases if:
(a) Volume of goods and services increases-✔️
(b) Prices of goods and services increase
(c) Consumer's real income decrease
(d) None of the above one
Identity the false statement among the followings:
(a) If prices rise real income also rises-✔️
(b) In calculating national income retirement pension are excluded
(c) Stock of goods not sold by the producer is excluded from GNP
(d) None of the above one
Per capita income is:
(a) Average income of the working class
(b) Average income of the people of a country during a year-✔️
(c) Average income of labourers only
(d) None of the above one
Which of the following is a real cause for low per capita income of Pakistan?
(a) There is lack of Natural resources
(b) These is over-population
(c) Unfavourable climatic conditions
(d) All of the above-✔️
Economic development means:
(a) Increase in agricultural production of a country
(b) Increase in mineral resources of the country
(c) Increase in real national income and standard of the living of the people of country-✔️
(d) Increase in consumption expenditure of the country
Which of the following statement is false?
(a) Economic development is a process whereby an economy real national income increases over a long period of time
(b) Economic development is measured by the rate of population increases-✔️
(c) As a result of economic development of a country the share of industrial sector in the national income increases
(d) Per capita income is a better measure of economic development than the national income
Which of the changes below is most likely to lead directly to an increase in the income growth rate?
(a) An increase in wages
(b) An increase in interest rates
(c) An increase in the balance of payments deficit
(d) An increase in capital investment-✔️
Economic planning means:
(a) Planning family size by limiting the number of children
(b) Making decisions as to what is to be produced how when and where it is to be produced and to whom it is to be allocated on the basis of comprehensive survey of the economic system as a whole-✔️
(c) Planning to increase agricultural and industrial production
(d) None of the above
How much of GDP is spent on Agricultural Research in Pakistan?
(a) 0.02 percent
(b) 0.6 percent
(c) 1.5 percent-✔️
(d) 1.9 percent
(a) Construction of a new house
(b) Purchasing a newly floated share of a joint stock company
(c) Building a new factory
(d) All the above-✔️
Real national income increases if:
(a) Volume of goods and services increases-✔️
(b) Prices of goods and services increase
(c) Consumer's real income decrease
(d) None of the above one
Identity the false statement among the followings:
(a) If prices rise real income also rises-✔️
(b) In calculating national income retirement pension are excluded
(c) Stock of goods not sold by the producer is excluded from GNP
(d) None of the above one
Per capita income is:
(a) Average income of the working class
(b) Average income of the people of a country during a year-✔️
(c) Average income of labourers only
(d) None of the above one
Which of the following is a real cause for low per capita income of Pakistan?
(a) There is lack of Natural resources
(b) These is over-population
(c) Unfavourable climatic conditions
(d) All of the above-✔️
Economic development means:
(a) Increase in agricultural production of a country
(b) Increase in mineral resources of the country
(c) Increase in real national income and standard of the living of the people of country-✔️
(d) Increase in consumption expenditure of the country
Which of the following statement is false?
(a) Economic development is a process whereby an economy real national income increases over a long period of time
(b) Economic development is measured by the rate of population increases-✔️
(c) As a result of economic development of a country the share of industrial sector in the national income increases
(d) Per capita income is a better measure of economic development than the national income
Which of the changes below is most likely to lead directly to an increase in the income growth rate?
(a) An increase in wages
(b) An increase in interest rates
(c) An increase in the balance of payments deficit
(d) An increase in capital investment-✔️
Economic planning means:
(a) Planning family size by limiting the number of children
(b) Making decisions as to what is to be produced how when and where it is to be produced and to whom it is to be allocated on the basis of comprehensive survey of the economic system as a whole-✔️
(c) Planning to increase agricultural and industrial production
(d) None of the above
How much of GDP is spent on Agricultural Research in Pakistan?
(a) 0.02 percent
(b) 0.6 percent
(c) 1.5 percent-✔️
(d) 1.9 percent
11 July every year is being celebrated under United Nations as “World Population Day” since:
(a) 1985
(b) 1987-✔️
(c) 1989
(d) 1991
The main reason why cheques can be regarded as money is that:
(a) They are accepted by most people-✔️
(b) They act as receipts
(c) They can be written for any amount
(d) They can be sent safely by post
Of all methods of payment the recognized legal tender is:-
(a) Cheques
(b) Bank notes/metalic coins-✔️
(c) Bills of exchange
(d) Promissory notes
Token coins are:
(a) Not legal tender-✔️
(b) Valueless
(c) Worthless than the value of the metal they contain
(d) Worth more than the value of the metal they contain
Who issues one-rupee coin in Pakistan?
(a) Government of Pakistan-✔️
(b) State Bank of Pakistan
(c) Both of the above
(d) None of the above
Who issue two-rupee note in Pakistan?
(a) Government of Pakistan
(b) State Bank of Pakistan-✔️
(c) Both of the above
(d) None of the above
Who issue ten-rupee note in Pakistan?
(a) Government of Pakistan
(b) State Bank of Pakistan-✔️
(c) Both of the above
(d) None of the above
Which of the following statement is true?
(a) In barter system goods are exchanged with goods-✔️
(b) Token money has its face value equal to the value of the metallic content
(c) One rupee note is convertible paper money
(d) Silver and gold full-bodied coins circulated these days
Which of the following statement is true?
(a) Only the person in whose favour a bearer cheque is written can cash this cheque
(b) Crossed cheque can be got cashed by any one
(c) Order cheque can be got cashed on identification-✔️
(d) If the money unit is not scarce it ceases to he used as money
Which of the following statement is false?
(a) There is no difference in bearer and order cheque-✔️
(b) Payment of Bill of Exchange (sight) is made immediately
(c) Pakistan has a strong stock exchange market
(d) A cheque is a form of currency note
(a) 1985
(b) 1987-✔️
(c) 1989
(d) 1991
The main reason why cheques can be regarded as money is that:
(a) They are accepted by most people-✔️
(b) They act as receipts
(c) They can be written for any amount
(d) They can be sent safely by post
Of all methods of payment the recognized legal tender is:-
(a) Cheques
(b) Bank notes/metalic coins-✔️
(c) Bills of exchange
(d) Promissory notes
Token coins are:
(a) Not legal tender-✔️
(b) Valueless
(c) Worthless than the value of the metal they contain
(d) Worth more than the value of the metal they contain
Who issues one-rupee coin in Pakistan?
(a) Government of Pakistan-✔️
(b) State Bank of Pakistan
(c) Both of the above
(d) None of the above
Who issue two-rupee note in Pakistan?
(a) Government of Pakistan
(b) State Bank of Pakistan-✔️
(c) Both of the above
(d) None of the above
Who issue ten-rupee note in Pakistan?
(a) Government of Pakistan
(b) State Bank of Pakistan-✔️
(c) Both of the above
(d) None of the above
Which of the following statement is true?
(a) In barter system goods are exchanged with goods-✔️
(b) Token money has its face value equal to the value of the metallic content
(c) One rupee note is convertible paper money
(d) Silver and gold full-bodied coins circulated these days
Which of the following statement is true?
(a) Only the person in whose favour a bearer cheque is written can cash this cheque
(b) Crossed cheque can be got cashed by any one
(c) Order cheque can be got cashed on identification-✔️
(d) If the money unit is not scarce it ceases to he used as money
Which of the following statement is false?
(a) There is no difference in bearer and order cheque-✔️
(b) Payment of Bill of Exchange (sight) is made immediately
(c) Pakistan has a strong stock exchange market
(d) A cheque is a form of currency note
By value of money is meant?
(a) Power of a good to command other things in exchange
(b) Power of money to command goods and services in exchange-✔️
(c) Power of a currency note to command coins in exchange
(d) Power of money to command foreign currency
According to "Tausing":
(a) Double the quantity of money and other things being equal the prices will be twice as high as before and value of money one half-✔️
(b) Double the quantity of money and value of money will double
(c) Double the quantity of money and other things remaining the same the prices will be half of what they were before and value of money will be double as before
(d) None of the above
"Inflation" means that money:
(a) Rises in value
(b) Falls in value-✔️
(c) Become scarce
(d) becomes larger in denomination
"Inflation" may be defined as:
(a) Rapidly increasing prices in a certain sector or industry
(b) A temporary increases in the prices of several goods-✔️
(c) A general and consistent increase in prices in an economy
(d) Too little money choosing too many goods
Which of the following statement is true?
(a) Devaluation causes an increase in the value of money
(b) Fixed income groups are benefited by increase in prices
(c) A decrease in production brings a decrease in the value of money-✔️
(d) None of the above
Which of the following groups is most likely to benefit from inflation?
(a) Exporters
(b) Debtors-✔️
(c) Pensioners
(d) Creditors
Which of the following must be a result of inflation?
(a) Higher interest rates
(b) A rise in the exchange rate
(c) An increase in the value of money
(d) A reduction in the value of money-✔️
Can money perform the following functions?
(a) To compare the value of goods
(b) To act as medium of exchange
(c) Both of the above-✔️
(d) None of the above
Which of the following will be described as "cost push" inflation?
(a) An increase in imported oil prices
(b) An increase in money supply
(c) An increase in unemployment allowances-✔️
(d) A reduction in income tax
Which of the following statement is false?
(a) Inflation brings an increase in production
(b) Inflation makes savings increase-✔️
(c) The main cause of inflation in Pakistan is deficit financing and excessive increase in money supply
(d) None of the above
(a) Power of a good to command other things in exchange
(b) Power of money to command goods and services in exchange-✔️
(c) Power of a currency note to command coins in exchange
(d) Power of money to command foreign currency
According to "Tausing":
(a) Double the quantity of money and other things being equal the prices will be twice as high as before and value of money one half-✔️
(b) Double the quantity of money and value of money will double
(c) Double the quantity of money and other things remaining the same the prices will be half of what they were before and value of money will be double as before
(d) None of the above
"Inflation" means that money:
(a) Rises in value
(b) Falls in value-✔️
(c) Become scarce
(d) becomes larger in denomination
"Inflation" may be defined as:
(a) Rapidly increasing prices in a certain sector or industry
(b) A temporary increases in the prices of several goods-✔️
(c) A general and consistent increase in prices in an economy
(d) Too little money choosing too many goods
Which of the following statement is true?
(a) Devaluation causes an increase in the value of money
(b) Fixed income groups are benefited by increase in prices
(c) A decrease in production brings a decrease in the value of money-✔️
(d) None of the above
Which of the following groups is most likely to benefit from inflation?
(a) Exporters
(b) Debtors-✔️
(c) Pensioners
(d) Creditors
Which of the following must be a result of inflation?
(a) Higher interest rates
(b) A rise in the exchange rate
(c) An increase in the value of money
(d) A reduction in the value of money-✔️
Can money perform the following functions?
(a) To compare the value of goods
(b) To act as medium of exchange
(c) Both of the above-✔️
(d) None of the above
Which of the following will be described as "cost push" inflation?
(a) An increase in imported oil prices
(b) An increase in money supply
(c) An increase in unemployment allowances-✔️
(d) A reduction in income tax
Which of the following statement is false?
(a) Inflation brings an increase in production
(b) Inflation makes savings increase-✔️
(c) The main cause of inflation in Pakistan is deficit financing and excessive increase in money supply
(d) None of the above
Will the following benefit in real terms during a period of high and rising inflation:
(a) Someone who hoards money
(b) Someone whose income comes from securities with a fixed rate of interest
(c) Some one who owes money and is repaying the debt-✔️
(d) None of the above
A stock exchange is:
(a) A central market for buying and selling all kind of goods
(b) A place where any businessman can borrow money from the members
(c) A place where a register is kept of all public and private limited companies
(d) A central market for buying and selling all kinds of securities-✔️
Which one of the following is not a function of a commercial bank?
(a) Acting as banker to the state
(b) Managing government borrowings
(c) Controlhng the money supply
(d) All of the above-✔️
The World’s most populous city:
(a) Mexico
(b) Beijing
(c) Kolcatta
(d) Tokyo-✔️
In Asia the highest density of population ( persons per sq km) was recorded in:
(a) Singapore-✔️
(b) Bangladesh
(c) India
(d) North Korea
Which of the following is regarded as a liability by choosing banks?
(a) Overdrafts
(b) Personal loans
(c) Money at call
(d) Deposits of customers-✔️
Which of the following policies would be most appropriate for the State Bank of Pakistan to follow if it wished to make it more difficult for the commercial banks to grant loans?
(a) Buying long-term securities in the open market
(b) Raise the percentage of special deposits required
(c) Reduce the liquidity ratio
(d) Borrow through treasury bills rather than long term bonds-✔️
Which of the following items in the balance of payments accounts are invisible?
(a) Aviation
(b) Tourism
(c) Interest profits and dividends
(d) All of the above-✔️
"Free Trade" means:
(a) No restriction on the movement of goods from one part of the country to the other
(b) No ban on the import or export of a commodity between countries-✔️
(c) Goods exchange between countries with out any currency
(d) None of the above
"Protection" means:
(a) Safeguard of goods and services of a country from being spoiled at the time of export
(b) Safeguard of assets of a country from being destroyed by military attack
(c) Policy of a country to discourage import of certain commodities so as to save the domestic industries from competition with foreign firms-✔️
(d) None of the above
(a) Someone who hoards money
(b) Someone whose income comes from securities with a fixed rate of interest
(c) Some one who owes money and is repaying the debt-✔️
(d) None of the above
A stock exchange is:
(a) A central market for buying and selling all kind of goods
(b) A place where any businessman can borrow money from the members
(c) A place where a register is kept of all public and private limited companies
(d) A central market for buying and selling all kinds of securities-✔️
Which one of the following is not a function of a commercial bank?
(a) Acting as banker to the state
(b) Managing government borrowings
(c) Controlhng the money supply
(d) All of the above-✔️
The World’s most populous city:
(a) Mexico
(b) Beijing
(c) Kolcatta
(d) Tokyo-✔️
In Asia the highest density of population ( persons per sq km) was recorded in:
(a) Singapore-✔️
(b) Bangladesh
(c) India
(d) North Korea
Which of the following is regarded as a liability by choosing banks?
(a) Overdrafts
(b) Personal loans
(c) Money at call
(d) Deposits of customers-✔️
Which of the following policies would be most appropriate for the State Bank of Pakistan to follow if it wished to make it more difficult for the commercial banks to grant loans?
(a) Buying long-term securities in the open market
(b) Raise the percentage of special deposits required
(c) Reduce the liquidity ratio
(d) Borrow through treasury bills rather than long term bonds-✔️
Which of the following items in the balance of payments accounts are invisible?
(a) Aviation
(b) Tourism
(c) Interest profits and dividends
(d) All of the above-✔️
"Free Trade" means:
(a) No restriction on the movement of goods from one part of the country to the other
(b) No ban on the import or export of a commodity between countries-✔️
(c) Goods exchange between countries with out any currency
(d) None of the above
"Protection" means:
(a) Safeguard of goods and services of a country from being spoiled at the time of export
(b) Safeguard of assets of a country from being destroyed by military attack
(c) Policy of a country to discourage import of certain commodities so as to save the domestic industries from competition with foreign firms-✔️
(d) None of the above
Which of the following is not true?
(a) Tariffs can help new industries to become established-✔️
(b) Tariffs may divert demand to home industry and so encourage employment
(c) Tariffs encourage home industries to become more efficient
(d) All of the above
Which of the following is false statement?
(a) There is no difference between balance of payment and balance of trade-✔️
(b) Balance of trade is also known as balance of visible trade
(c) Balance of repayment consists of three accounts namely current account capital account and monetary account
(d) All of the above
A country's visible balance is the difference between the:
(a) Volume of goods imported and exported
(b) Value of capital goods exported and imported
(c) Volume of consumer goods imported and exported
(d) Value of goods imported and exported-✔️
Which of the following items are not exports of Pakistan?
(a) Wheat
(b) Sports goods
(c) Both of the above-✔️
(d) None of the above
Which of the following is not Pakistan's major imports?
(a) Petroleum
(b) Machinery
(c) Surgical goods-✔️
(d) Tea
Which of the following statement is not false?
(a) Pakistan's balance of payments is mostly favourable
(b) Terms of trade of Pakistan are favourable
(c) Devaluation makes the exports to increase-✔️
(d) Pakistan imports cotton and exports wheat
Which of the following statement is false?
(a) Public finance and private finance differ from each other in many respects
(b) In private finance expenditure is first estimated and then resources are made available to meet this expenditure-✔️
(c) Budget period for the public finance is one year
(d) Resources in both public and private finance are limited in relation to demand for expenditure
Which of the following is not correct?
(a) Tax is a general purpose compulsory contribution
(b) Tax payment is optional-✔️
(c) A tax payment cannot claim a direct service in lien of tax
(d) None of the above
Taxes which may be shifted from the person upon whom they are originally imposed to another person are:
(a) Special taxes
(b) Double taxes
(c) Proportional taxes
(d) Indirect taxes-✔️
"Sales Tax" is ultimately paid by:
(a) The shopkeepers
(b) The producers
(c) The customers-✔️
(d) The wholesalers
(a) Tariffs can help new industries to become established-✔️
(b) Tariffs may divert demand to home industry and so encourage employment
(c) Tariffs encourage home industries to become more efficient
(d) All of the above
Which of the following is false statement?
(a) There is no difference between balance of payment and balance of trade-✔️
(b) Balance of trade is also known as balance of visible trade
(c) Balance of repayment consists of three accounts namely current account capital account and monetary account
(d) All of the above
A country's visible balance is the difference between the:
(a) Volume of goods imported and exported
(b) Value of capital goods exported and imported
(c) Volume of consumer goods imported and exported
(d) Value of goods imported and exported-✔️
Which of the following items are not exports of Pakistan?
(a) Wheat
(b) Sports goods
(c) Both of the above-✔️
(d) None of the above
Which of the following is not Pakistan's major imports?
(a) Petroleum
(b) Machinery
(c) Surgical goods-✔️
(d) Tea
Which of the following statement is not false?
(a) Pakistan's balance of payments is mostly favourable
(b) Terms of trade of Pakistan are favourable
(c) Devaluation makes the exports to increase-✔️
(d) Pakistan imports cotton and exports wheat
Which of the following statement is false?
(a) Public finance and private finance differ from each other in many respects
(b) In private finance expenditure is first estimated and then resources are made available to meet this expenditure-✔️
(c) Budget period for the public finance is one year
(d) Resources in both public and private finance are limited in relation to demand for expenditure
Which of the following is not correct?
(a) Tax is a general purpose compulsory contribution
(b) Tax payment is optional-✔️
(c) A tax payment cannot claim a direct service in lien of tax
(d) None of the above
Taxes which may be shifted from the person upon whom they are originally imposed to another person are:
(a) Special taxes
(b) Double taxes
(c) Proportional taxes
(d) Indirect taxes-✔️
"Sales Tax" is ultimately paid by:
(a) The shopkeepers
(b) The producers
(c) The customers-✔️
(d) The wholesalers
An example of indirect tax is:
(a) Corporation tax
(b) Income tax
(c) Rates
(d) Tobacco tax-✔️
Which of the following is true statement?
(a) Income tax is a progressive tax
(b) Excise duty is an indirect tax
(c) Wealth tax is a direct tax
(d) All of the above-✔️
A budget is best described as:
(a) A list of expenditure made during the previous year
(b) An estimate of expected income and a plan for expenditure-✔️
(c) A means of raising money for necessary expenditure
(d) A plan for purchasing the best quality goods at the lowest prices
A budget of deficit is one:
(a) Where pubhc spending is less than the amount of revenue
(b) Where pubhc spending is greater than the amount of revenue-✔️
(c) Where pubhc spending is equal to the amount of revenue
(d) Where the budget leaves most tax payers with less disposable income
Which of the following measures would the government take to finance its borrowing requirements?
(a) Sell government securities-✔️
(b) Sell bills of exchange
(c) Sell ordinary shares
(d) Buy treasury bills
Which of the following is false statement?
(a) Federal government receives land revenue
(b) Motor vehicles tax is received by Federal Government
(c) Court fees are received by Federal Government
(d) All of the above-✔️
In a fully planned economy who decided what would be produced:
(a) Private entrepreneurs only
(b) Government only-✔️
(c) Consumers only
(d) The government in public enterprise and private entrepreneurs in private enterprises
Which of the following is/are characteristics of mixed economics?
(a) Subsidies for some industries
(b) The operation of the market economy in parts of the economy
(c) Government control of some industries
(d) All the above-✔️
Which of the following is/are true for a capitalist society?
(a) People have the right to own private property
(b) There is freedom of enterprise
(c) Freedom of choice for the consumers
(d) All of the above-✔️
Which one of the following arguments can be used in favour of the market economy?
(a) It guarantees full employment of labour-✔️
(b) It leads to equality of wealth
(c) It allows the government to plan investment in each industry
(d) All of the above
(a) Corporation tax
(b) Income tax
(c) Rates
(d) Tobacco tax-✔️
Which of the following is true statement?
(a) Income tax is a progressive tax
(b) Excise duty is an indirect tax
(c) Wealth tax is a direct tax
(d) All of the above-✔️
A budget is best described as:
(a) A list of expenditure made during the previous year
(b) An estimate of expected income and a plan for expenditure-✔️
(c) A means of raising money for necessary expenditure
(d) A plan for purchasing the best quality goods at the lowest prices
A budget of deficit is one:
(a) Where pubhc spending is less than the amount of revenue
(b) Where pubhc spending is greater than the amount of revenue-✔️
(c) Where pubhc spending is equal to the amount of revenue
(d) Where the budget leaves most tax payers with less disposable income
Which of the following measures would the government take to finance its borrowing requirements?
(a) Sell government securities-✔️
(b) Sell bills of exchange
(c) Sell ordinary shares
(d) Buy treasury bills
Which of the following is false statement?
(a) Federal government receives land revenue
(b) Motor vehicles tax is received by Federal Government
(c) Court fees are received by Federal Government
(d) All of the above-✔️
In a fully planned economy who decided what would be produced:
(a) Private entrepreneurs only
(b) Government only-✔️
(c) Consumers only
(d) The government in public enterprise and private entrepreneurs in private enterprises
Which of the following is/are characteristics of mixed economics?
(a) Subsidies for some industries
(b) The operation of the market economy in parts of the economy
(c) Government control of some industries
(d) All the above-✔️
Which of the following is/are true for a capitalist society?
(a) People have the right to own private property
(b) There is freedom of enterprise
(c) Freedom of choice for the consumers
(d) All of the above-✔️
Which one of the following arguments can be used in favour of the market economy?
(a) It guarantees full employment of labour-✔️
(b) It leads to equality of wealth
(c) It allows the government to plan investment in each industry
(d) All of the above
Pakistan’s largest export market is:
(a) USA-✔️
(b) Germany
(c) Japan(d) Saudi Arabia
Which of the following programmes was financially supported by UNICEF in Pakistan during -✔️?
(a) To reduce infant mortality
(b) To reduce maternal mortality
(c) To double the literacy rate among women
(d) All of the above-✔️
Under a capitalist system the economic problem of "what goods" shall be produced is solved primarily by:
(a) People advertising their wants
(b) Direction by the government
(c) The pattern of consumer's spending-✔️
(d) People producing directly to satisfy their own wants
The World’s most populous city is:
(a) Mexico City
(b) Beijing
(c) New York
(d) Tokyo-✔️
Pakistan’s biggest and most powerful “Radio Station’ is:
(a) Islamabad-✔️
(b) Lahore
(c) Karachi
(d) Peshawar
One advantage for the capitalist system for allocating resources in economy is that it:
(a) Avoids unemployment
(b) Reduces inequality of incomes
(c) Affords the fullest opportunity for individuals to indicate their preferences for goods within the limits of their spending power-✔️
(d) Always results in goods being produced at the lowest possible cost
Which of the following countries could most aptly be described as having a fully centrally planned economy?
(a) UK
(b) USA
(c) Former USSR-✔️
(d) Germany
Which of the following statement is true?
(a) Most of the developing countries like Pakistan have planned economies
(b) In a market economy there is most equal distribution of income
(c) In a mixed economy the government interferes with the price system to overcome its disadvantages-✔️
(d) In a centrally planned economy society will always get the goods it wants
In Punjab the lowest density of population is in:
(a) Multan Division
(b) Rawalpindi Division
(c) Bahawalpur Division-✔️
(d) DG Khan Division
Which of the following is a cash crop?
(a) Wheat
(b) Rice
(c) Cotton-✔️
(d) None of the above
(a) USA-✔️
(b) Germany
(c) Japan(d) Saudi Arabia
Which of the following programmes was financially supported by UNICEF in Pakistan during -✔️?
(a) To reduce infant mortality
(b) To reduce maternal mortality
(c) To double the literacy rate among women
(d) All of the above-✔️
Under a capitalist system the economic problem of "what goods" shall be produced is solved primarily by:
(a) People advertising their wants
(b) Direction by the government
(c) The pattern of consumer's spending-✔️
(d) People producing directly to satisfy their own wants
The World’s most populous city is:
(a) Mexico City
(b) Beijing
(c) New York
(d) Tokyo-✔️
Pakistan’s biggest and most powerful “Radio Station’ is:
(a) Islamabad-✔️
(b) Lahore
(c) Karachi
(d) Peshawar
One advantage for the capitalist system for allocating resources in economy is that it:
(a) Avoids unemployment
(b) Reduces inequality of incomes
(c) Affords the fullest opportunity for individuals to indicate their preferences for goods within the limits of their spending power-✔️
(d) Always results in goods being produced at the lowest possible cost
Which of the following countries could most aptly be described as having a fully centrally planned economy?
(a) UK
(b) USA
(c) Former USSR-✔️
(d) Germany
Which of the following statement is true?
(a) Most of the developing countries like Pakistan have planned economies
(b) In a market economy there is most equal distribution of income
(c) In a mixed economy the government interferes with the price system to overcome its disadvantages-✔️
(d) In a centrally planned economy society will always get the goods it wants
In Punjab the lowest density of population is in:
(a) Multan Division
(b) Rawalpindi Division
(c) Bahawalpur Division-✔️
(d) DG Khan Division
Which of the following is a cash crop?
(a) Wheat
(b) Rice
(c) Cotton-✔️
(d) None of the above
Which of the characteristics of Islamic Economic System is/are true?
(a) An Islamic state is essentially a welfare state
(b) Ensures social justice
(c) All economic problems are solved in the light of moral values
(d) All of the above-✔️
"Zakat" is a charity on:
(a) Wealth/income which stays with a Muslim for at least one year
(b) Levied on a Muslim who is Sahib-e-Nisah
(c) Deducted at the rate of % % of the income
(d) All of the above-✔️
Which of the following is correct? A Sahib-✔️e-✔️Nisab is a person who owns:
(a) 7 1/2 tolas of gold or 52 1/2 tolas of silver
(b) Trading goods or cash equal to % tolas of gold or 7 1/2 tolas of silver
(c) camels or cows (buffaloes) or sheep (goats)
(d) All of the above-✔️
In Islam absolute ownership of property lies only with:
(a) Allah-✔️
(b) Government
(c) Owner of the property
(d) Both government and owner
Which of the following statement is wrong?
(a) Islamic economic system allows the use of only "halal" things
(b) Islamic laws cannot be changed by majority decision
(c) Islamic economic system brings an end to exploitation of labour
(d) None of the above-✔️
From which of the following countries Pakistan received the biggest share of workers remittances during the year ?
(a) UAE
(b) Kuwait
(c) Saudi Arabia-✔️
(d) USA
World Trade Organization (WTO) was established in with the objective:
(a) To promote free trade in the World
(b) To protect intellectual property rights
(c) To remove quota restrictions in foreign trade
(d) All of the above-✔️
Agricultural income tax in Pakistan will be levied on the farmers with land holdings of or more than:
(a) 30 acres
(b) 10 acres
(c) 6 acres
(d) 12 54 acres-✔️
Which of the following European country has not adopted Europe currency?
(a) Great Britain
(b) Sweden
(c) Denmark
(d) All of the above-✔️
Under the Constitution of Pakistan National Finance Commission distribute the amount from federal taxes to provinces on the basis of:
(a) Area
(b) Population-✔️
(c) Natural Resources
(d) Equality
(a) An Islamic state is essentially a welfare state
(b) Ensures social justice
(c) All economic problems are solved in the light of moral values
(d) All of the above-✔️
"Zakat" is a charity on:
(a) Wealth/income which stays with a Muslim for at least one year
(b) Levied on a Muslim who is Sahib-e-Nisah
(c) Deducted at the rate of % % of the income
(d) All of the above-✔️
Which of the following is correct? A Sahib-✔️e-✔️Nisab is a person who owns:
(a) 7 1/2 tolas of gold or 52 1/2 tolas of silver
(b) Trading goods or cash equal to % tolas of gold or 7 1/2 tolas of silver
(c) camels or cows (buffaloes) or sheep (goats)
(d) All of the above-✔️
In Islam absolute ownership of property lies only with:
(a) Allah-✔️
(b) Government
(c) Owner of the property
(d) Both government and owner
Which of the following statement is wrong?
(a) Islamic economic system allows the use of only "halal" things
(b) Islamic laws cannot be changed by majority decision
(c) Islamic economic system brings an end to exploitation of labour
(d) None of the above-✔️
From which of the following countries Pakistan received the biggest share of workers remittances during the year ?
(a) UAE
(b) Kuwait
(c) Saudi Arabia-✔️
(d) USA
World Trade Organization (WTO) was established in with the objective:
(a) To promote free trade in the World
(b) To protect intellectual property rights
(c) To remove quota restrictions in foreign trade
(d) All of the above-✔️
Agricultural income tax in Pakistan will be levied on the farmers with land holdings of or more than:
(a) 30 acres
(b) 10 acres
(c) 6 acres
(d) 12 54 acres-✔️
Which of the following European country has not adopted Europe currency?
(a) Great Britain
(b) Sweden
(c) Denmark
(d) All of the above-✔️
Under the Constitution of Pakistan National Finance Commission distribute the amount from federal taxes to provinces on the basis of:
(a) Area
(b) Population-✔️
(c) Natural Resources
(d) Equality
Which of the following countries first introduced paper currency in the world?
(a) USA
(b) Greece
(c) China-✔️
(d) France
The 6th National Finance Commission Award the share of provinces from the federal revenue has been increased from 37.5 percent to:
(a) 2002-2003
(b) 2003-2004-✔️
(c) 2004-️2005
(d) 2005-2006
The World’s largest copper producer is:
(a) China
(b) Chile-✔️
(c) Brazil
(d) Russia
The World’s largest producer of silk is:
(a) Malaysia
(b) Bangladesh
(c) China-✔️
(d) India
Under the 6th National Finance Commission Award the share of provinces from the federal revenue has been increased from 37.5 percent to:
(a) 38%
(b) 39%
(c) 40%-✔️
(d) 42%
The share from federal revenue is given to the provinces according to their:-
(a) Backwardness
(b) Population-✔️
(c) Area
(d) None of the above
Identify the world’s richest man and his organization:
(a) John Walton - Wal - Mart stores -USA
(b) Bill Gates - Microsoft - USA-✔️
(c) Lawrence Ellison - Oracle - USA
(d) None of the above
The people live below the poverty line earn less then:
(a) 1 US dollar daily-✔️
(b) 2 US dollar daily
(c) 3 US dollar daily
(d) 5 US dollar daily
Identify Pakistan’s largest gas fired power plant:
(a) Faisalabad Gas Turbine Power Plant
(b) Uch Power Plant-✔️
(c) Gomal Power Plant
(d) Malakand the Dargai Power Plant
After independence, the first industrial unit inaugurated by Quaid-i-Azam was:
(a) Adamjee Paper Mills
(b) Valika Textile Mills-✔️
(c) Karachi Shipyard and Engineering Works
(d) Pakistan Jute Mills
(a) USA
(b) Greece
(c) China-✔️
(d) France
The 6th National Finance Commission Award the share of provinces from the federal revenue has been increased from 37.5 percent to:
(a) 2002-2003
(b) 2003-2004-✔️
(c) 2004-️2005
(d) 2005-2006
The World’s largest copper producer is:
(a) China
(b) Chile-✔️
(c) Brazil
(d) Russia
The World’s largest producer of silk is:
(a) Malaysia
(b) Bangladesh
(c) China-✔️
(d) India
Under the 6th National Finance Commission Award the share of provinces from the federal revenue has been increased from 37.5 percent to:
(a) 38%
(b) 39%
(c) 40%-✔️
(d) 42%
The share from federal revenue is given to the provinces according to their:-
(a) Backwardness
(b) Population-✔️
(c) Area
(d) None of the above
Identify the world’s richest man and his organization:
(a) John Walton - Wal - Mart stores -USA
(b) Bill Gates - Microsoft - USA-✔️
(c) Lawrence Ellison - Oracle - USA
(d) None of the above
The people live below the poverty line earn less then:
(a) 1 US dollar daily-✔️
(b) 2 US dollar daily
(c) 3 US dollar daily
(d) 5 US dollar daily
Identify Pakistan’s largest gas fired power plant:
(a) Faisalabad Gas Turbine Power Plant
(b) Uch Power Plant-✔️
(c) Gomal Power Plant
(d) Malakand the Dargai Power Plant
After independence, the first industrial unit inaugurated by Quaid-i-Azam was:
(a) Adamjee Paper Mills
(b) Valika Textile Mills-✔️
(c) Karachi Shipyard and Engineering Works
(d) Pakistan Jute Mills
An arrangement between a seller and buyer under which a period of credit is allowed before payment is called:
(a) Account-✔️
(b) Advertising
(c) Asset
(d) Annuity
The prices that are set by government rather than by negotiation between a seller and a buyer are known as
(a) Market Prices
(b) Management Prices-✔️
(c) Administered Prices
(d) None of the above
What is the term for paid announcements to persuade and inform public?
(a) Campaign
(b) Advertising-✔️
(c) Announcement
(d) Publicity
The inefficiencies associated with employing a representative to carry out a task for you rather than carrying it out yourself are known as in economical terms as
(a) Agency Cost-✔️
(b) Total Cost
(c) Running Cost
(d) None of theabove
In terms of economics a constant annual payment is called:
(a) Asset
(b) Annuity-✔️
(c) Capital
(d) None of theabove
The transaction in which the buyer of an item is selected after a number of buyers have made some willingness to pay for that item; is marked as
(a) Sale
(b) Bargaining
(c) Disposal
(d) Auction-✔️
The national economic self-sufficiency i.e., exclusion from international trade pursued as a national policy is called:
(a) Autarky-✔️
(b) Self-sufficiency
(c) Self-reliance
(d) All of the above
A check of accounting records conducted by a professional accountant to find out any fraud or discrepancies is termed as:
(a) Audit-✔️
(b) Scrutiny
(c) Review
(d) Checking
What is the term for total sales value divided by the number of units sold and thus equals to average price is?
(a) Average Cost
(b) Average Sale
(c) Average Revenue-✔️
(d) None of the above
The statement of the wealth of a business organization or individual on a given date usually the last day of the fiscal year is termed as:
(a) Balance Sheet-✔️
(b) Balance list
(c) Both of the above
(d) None of the above
(a) Account-✔️
(b) Advertising
(c) Asset
(d) Annuity
The prices that are set by government rather than by negotiation between a seller and a buyer are known as
(a) Market Prices
(b) Management Prices-✔️
(c) Administered Prices
(d) None of the above
What is the term for paid announcements to persuade and inform public?
(a) Campaign
(b) Advertising-✔️
(c) Announcement
(d) Publicity
The inefficiencies associated with employing a representative to carry out a task for you rather than carrying it out yourself are known as in economical terms as
(a) Agency Cost-✔️
(b) Total Cost
(c) Running Cost
(d) None of theabove
In terms of economics a constant annual payment is called:
(a) Asset
(b) Annuity-✔️
(c) Capital
(d) None of theabove
The transaction in which the buyer of an item is selected after a number of buyers have made some willingness to pay for that item; is marked as
(a) Sale
(b) Bargaining
(c) Disposal
(d) Auction-✔️
The national economic self-sufficiency i.e., exclusion from international trade pursued as a national policy is called:
(a) Autarky-✔️
(b) Self-sufficiency
(c) Self-reliance
(d) All of the above
A check of accounting records conducted by a professional accountant to find out any fraud or discrepancies is termed as:
(a) Audit-✔️
(b) Scrutiny
(c) Review
(d) Checking
What is the term for total sales value divided by the number of units sold and thus equals to average price is?
(a) Average Cost
(b) Average Sale
(c) Average Revenue-✔️
(d) None of the above
The statement of the wealth of a business organization or individual on a given date usually the last day of the fiscal year is termed as:
(a) Balance Sheet-✔️
(b) Balance list
(c) Both of the above
(d) None of the above
What is the business of accepting deposits and lending money called?
(a) Stock market
(b) Trading
(c) Black market
(d) Banking-✔️
The declaration by a court of law that a company or individual is insolvent, i.e., it cannot pay its debts on the due dates is known as
(a) Bankruptcy-✔️
(b) Penury
(c) Both of the above
(d) None of the above
The fixed interest security issued by governments, banks or other financial institutions is also termed
(a) Bargain
(b) Bond-✔️
(c) Compact
(d) Contract
The first class equity share, the purpose of which entails little risk in earnings in recession is called:
(a) Blue disc
(b) Blue chip-✔️
(c) Both of the above
(d) None of the above
Underground economic activity that is not declared for taxation purposes is called
(a) Black Trade
(b) Black Country
(c) Black Economy-✔️
(d) Black List
A trade of goods and services in the exchange for other goods or services rather than for money is known as:
(a) Foreign Trade
(b) Free Trade
(c) Barter Trade-✔️
(d) Limited Trade
In an organized market, an intermediary between a buyer and a seller is called:
(a) Broker-✔️
(b) Stockbroker
(c) Commission agent
(d) Negotiator
What is called if estimate of income and expenditure are for future as opposed to an account that records financial transaction?
(a) Quota
(b) Allocation
(c) Budget-✔️
(d) Estimate
The output from a process designed for the production of some other product, is called
(a) By product-✔️
(b) Main product
(c) Consumer Product
(d) None of the above
The asset that is capable of generating income and that have itself been produced is termed
(a) Credit
(b) Capital-✔️
(c) Annuity
(d) Premium
(a) Stock market
(b) Trading
(c) Black market
(d) Banking-✔️
The declaration by a court of law that a company or individual is insolvent, i.e., it cannot pay its debts on the due dates is known as
(a) Bankruptcy-✔️
(b) Penury
(c) Both of the above
(d) None of the above
The fixed interest security issued by governments, banks or other financial institutions is also termed
(a) Bargain
(b) Bond-✔️
(c) Compact
(d) Contract
The first class equity share, the purpose of which entails little risk in earnings in recession is called:
(a) Blue disc
(b) Blue chip-✔️
(c) Both of the above
(d) None of the above
Underground economic activity that is not declared for taxation purposes is called
(a) Black Trade
(b) Black Country
(c) Black Economy-✔️
(d) Black List
A trade of goods and services in the exchange for other goods or services rather than for money is known as:
(a) Foreign Trade
(b) Free Trade
(c) Barter Trade-✔️
(d) Limited Trade
In an organized market, an intermediary between a buyer and a seller is called:
(a) Broker-✔️
(b) Stockbroker
(c) Commission agent
(d) Negotiator
What is called if estimate of income and expenditure are for future as opposed to an account that records financial transaction?
(a) Quota
(b) Allocation
(c) Budget-✔️
(d) Estimate
The output from a process designed for the production of some other product, is called
(a) By product-✔️
(b) Main product
(c) Consumer Product
(d) None of the above
The asset that is capable of generating income and that have itself been produced is termed
(a) Credit
(b) Capital-✔️
(c) Annuity
(d) Premium
The production of a commodity in which a higher proportion of capital is used is known as
(a) Labour Intensive
(b) Capital Intensive-✔️
(c) Both of the above
(d) None of the above
The market for long term loanable funds as different from the market that deals in short term loans is called:
(a) Capital Market-✔️
(b) Capital Stock
(c) Both of the above
(d) None of the above
The total amount of physical capital in the economy or in a firm or industry is termed as
(a) Capital Market
(b) Capital Gains
(c) Capital Stock-✔️
(d) None of the above
An association of producers to regulate prices by restricting output and competition is called
(a) Cartel-✔️
(b) Monopoly
(c) Merger
(d) None of the above
The most common example of an international cartel is the
(a) South Asian Association for Regional Corporation. (SAARC)
(b) Organization of Petroleum Exporting Countries (OPEC)-✔️
(c) Economic Commission for Europe (ECE)
(d) International Monetary Fund (IMF)
The flow of money payments to or from a firm is called “Cash Flow”. Expenditure is sometimes referred to as:
(a) Gross Cash Flow
(b) Negative Cash Flow-✔️
(c) Positive Cash Flow
(d) All of the above
The banker’s bank and lender of last resort is the
(a) Commercial Bank
(b) Investment Bank
(c) Central Bank-✔️
(d) All of the above
A certificate that specifies the country of origin of an export or import is called
(a) Certificate of Deposit
(b) Certificate of Origin-✔️
(c) Certificate of Incorporation
(d) None of the above
The order written by the drawer to a commercial bank or central bank to pay on demand a particular sum to a bearer is referred to as
(a) Pay check
(b) Cheque-✔️
(c) Draft
(d) Money order
A measurement of unemployment based on the number of people out of work and claiming unemployment benefits is called in terms of economic theory
(a) Employment Count
(b) Claimant Count-✔️
(c) Both of the above
(d) None of the above
(a) Labour Intensive
(b) Capital Intensive-✔️
(c) Both of the above
(d) None of the above
The market for long term loanable funds as different from the market that deals in short term loans is called:
(a) Capital Market-✔️
(b) Capital Stock
(c) Both of the above
(d) None of the above
The total amount of physical capital in the economy or in a firm or industry is termed as
(a) Capital Market
(b) Capital Gains
(c) Capital Stock-✔️
(d) None of the above
An association of producers to regulate prices by restricting output and competition is called
(a) Cartel-✔️
(b) Monopoly
(c) Merger
(d) None of the above
The most common example of an international cartel is the
(a) South Asian Association for Regional Corporation. (SAARC)
(b) Organization of Petroleum Exporting Countries (OPEC)-✔️
(c) Economic Commission for Europe (ECE)
(d) International Monetary Fund (IMF)
The flow of money payments to or from a firm is called “Cash Flow”. Expenditure is sometimes referred to as:
(a) Gross Cash Flow
(b) Negative Cash Flow-✔️
(c) Positive Cash Flow
(d) All of the above
The banker’s bank and lender of last resort is the
(a) Commercial Bank
(b) Investment Bank
(c) Central Bank-✔️
(d) All of the above
A certificate that specifies the country of origin of an export or import is called
(a) Certificate of Deposit
(b) Certificate of Origin-✔️
(c) Certificate of Incorporation
(d) None of the above
The order written by the drawer to a commercial bank or central bank to pay on demand a particular sum to a bearer is referred to as
(a) Pay check
(b) Cheque-✔️
(c) Draft
(d) Money order
A measurement of unemployment based on the number of people out of work and claiming unemployment benefits is called in terms of economic theory
(a) Employment Count
(b) Claimant Count-✔️
(c) Both of the above
(d) None of the above
The dominant body of economic thinking, economic method and economic style in the period from 18th to 19th century is termed as
(a) Modern Economics
(b) Mathematical Economics
(c) Classical Economics-✔️
(d) None of the above
The economic system with little or no external trade is called:
(a) Open economy
(b) Autarky
(c) Close economy-✔️
(d) All of the above
Privately owned banks operating cheque current accounts, receiving deposits, taking in and paying out notes and coins and making loans are generally called
(a) Central Banks
(b) Commercial Banks-✔️
(c) State Banks
(d) All of the above
A percentage of the value of a transaction taken by an intermediary as payment for his services is called:
(a) Profit
(b) Commission-✔️
(c) Percentage
(d) Fee
In economic theory, a tangible good or service resulting from the process of production is known as
(a) Product
(b) Article
(c) Commodity-✔️
(d) Item
Which of the following is an example of common market?
(a) European Union
(b) Mercosur
(c) Andean Pact
(d) All of the above-✔️
The law governing the establishment and conduct of incorporated business enterprise is called
(a) Civil Law
(b) Natural Law
(c) Company Law-✔️
(d) Cyber Law
The profits retained in the business and set aside for specified purposes are known as
(a) Company Shares
(b) Company Assets
(c) Company Reserves-✔️
(d) Company Gains
Pairs of goods for which consumption is interdependent e.g., cars and petrol or cups and saucers are known as:
(a) Complementary Goods-✔️
(b) Finished Goods
(c) Both of the above
(d) None of the above
The interest due by applying the rate to the sum of the capital invested plus the interest previously earned and reinvested is referred to as
(a) Simple Interest
(b) Compound Interest-✔️
(c) Both of the above
(d) None of the above
(a) Modern Economics
(b) Mathematical Economics
(c) Classical Economics-✔️
(d) None of the above
The economic system with little or no external trade is called:
(a) Open economy
(b) Autarky
(c) Close economy-✔️
(d) All of the above
Privately owned banks operating cheque current accounts, receiving deposits, taking in and paying out notes and coins and making loans are generally called
(a) Central Banks
(b) Commercial Banks-✔️
(c) State Banks
(d) All of the above
A percentage of the value of a transaction taken by an intermediary as payment for his services is called:
(a) Profit
(b) Commission-✔️
(c) Percentage
(d) Fee
In economic theory, a tangible good or service resulting from the process of production is known as
(a) Product
(b) Article
(c) Commodity-✔️
(d) Item
Which of the following is an example of common market?
(a) European Union
(b) Mercosur
(c) Andean Pact
(d) All of the above-✔️
The law governing the establishment and conduct of incorporated business enterprise is called
(a) Civil Law
(b) Natural Law
(c) Company Law-✔️
(d) Cyber Law
The profits retained in the business and set aside for specified purposes are known as
(a) Company Shares
(b) Company Assets
(c) Company Reserves-✔️
(d) Company Gains
Pairs of goods for which consumption is interdependent e.g., cars and petrol or cups and saucers are known as:
(a) Complementary Goods-✔️
(b) Finished Goods
(c) Both of the above
(d) None of the above
The interest due by applying the rate to the sum of the capital invested plus the interest previously earned and reinvested is referred to as
(a) Simple Interest
(b) Compound Interest-✔️
(c) Both of the above
(d) None of the above
Short-term loans to the public for the purchase of specific goods is called:
(a) Commercial Credit
(b) Public Credit
(c) Consumer Credit-✔️
(d) None of the above
An economic good or commodity purchased by households for final consumption is called:
(a) Consumer good
(b) Consumption good
(c) Final good
(d) All of the above-✔️
An index (index number) of the prices of goods and services purchased by consumers to measure the inflation rate or the cost of hving is called
(a) Consumer Price Index
(b) Retail Price Index
(c) Both of the above-✔️
(d) None of the above
The use of resources to satisfy current needs and wants is called:
(a) Depletion
(b) Dissipation
(c) Consumption-✔️
(d) Destruction
A statement of the rights and obligations of each party to a transaction or transactions is called:
(a) Treaty
(b) Compact
(c) Contract-✔️
(d) Covenant
A business function concerned with the formulation of long term objectives and the development of plans to achieve them is called:
(a) Business Planning
(b) Corporate Planning-✔️
(c) Both of the above(d) None of the above
A piece of paper entitling the owner to money payments, cut-price or free goods or rations is called
(a) Cheque
(b) Note
(c) Coupon-✔️
(d) Bond
A measure of the expectation of the population that the government, or monetary authorities will adhere to policies dehvering low inflation is called
(a) Credibility-✔️
(b) Faith
(c) Integrity
(d) None of the above
Credit is the use or possession of goods without immediate payment. Which of the following is a type of credit?
(a) Consumer credit
(b) Bank credit
(c) Trade credit
(d) All of the above-✔️
A plastic, personal magnetized card with the name and account number of the holder and the expiry date embossed is referred to as:
(a) Master Card
(b) Visa Card
(c) Credit Card-✔️
(d) Green Card
One to whom an amount of money is due is called:
(a) Creditor-✔️
(b) Debtor
(c) Both of the above
(d) None of the above
Which of the following is referred to as international currency because it is regarded as acceptable for the settlement of international debts?
(a) Yen
(b) Dollar-✔️
(c) Rupee
(d) Dinar
The bank account on which deposits do not earn interest, but can be with drawn by cheque at any time is called:
(a) Demand Account
(b) Current Account-✔️
(c) Fixed Account
(d) Profit and Loss Account
Prices unadjusted for changes in the purchasing power of money are called:
(a) HistoricPrices
(b) Current Prices-✔️
(c) Market Prices
(d) None of theabove
The practice of searching for correlation in data with the purpose of generating theoretical hypotheses is called
(a) Data Collection
(b) Data Communication
(c) Data Mining-✔️
(d) Data Compression.
A cartel is an organization formed by producers. Its objectives are:
(a) To allocate market shares
(b) To control production
(c) To regulate prices
(d) All of the above-✔️
A loss in social welfare deriving from a policy or action that has no corresponding gain is called:
(a) Dead weight Waste
(b) Dead weight Loss-✔️
(c) Both of the above
(d) None of the above
The number of deaths occurring in any year for every 1000 of the population is referred to as
(a) Death Ratio
(b) Death Rate-✔️
(c) Both of the above
(d) None of theabove
A sum of money or other property owed by one person or organization to another is called
(a) Credit
(b) Debt-✔️
(c) Obligation
(d) All of the above
One who owes money to another is known as
(a) Creditor
(b) Debtor-✔️
(c) Both of the above
(d) None of the above
(a) Commercial Credit
(b) Public Credit
(c) Consumer Credit-✔️
(d) None of the above
An economic good or commodity purchased by households for final consumption is called:
(a) Consumer good
(b) Consumption good
(c) Final good
(d) All of the above-✔️
An index (index number) of the prices of goods and services purchased by consumers to measure the inflation rate or the cost of hving is called
(a) Consumer Price Index
(b) Retail Price Index
(c) Both of the above-✔️
(d) None of the above
The use of resources to satisfy current needs and wants is called:
(a) Depletion
(b) Dissipation
(c) Consumption-✔️
(d) Destruction
A statement of the rights and obligations of each party to a transaction or transactions is called:
(a) Treaty
(b) Compact
(c) Contract-✔️
(d) Covenant
A business function concerned with the formulation of long term objectives and the development of plans to achieve them is called:
(a) Business Planning
(b) Corporate Planning-✔️
(c) Both of the above(d) None of the above
A piece of paper entitling the owner to money payments, cut-price or free goods or rations is called
(a) Cheque
(b) Note
(c) Coupon-✔️
(d) Bond
A measure of the expectation of the population that the government, or monetary authorities will adhere to policies dehvering low inflation is called
(a) Credibility-✔️
(b) Faith
(c) Integrity
(d) None of the above
Credit is the use or possession of goods without immediate payment. Which of the following is a type of credit?
(a) Consumer credit
(b) Bank credit
(c) Trade credit
(d) All of the above-✔️
A plastic, personal magnetized card with the name and account number of the holder and the expiry date embossed is referred to as:
(a) Master Card
(b) Visa Card
(c) Credit Card-✔️
(d) Green Card
One to whom an amount of money is due is called:
(a) Creditor-✔️
(b) Debtor
(c) Both of the above
(d) None of the above
Which of the following is referred to as international currency because it is regarded as acceptable for the settlement of international debts?
(a) Yen
(b) Dollar-✔️
(c) Rupee
(d) Dinar
The bank account on which deposits do not earn interest, but can be with drawn by cheque at any time is called:
(a) Demand Account
(b) Current Account-✔️
(c) Fixed Account
(d) Profit and Loss Account
Prices unadjusted for changes in the purchasing power of money are called:
(a) HistoricPrices
(b) Current Prices-✔️
(c) Market Prices
(d) None of theabove
The practice of searching for correlation in data with the purpose of generating theoretical hypotheses is called
(a) Data Collection
(b) Data Communication
(c) Data Mining-✔️
(d) Data Compression.
A cartel is an organization formed by producers. Its objectives are:
(a) To allocate market shares
(b) To control production
(c) To regulate prices
(d) All of the above-✔️
A loss in social welfare deriving from a policy or action that has no corresponding gain is called:
(a) Dead weight Waste
(b) Dead weight Loss-✔️
(c) Both of the above
(d) None of the above
The number of deaths occurring in any year for every 1000 of the population is referred to as
(a) Death Ratio
(b) Death Rate-✔️
(c) Both of the above
(d) None of theabove
A sum of money or other property owed by one person or organization to another is called
(a) Credit
(b) Debt-✔️
(c) Obligation
(d) All of the above
One who owes money to another is known as
(a) Creditor
(b) Debtor-✔️
(c) Both of the above
(d) None of the above
The rebate or discount where ordinary share on a purchase that is accumulated for a particular period to encourage customers to remain with a specific supplier is called:
(a) Deferred Rebate
(b) Aggregated Rebate
(c) Both of the above-✔️
(d) None of the above
The excess of an expenditure flow over an income flow is termed as:
(a) Loss
(b) Deficit-✔️
(c) Surplus
(d) Shortage
The use of borrowing to finance an excess of expenditure over income is known as:
(a) Deficit Financing-✔️
(b) Debt Retirement
(c) Both of the above
(d) None of the above
A sustained reduction in the general level of prices is called:
(a) Inflation
(b) Deflation
(c) Disinflation
(d) Both B and C-✔️
A decline in the share of manufacturing sector in national income is termed as:
(a) Industralization
(b) Privatization
(c) Nationalization
(d) Deindustralization-✔️
The desire for a particular good or service supported by the possession of the necessary means of exchange to effect ownership is called:
(a) Supply
(b) Demand-✔️
(c) Loss
(d) Incentive
The scenario that western countries face a crisis in the next few decades caused by the aging of their populations is termed as:
(a) Demographic Time Bomb-✔️
(b) Green House Effect
(c) Population Explosion
(d) All of the above
The branch of economics concerned with the rate at which natural resources are consumed over time is called
(a) Marxism
(b) Capitalism
(c) Depletion theory-✔️
(d) Game Theory
Money placed in an account at a financial institution and constituting a claim on it is known as
(a) Deposit-✔️
(b) Credit
(c) Debt
(d) Hoarding
The account with a bank or other financial institution in which deposits earn interest and withdraws from which require notice is referred to as:
(a) Deposit Account-✔️
(b) Current Account
(c) Profit-Loss Account
(d) None of the above
(a) Deferred Rebate
(b) Aggregated Rebate
(c) Both of the above-✔️
(d) None of the above
The excess of an expenditure flow over an income flow is termed as:
(a) Loss
(b) Deficit-✔️
(c) Surplus
(d) Shortage
The use of borrowing to finance an excess of expenditure over income is known as:
(a) Deficit Financing-✔️
(b) Debt Retirement
(c) Both of the above
(d) None of the above
A sustained reduction in the general level of prices is called:
(a) Inflation
(b) Deflation
(c) Disinflation
(d) Both B and C-✔️
A decline in the share of manufacturing sector in national income is termed as:
(a) Industralization
(b) Privatization
(c) Nationalization
(d) Deindustralization-✔️
The desire for a particular good or service supported by the possession of the necessary means of exchange to effect ownership is called:
(a) Supply
(b) Demand-✔️
(c) Loss
(d) Incentive
The scenario that western countries face a crisis in the next few decades caused by the aging of their populations is termed as:
(a) Demographic Time Bomb-✔️
(b) Green House Effect
(c) Population Explosion
(d) All of the above
The branch of economics concerned with the rate at which natural resources are consumed over time is called
(a) Marxism
(b) Capitalism
(c) Depletion theory-✔️
(d) Game Theory
Money placed in an account at a financial institution and constituting a claim on it is known as
(a) Deposit-✔️
(b) Credit
(c) Debt
(d) Hoarding
The account with a bank or other financial institution in which deposits earn interest and withdraws from which require notice is referred to as:
(a) Deposit Account-✔️
(b) Current Account
(c) Profit-Loss Account
(d) None of the above
The reduction in value of an asset as reduction in the value of currency is known as:
(a) Appreciation
(b) Devaluation
(c) Depreciation-✔️
(d) All of the above
A downturn in the business cycle in which there is a sustained high level of unemployment is called
(a) Inactivity
(b) Depression-✔️
(c) Paralysis
(d) Decline
The process of invigorating activity in a sector of the economy by reducing the government controls that have the effect of creating barriers to entry is called
(a) Privatization
(b) Regulation
(c) Deregulation-✔️
(d) All of the above
The reduction of the fixed official rate at which one currency is exchanged for another in a fixed exchange rate regime is termed:
(a) Appreciation
(b) Depreciation
(c) Devaluation-✔️
(d) None of the above
Investment in the foreign operations of a company through acquisition of a foreign operation, or establishment of a new site is called:
(a) Direct Investment-✔️
(b) Installation
(c) Indirect Investment
(d) None of the above
Taxation on the income and resources of individuals or organization is known as:
(a) Double Taxation
(b) Indirect Taxation
(c) Direct Taxation-✔️
(d) All of the above
A deduction from face value is referred to as:
(a) Premium
(b) Discount-✔️
(c) Reward
(d) None of the above
The extension in the range of goods and services in a firm or geographic region is called:
(a) Reduction
(b) Expansion
(c) Diversification-✔️
(d) Modification.
The amount of a company’s profit that the board of directors decides to distribute to ordinary shareholders is known as:
(a) Deficit
(b) Dividend-✔️
(c) Loss
(d) Capital
The allocation of labour such that each worker specializes in one or a few functions in the production process is known as:
(a) Division of Labour-✔️
(b) Distribution of Wealth
(c) Efficient Worker
(d) None of the above
(a) Appreciation
(b) Devaluation
(c) Depreciation-✔️
(d) All of the above
A downturn in the business cycle in which there is a sustained high level of unemployment is called
(a) Inactivity
(b) Depression-✔️
(c) Paralysis
(d) Decline
The process of invigorating activity in a sector of the economy by reducing the government controls that have the effect of creating barriers to entry is called
(a) Privatization
(b) Regulation
(c) Deregulation-✔️
(d) All of the above
The reduction of the fixed official rate at which one currency is exchanged for another in a fixed exchange rate regime is termed:
(a) Appreciation
(b) Depreciation
(c) Devaluation-✔️
(d) None of the above
Investment in the foreign operations of a company through acquisition of a foreign operation, or establishment of a new site is called:
(a) Direct Investment-✔️
(b) Installation
(c) Indirect Investment
(d) None of the above
Taxation on the income and resources of individuals or organization is known as:
(a) Double Taxation
(b) Indirect Taxation
(c) Direct Taxation-✔️
(d) All of the above
A deduction from face value is referred to as:
(a) Premium
(b) Discount-✔️
(c) Reward
(d) None of the above
The extension in the range of goods and services in a firm or geographic region is called:
(a) Reduction
(b) Expansion
(c) Diversification-✔️
(d) Modification.
The amount of a company’s profit that the board of directors decides to distribute to ordinary shareholders is known as:
(a) Deficit
(b) Dividend-✔️
(c) Loss
(d) Capital
The allocation of labour such that each worker specializes in one or a few functions in the production process is known as:
(a) Division of Labour-✔️
(b) Distribution of Wealth
(c) Efficient Worker
(d) None of the above
The situation in which the same tax base is taxed more than once is called:
(a) Direct Taxation
(b) Double Taxation-✔️
(c) Indirect Taxation
(d) None of the above
A daily index of prices on the principal stock exchange in New York is called:
(a) Dow Jones industrial average-✔️
(b) Equity market indexl
(c) Both of the above
(d) None of the above
Large-scale shedding of employees by major corporations sometimes referred to the disposal of subsidiaries and other unwanted activities is called:
(a) Downsizing
(b) Rightsizing
(c) Both of the above-✔️
(d) None of the above
Two sellers only of a good or service in a market. This situation is:
(a) Monopoly
(b) Duopoly-✔️
(c) Oligopoly
(d) None of the above
Consumer goods that yield services or utility over time rather than being used up instantly are termed as
(a) Durable Goods-✔️
(b) Undurable Goods
(c) Both of the above
(d) None of the above
The setting up of mathematical models describing economic relationship testing the validity of such hypotheses is termed as:
(a) Econometrics-✔️
(b) Commerce
(c) Trade
(d) Finance
Any physical object, natural or man made, or service renderal: that could command a price in market is called:
(a) Consumer Goods
(b) Final Goods
(c) Economic Goods-✔️
(d) All of the above
The exploitation of developing countries by advanced countries is called:
(a) Embargoes
(b) Sanctions
(c) Economic Imperialism-✔️
(d) None of the above
A measure taken in respect of economic activity that has the intention of damage to another country’s economy is called:
(a) Economic Exploitation
(b) Economic Sanction-✔️
(c) Both of the above
(d) None of the above
Which sector is the largest and fastest growing sector of the world economy, providing more than 60% of global output?
(a) Agricultural Sector
(b) Service Sector-✔️
(c) Industrial Sector
(d) Forestry
(a) Direct Taxation
(b) Double Taxation-✔️
(c) Indirect Taxation
(d) None of the above
A daily index of prices on the principal stock exchange in New York is called:
(a) Dow Jones industrial average-✔️
(b) Equity market indexl
(c) Both of the above
(d) None of the above
Large-scale shedding of employees by major corporations sometimes referred to the disposal of subsidiaries and other unwanted activities is called:
(a) Downsizing
(b) Rightsizing
(c) Both of the above-✔️
(d) None of the above
Two sellers only of a good or service in a market. This situation is:
(a) Monopoly
(b) Duopoly-✔️
(c) Oligopoly
(d) None of the above
Consumer goods that yield services or utility over time rather than being used up instantly are termed as
(a) Durable Goods-✔️
(b) Undurable Goods
(c) Both of the above
(d) None of the above
The setting up of mathematical models describing economic relationship testing the validity of such hypotheses is termed as:
(a) Econometrics-✔️
(b) Commerce
(c) Trade
(d) Finance
Any physical object, natural or man made, or service renderal: that could command a price in market is called:
(a) Consumer Goods
(b) Final Goods
(c) Economic Goods-✔️
(d) All of the above
The exploitation of developing countries by advanced countries is called:
(a) Embargoes
(b) Sanctions
(c) Economic Imperialism-✔️
(d) None of the above
A measure taken in respect of economic activity that has the intention of damage to another country’s economy is called:
(a) Economic Exploitation
(b) Economic Sanction-✔️
(c) Both of the above
(d) None of the above
Which sector is the largest and fastest growing sector of the world economy, providing more than 60% of global output?
(a) Agricultural Sector
(b) Service Sector-✔️
(c) Industrial Sector
(d) Forestry
The non-discrimination principle means treating one’s trading partners equally. It guarantees equal opportunities for suppliers from all World Trade Organization members. It is called:
(a) Most-Favoured Nation (MFN)-✔️
(b) South Asian Free Trade Area (SAFTA)
(c) General Agreement on Tariffs and Trade (GATT)
(d) None of the above
The World Trade Organization (WTO) is the only international body dealing with the rules of trade between nations. The World Trade Organization began life on 1st of
(a) January 1993
(b) January 1994
(c) January 1995-✔️
(d) January 1996
The main objectives of the World Trade Organization are
(a) To help trade flow as freely as possible.
(b) To serve as a form for trade negotiations
(c) To settle dispute between conflicting trade interests
(d) All of the above-✔️
The General Agreement on Tariffs and Trade (GATT) is the predecessor of World Trade Organization. It entered into force in.
(a) January 1946
(b) January 1947
(c) January 1948-✔️
(d) January 1949
In 1947 how many states did take part in the General Agreement on Tariffs and Trade trade round in Geneva?
(a) 13
(b) 23-✔️
(c) 33
(d) 43
The first director general of General Agreement on Tariffs and Trade from 1948-✔️68 was
(a) Sir Eric Wyndham White (UK)-✔️
(b) Mike Moore (New Zealand)
(c) Don McKinon (New Zealand)
(d) Kofi Annan (Ghana)
In 1999, who became the third director general of World Trade Organization?
(a) Olivier Long (Switzerland)
(b) Renato Ruggiero (Italy)
(c) Peter Sutherland (Ireland)
(d) Mike Moore (New Zealand)-✔️
The General Agreement on Tariffs and Trade trade rounds concentrated on reducing tariffs. Which round was the first major attempt to tackle trade barriers and to improve the system? This eighth round is called:
(a) Kennedy Round
(b) Tokyo Round
(c) Uruguay Round-✔️
(d) All of the above
Which trade round was the latest and most extensive of all and it finally led to the World Trade Organization and a new set of agreements. It lasted from 1986 to 1994.
(a) Kennedy Round
(b) Tokyo Round
(c) Doha Round
(d) Uruguay Round-✔️
The 1986-1994 Uruguay Round achieved agrement on Trade-Related Aspects of Intellectual Property Rights (TRIPS) . Which of the following are the types of intellectual property?
(a) Copyrights and related rights
(b) Trademarks including service marks
(c) Industrial design, patents, layout designs etc
(d) All of the above-✔️
(a) Most-Favoured Nation (MFN)-✔️
(b) South Asian Free Trade Area (SAFTA)
(c) General Agreement on Tariffs and Trade (GATT)
(d) None of the above
The World Trade Organization (WTO) is the only international body dealing with the rules of trade between nations. The World Trade Organization began life on 1st of
(a) January 1993
(b) January 1994
(c) January 1995-✔️
(d) January 1996
The main objectives of the World Trade Organization are
(a) To help trade flow as freely as possible.
(b) To serve as a form for trade negotiations
(c) To settle dispute between conflicting trade interests
(d) All of the above-✔️
The General Agreement on Tariffs and Trade (GATT) is the predecessor of World Trade Organization. It entered into force in.
(a) January 1946
(b) January 1947
(c) January 1948-✔️
(d) January 1949
In 1947 how many states did take part in the General Agreement on Tariffs and Trade trade round in Geneva?
(a) 13
(b) 23-✔️
(c) 33
(d) 43
The first director general of General Agreement on Tariffs and Trade from 1948-✔️68 was
(a) Sir Eric Wyndham White (UK)-✔️
(b) Mike Moore (New Zealand)
(c) Don McKinon (New Zealand)
(d) Kofi Annan (Ghana)
In 1999, who became the third director general of World Trade Organization?
(a) Olivier Long (Switzerland)
(b) Renato Ruggiero (Italy)
(c) Peter Sutherland (Ireland)
(d) Mike Moore (New Zealand)-✔️
The General Agreement on Tariffs and Trade trade rounds concentrated on reducing tariffs. Which round was the first major attempt to tackle trade barriers and to improve the system? This eighth round is called:
(a) Kennedy Round
(b) Tokyo Round
(c) Uruguay Round-✔️
(d) All of the above
Which trade round was the latest and most extensive of all and it finally led to the World Trade Organization and a new set of agreements. It lasted from 1986 to 1994.
(a) Kennedy Round
(b) Tokyo Round
(c) Doha Round
(d) Uruguay Round-✔️
The 1986-1994 Uruguay Round achieved agrement on Trade-Related Aspects of Intellectual Property Rights (TRIPS) . Which of the following are the types of intellectual property?
(a) Copyrights and related rights
(b) Trademarks including service marks
(c) Industrial design, patents, layout designs etc
(d) All of the above-✔️
Topmost authority of World Trade Organization is the ministerial conference which has to meet at least once every
(a) 1 year
(b) 2 years-✔️
(c) 3 years
(d) 4 years
The “Quadrilaterals” or the “Quad” are the four largest members. Besides European Union others are
(a) United States
(b) Canada
(c) Japan
(d) All of the above-✔️
On 9-13 November, 2001 the World Trade Organization’s Fourth Ministerial Conference held in:
(a) Istanbul (Turkey)
(b) Dubai (U.A.E)
(c) Doha (Qatar)-✔️
(d) Tehran (Iran)
The World Trade Organization secretariat is headed by a director-general, has around 500 staff and is based in:
(a) New York
(b) Rome
(c) Geneva-✔️
(d) Brussels
Which of the following is the website address of the World Trade Organization?
(a) http://www.wto.com
(b) http://www.wto.org-✔️
(c) http://www.wtosecretariat.org
(d) http://www.wtosecretariat.com
By the end of June 2002, the World Trade Organization had 144 members and around 34 observer governments. With how many years of becoming observers, these observers must start accession negotiations?
(a) 2 years
(b) 3 years
(c) 4 years
(d) 5 years-✔️
Which law of economics states that “with given preferences or tastes, the proportion of income spent on food diminishes as income increase”?
(a) CommonLaw
(b) Engel’s Law-✔️
(c) Newton’sLaw
(d) None of the above
The economic agent who perceives market opportunities and assembles the factors of production to exploit them in a firm is referred to as
(a) Broker
(b) Entrepreneur-✔️
(c) Middle Agent
(d) Promotor
The residual value of a company’s assets after all outside liabilities have been allowed for is called
(a) Capital
(b) Annuity
(c) Equity-✔️
(d) Business
Enterprise is the controlling unit of a business. The operating unit of a business is called:
(a) Firm
(b) Establishment-✔️
(c) Bureaucracy
(d) Organization
(a) 1 year
(b) 2 years-✔️
(c) 3 years
(d) 4 years
The “Quadrilaterals” or the “Quad” are the four largest members. Besides European Union others are
(a) United States
(b) Canada
(c) Japan
(d) All of the above-✔️
On 9-13 November, 2001 the World Trade Organization’s Fourth Ministerial Conference held in:
(a) Istanbul (Turkey)
(b) Dubai (U.A.E)
(c) Doha (Qatar)-✔️
(d) Tehran (Iran)
The World Trade Organization secretariat is headed by a director-general, has around 500 staff and is based in:
(a) New York
(b) Rome
(c) Geneva-✔️
(d) Brussels
Which of the following is the website address of the World Trade Organization?
(a) http://www.wto.com
(b) http://www.wto.org-✔️
(c) http://www.wtosecretariat.org
(d) http://www.wtosecretariat.com
By the end of June 2002, the World Trade Organization had 144 members and around 34 observer governments. With how many years of becoming observers, these observers must start accession negotiations?
(a) 2 years
(b) 3 years
(c) 4 years
(d) 5 years-✔️
Which law of economics states that “with given preferences or tastes, the proportion of income spent on food diminishes as income increase”?
(a) CommonLaw
(b) Engel’s Law-✔️
(c) Newton’sLaw
(d) None of the above
The economic agent who perceives market opportunities and assembles the factors of production to exploit them in a firm is referred to as
(a) Broker
(b) Entrepreneur-✔️
(c) Middle Agent
(d) Promotor
The residual value of a company’s assets after all outside liabilities have been allowed for is called
(a) Capital
(b) Annuity
(c) Equity-✔️
(d) Business
Enterprise is the controlling unit of a business. The operating unit of a business is called:
(a) Firm
(b) Establishment-✔️
(c) Bureaucracy
(d) Organization
The difference between the amount produced by a firm and the higher amount that could most efficiently be produced is termed as:
(a) Excess Profit
(b) Excess Supply
(c) Excess Capacity-✔️
(d) Excess Demand
The control by the state through the banking system of dealings in gold and foreign currencies is called
(a) Exchange Control-✔️
(b) Exchange Economy
(c) Autarky(d) None of the above
The price at which one currency is exchanged for another currency is known as:
(a) Exchange Control
(b) Exchange Rate-✔️
(c) Exchange Economy
(d) All of the above
Indirect taxies levied upon goods produced for home consumption are called:
(a) Custom duties
(b) Excise duties-✔️
(c) Both of the above
(d) None of the above
Preferential treatment for firms that sell their products abroad, compared with firms that sell to the home market; is called:
(a) Export Surplus
(b) Export Rebate
(c) Export Incentives-✔️
(d) All of the above
The goods and services produced by one country that are sold in exchange for the second country’s own goods and services or for foreign exchange are called
(a) Import
(b) Export-✔️
(c) All of the above
(d) None of the above
The ratio of the total increase in a country’s national income to the increment in export revenue generating the increase is called:
(a) Export Surplus
(b) Export Incentive
(c) Export Multiplier-✔️
(d) All of the above
Goods which are produced for consumption rather than as an intermediate product used in the process of production are referred to as:
(a) By Product
(b) Final Goods-✔️
(c) Durable Goods
(d) Intermediate Goods
The provision of money when and where needed is called:
(a) Business
(b) Economics
(c) Finance-✔️
(d) Trade
The period of account used for financial purposes is known as:
(a) Financial Year
(b) Fiscal Year
(c) Both of the above-✔️
(d) None of the above
(a) Excess Profit
(b) Excess Supply
(c) Excess Capacity-✔️
(d) Excess Demand
The control by the state through the banking system of dealings in gold and foreign currencies is called
(a) Exchange Control-✔️
(b) Exchange Economy
(c) Autarky(d) None of the above
The price at which one currency is exchanged for another currency is known as:
(a) Exchange Control
(b) Exchange Rate-✔️
(c) Exchange Economy
(d) All of the above
Indirect taxies levied upon goods produced for home consumption are called:
(a) Custom duties
(b) Excise duties-✔️
(c) Both of the above
(d) None of the above
Preferential treatment for firms that sell their products abroad, compared with firms that sell to the home market; is called:
(a) Export Surplus
(b) Export Rebate
(c) Export Incentives-✔️
(d) All of the above
The goods and services produced by one country that are sold in exchange for the second country’s own goods and services or for foreign exchange are called
(a) Import
(b) Export-✔️
(c) All of the above
(d) None of the above
The ratio of the total increase in a country’s national income to the increment in export revenue generating the increase is called:
(a) Export Surplus
(b) Export Incentive
(c) Export Multiplier-✔️
(d) All of the above
Goods which are produced for consumption rather than as an intermediate product used in the process of production are referred to as:
(a) By Product
(b) Final Goods-✔️
(c) Durable Goods
(d) Intermediate Goods
The provision of money when and where needed is called:
(a) Business
(b) Economics
(c) Finance-✔️
(d) Trade
The period of account used for financial purposes is known as:
(a) Financial Year
(b) Fiscal Year
(c) Both of the above-✔️
(d) None of the above
The budgetary stance of central government is called:
(a) Trade Policy
(b) Fiscal Policy-✔️
(c) Economic Policy
(d) None of the above
The capital that is not invested in fixed assets hut the work in process is called:
(a) Floating Change
(b) Floating debt
(c) Floating Trust.
(d) Floating Capital-✔️
The administered transfer of resources from the advanced countries to the developing countries for the purpose of encouraging economic growth is called:
(a) Foreign Exchange
(b) Foreign Balance
(c) Foreign Aid-✔️
(d) Foreign Reserves
Claims on another country held in the form of the currency of that country are known as:
(a) Foreign Aid
(b) Foreign Exchange-✔️
(c) Both of the above
(d) None of the above
What is meant by foreign investment?
(a) The market in which transactions are conducted to effect the transfer of the currency of one country into that of another
(b) The transfer of resources from developed to developing countries.
(c) The acquistion by governments, institutions or individuals in one country of assets in another-✔️
(d) All of the above
The contractual arrangement under which an independent franchisee produces or sells a product or service under the brand name of the franchiser is known as
(a) Franchising-✔️
(b) License
(c) Warrant
(d) Charter
A market in which supply and demand are not subject to regulation other than normal competition policy is termed:
(a) Forward Market
(b) Free Market-✔️
(c) Foreign-exchange Market
(d) None of the above
The condition in which the independent flow of goods and services in international exchange is neither restricted nor encouraged by direct government intervention is known as:
(a) Free Trade-✔️
(b) Barter Trade
(c) Both of the above
(d) None of the above
Non-wage or salary rewards provided for employees are called;
(a) Fringe Benefits-✔️
(b) Basic Pay
(c) Social Security
(d) None of the above
The process of converting short term to long term debt by the sale of long term securities and using the funds raised to pay off short-term debt is called:
(a) Funding-✔️
(b) Debt retirement
(c) Borrowing(d) All of the above
(a) Trade Policy
(b) Fiscal Policy-✔️
(c) Economic Policy
(d) None of the above
The capital that is not invested in fixed assets hut the work in process is called:
(a) Floating Change
(b) Floating debt
(c) Floating Trust.
(d) Floating Capital-✔️
The administered transfer of resources from the advanced countries to the developing countries for the purpose of encouraging economic growth is called:
(a) Foreign Exchange
(b) Foreign Balance
(c) Foreign Aid-✔️
(d) Foreign Reserves
Claims on another country held in the form of the currency of that country are known as:
(a) Foreign Aid
(b) Foreign Exchange-✔️
(c) Both of the above
(d) None of the above
What is meant by foreign investment?
(a) The market in which transactions are conducted to effect the transfer of the currency of one country into that of another
(b) The transfer of resources from developed to developing countries.
(c) The acquistion by governments, institutions or individuals in one country of assets in another-✔️
(d) All of the above
The contractual arrangement under which an independent franchisee produces or sells a product or service under the brand name of the franchiser is known as
(a) Franchising-✔️
(b) License
(c) Warrant
(d) Charter
A market in which supply and demand are not subject to regulation other than normal competition policy is termed:
(a) Forward Market
(b) Free Market-✔️
(c) Foreign-exchange Market
(d) None of the above
The condition in which the independent flow of goods and services in international exchange is neither restricted nor encouraged by direct government intervention is known as:
(a) Free Trade-✔️
(b) Barter Trade
(c) Both of the above
(d) None of the above
Non-wage or salary rewards provided for employees are called;
(a) Fringe Benefits-✔️
(b) Basic Pay
(c) Social Security
(d) None of the above
The process of converting short term to long term debt by the sale of long term securities and using the funds raised to pay off short-term debt is called:
(a) Funding-✔️
(b) Debt retirement
(c) Borrowing(d) All of the above
The branch of the social science that covers the study of the production, distribution and consumption of wealth in human society is known as:
(a) Law
(b) Political Science
(c) Anthropology
(d) Economics-✔️
Which British philosopher and economist is regarded as “founder of modern Economics”?
(a) Thomas Malthus (1766 -1834)
(b) Adam Smith (1723 -1790)✔️
(c) Karl Marx (1818 -1883)
(d) All of the above
Which famous thinker and economic philosopher said, “Religion ... is the opium of the people.”?
(a) Adam Smith
(b) Thomas Malthus
(c) Karl Marx-✔️
(d) John Maynard Keynes
Who was awarded Nobel Prize of Economics in 1998?
(a) Ragnar Frisch
(b) Jan Tinbergen
(c) Amartya Sen-✔️
(d) Paul Anthony Samuelson
Who got the first Nobel Prize in Economics in 1969?
(a) Jan Tinbergren
(b) Ragnar Frisch
(c) Sir John Richard Hicks
(d) Both a and b-✔️
What is Game Theory?
(a) The branch of economics concerned with representing economic interactions in a highly stylized form with players pays-off and strategies-✔️
(b) The branch of economics that uses mathematical methods and models e.g., calculus: statistics, probability etc
(c) The branch of economies related with the aggregate or overall, economy.
(d) The branch of economics that deals with small units, including individual companies and small group of consumers
A commodity for which demand increases at higher prices and falls at lower prices is termed as:
(a) Consumer goods
(b) Giffen goods-✔️
(c) Brown goods
(d) Durable goods
The geographical shifts in domestic economic activity around the world and away from nation states is called:
(a) Foreign Trade
(b) Commerce
(c) Globalization-✔️
(d) Business
The stocks of gold and foreign currencies held by a country to finance any calls that may be made from its creditors for the debt settlement are known as
(a) Foreign exchange reserves
(b) Gold reserves
(c) Gold and foreign exchange reserves-✔️
(d) None of the above
The measure of the total flow of goods and services produced by the economy over a specified time period, normally a year or a quarter is referred to as
(a) Gross national product (GNP)
(b) Gross domestic product (GDP)✔️
(c) Both of the above
(d) None of the above
(a) Law
(b) Political Science
(c) Anthropology
(d) Economics-✔️
Which British philosopher and economist is regarded as “founder of modern Economics”?
(a) Thomas Malthus (1766 -1834)
(b) Adam Smith (1723 -1790)✔️
(c) Karl Marx (1818 -1883)
(d) All of the above
Which famous thinker and economic philosopher said, “Religion ... is the opium of the people.”?
(a) Adam Smith
(b) Thomas Malthus
(c) Karl Marx-✔️
(d) John Maynard Keynes
Who was awarded Nobel Prize of Economics in 1998?
(a) Ragnar Frisch
(b) Jan Tinbergen
(c) Amartya Sen-✔️
(d) Paul Anthony Samuelson
Who got the first Nobel Prize in Economics in 1969?
(a) Jan Tinbergren
(b) Ragnar Frisch
(c) Sir John Richard Hicks
(d) Both a and b-✔️
What is Game Theory?
(a) The branch of economics concerned with representing economic interactions in a highly stylized form with players pays-off and strategies-✔️
(b) The branch of economics that uses mathematical methods and models e.g., calculus: statistics, probability etc
(c) The branch of economies related with the aggregate or overall, economy.
(d) The branch of economics that deals with small units, including individual companies and small group of consumers
A commodity for which demand increases at higher prices and falls at lower prices is termed as:
(a) Consumer goods
(b) Giffen goods-✔️
(c) Brown goods
(d) Durable goods
The geographical shifts in domestic economic activity around the world and away from nation states is called:
(a) Foreign Trade
(b) Commerce
(c) Globalization-✔️
(d) Business
The stocks of gold and foreign currencies held by a country to finance any calls that may be made from its creditors for the debt settlement are known as
(a) Foreign exchange reserves
(b) Gold reserves
(c) Gold and foreign exchange reserves-✔️
(d) None of the above
The measure of the total flow of goods and services produced by the economy over a specified time period, normally a year or a quarter is referred to as
(a) Gross national product (GNP)
(b) Gross domestic product (GDP)✔️
(c) Both of the above
(d) None of the above
The currency traded in a foreign exchange market for which demand is persistently high relative to supply is called:
(a) Soft currency
(b) Bad currency
(c) Hard currency-✔️
(d) Hot currency
The action taken by a buyer or seller to product his business or assets against a change in prices is called
(a) Hedge-✔️
(b) Interest
(c) Shore
(d) Loan
The theory that all human action is motivated by pleasure and the avoidance of pain or the ethic that it should be so motivated. Such theory is termed as
(a) Sadism
(b) Hedonism-✔️
(c) Satanism
(d) Spiritualism
The accumulation of idle money balances or inactive money is called:
(a) Wealth
(b) Hoarding-✔️
(c) Capital
(d) Investment
Funds that flow into a country to take advantage of favourable rates of interest in that country are known as
(a) Hard currency
(b) Hot money-✔️
(c) Soft currency
(d) Bad money
The skills and knowledge embodied in the labour force are termed as:
(a) Investment
(b) Labour Capital
(c) Human Resources
(d) Human Capital-✔️
What is the term used for the flow of goods and services that enter for sale into one country and which is product of another country?
(a) Exports
(b) Imports-✔️
(c) Income
(d) Gross Domestic Product (GDP)
The flow of goods or services to any economic agent or unit is called:
(a) Income-✔️
(b) Import
(c) Export
(d) None of the above
The persistent increases in the general level of prices is known as:
(a) Hyperinflation
(b) Inflation-✔️
(c) Devaluation
(d) Recession
What is the term used for airports, roads, railways, sewage, telephone and other public utilities?
(a) Understructure
(b) Substructure
(c) Infrastructure-✔️
(d) Superstructure
(a) Soft currency
(b) Bad currency
(c) Hard currency-✔️
(d) Hot currency
The action taken by a buyer or seller to product his business or assets against a change in prices is called
(a) Hedge-✔️
(b) Interest
(c) Shore
(d) Loan
The theory that all human action is motivated by pleasure and the avoidance of pain or the ethic that it should be so motivated. Such theory is termed as
(a) Sadism
(b) Hedonism-✔️
(c) Satanism
(d) Spiritualism
The accumulation of idle money balances or inactive money is called:
(a) Wealth
(b) Hoarding-✔️
(c) Capital
(d) Investment
Funds that flow into a country to take advantage of favourable rates of interest in that country are known as
(a) Hard currency
(b) Hot money-✔️
(c) Soft currency
(d) Bad money
The skills and knowledge embodied in the labour force are termed as:
(a) Investment
(b) Labour Capital
(c) Human Resources
(d) Human Capital-✔️
What is the term used for the flow of goods and services that enter for sale into one country and which is product of another country?
(a) Exports
(b) Imports-✔️
(c) Income
(d) Gross Domestic Product (GDP)
The flow of goods or services to any economic agent or unit is called:
(a) Income-✔️
(b) Import
(c) Export
(d) None of the above
The persistent increases in the general level of prices is known as:
(a) Hyperinflation
(b) Inflation-✔️
(c) Devaluation
(d) Recession
What is the term used for airports, roads, railways, sewage, telephone and other public utilities?
(a) Understructure
(b) Substructure
(c) Infrastructure-✔️
(d) Superstructure
The contract to pay a premium for which the insurer will pay compensation in certain happenings e.g., fire theft or motor accident is termed as:
(a) Insurance-✔️
(b) Warranty
(c) Security
(d) Safeguard
The charge made for the use of borrowed money levied as a percentage of the amount of debt is refered to as:
(a) Credit
(b) Interest-✔️
(c) Share
(d) Insurance
The amount of gold reserve, currencies and special drawing rights available for the finance of international trade is called:
(a) Foreign Reserves
(b) International Liqiudity-✔️
(c) Foreign Investment
(d) None of the above
What is the term for stocks of raw materials work in progress and finished goods?
(a) Inventory-✔️
(b) Checklist
(c) Stock
(d) Statement
The real capital formation e.g., the production or maintenance of machinary or construction that will produce a stream of goods and services is called
(a) Capital
(b) Investment-✔️
(c) Grant
(d) Property
The demand for two or more commodities or factor of production that are used together so that a change in demand for one will be reflected in a change in demand for other e.g., cloth and thread is called
(a) Joint Demand
(b) Complementary Demand
(c) Isolated Demand
(d) Both a and b-✔️
The business arrangement in which two companies invest in a project over which both have partial control is termed as:
(a) Joint Ventrue-✔️
(b) Speculation
(c) Project
(d) Undertaking
The total number of people in a country who are in work or unemployed but looking for work, is called:
(a) Labour Demand
(b) Labour force-✔️
(c) Labour Market
(d) None of the above
An agreement between the owner of a property to grant use of it to another party for a specified period at specified rent payable annually is called:
(a) Charter
(b) Contract
(c) Lease-✔️
(d) Compact
In 1971, United Nations Conference on Trade and Development (UNCTAD) drew up a list of 24 countries having a GDP of 100 or less literacy rate of 20% or less and a share of manufacturing of 10% or less of GDP. These countries were referred to as:
(a) Developing Countries
(b) Advanced Cuntries
(c) Least Developed Countries-✔️
(d) None of the above
(a) Insurance-✔️
(b) Warranty
(c) Security
(d) Safeguard
The charge made for the use of borrowed money levied as a percentage of the amount of debt is refered to as:
(a) Credit
(b) Interest-✔️
(c) Share
(d) Insurance
The amount of gold reserve, currencies and special drawing rights available for the finance of international trade is called:
(a) Foreign Reserves
(b) International Liqiudity-✔️
(c) Foreign Investment
(d) None of the above
What is the term for stocks of raw materials work in progress and finished goods?
(a) Inventory-✔️
(b) Checklist
(c) Stock
(d) Statement
The real capital formation e.g., the production or maintenance of machinary or construction that will produce a stream of goods and services is called
(a) Capital
(b) Investment-✔️
(c) Grant
(d) Property
The demand for two or more commodities or factor of production that are used together so that a change in demand for one will be reflected in a change in demand for other e.g., cloth and thread is called
(a) Joint Demand
(b) Complementary Demand
(c) Isolated Demand
(d) Both a and b-✔️
The business arrangement in which two companies invest in a project over which both have partial control is termed as:
(a) Joint Ventrue-✔️
(b) Speculation
(c) Project
(d) Undertaking
The total number of people in a country who are in work or unemployed but looking for work, is called:
(a) Labour Demand
(b) Labour force-✔️
(c) Labour Market
(d) None of the above
An agreement between the owner of a property to grant use of it to another party for a specified period at specified rent payable annually is called:
(a) Charter
(b) Contract
(c) Lease-✔️
(d) Compact
In 1971, United Nations Conference on Trade and Development (UNCTAD) drew up a list of 24 countries having a GDP of 100 or less literacy rate of 20% or less and a share of manufacturing of 10% or less of GDP. These countries were referred to as:
(a) Developing Countries
(b) Advanced Cuntries
(c) Least Developed Countries-✔️
(d) None of the above
A non-negotiable order of a bank to a foreign bank authorizing payment to a person designated of a particular sum of money is known as:
(a) Letter of Credit-✔️
(b) Circular Letter of Credit
(c) Letter of Reference
(d) None of the above
Sums of money for which account has to be made are called:
(a) Obligation
(b) Liabilities-✔️
(c) Misfortune
(d) Burden
The degree to which an asset can be quickly and cheaply turned into money, is termed as:
(a) Insolvency
(b) Liquidity-✔️
(c) Bankruptcy
(d) All of the above
The borrowing of a sum of money by one person, company, government or other organization from another is called:
(a) Usury
(b) Finance
(c) Loan-✔️
(d) Collateral
The study of whole economic systems aggregating over the functioning of individual units. Specifically, it is study of national economies and the determination of national income. It is known as
(a) Microeconomics
(b) Keynesian Economics
(c) Macroeconomics-✔️
(d) Mathematical Economics
The degree to which a firm exercise influence over the price and output in a particular market is called:
(a) Market Force
(b) Market Share
(c) Market Power-✔️
(d) Market Failure
Thomas Robert Malthus (1766 -1834) was a British economist who is remembered for his essays on population. In his which famous work he said, “Population, when unchecked, increases in a geometrical ratio. Subsistence only increases in an arithmetical ratio.”?
(a) Principles of Political Economy
(b) An Inquiry into the Nature and Progress of Rent
(c) An Essay on the Principle of Population-✔️
(d) Illustrations of Political Economy
Adam Smith (1723 -1790) was a British economist and philosopher. Which treatise of Adam Smith is considered the first serious attempt in the history of economics to divorce the study of political economy from the related fields of political science, ethics and jurisprudence?
(a) Theory of Moral Sentiments
(b) The Wealth of Nations-✔️
(c) Principles of Political Economy
(d) Illustrations of Political Economy
Karl Marx (1818 -1883) was a German political philosopher and economist. He is one of the most influential thinkers of all times. Which of the following is his work?
(a) The Communist Manifesto
(b) Critique of Political Economy
(c) Das Kapital
(d) All of the above-✔️
The Communist Manifesto appeared in 1848. It is regarded as a classic exposition of modern Communist views and it influenced all subsequent Communist literature. Karl Marx completed it alongwith
(a) Friedrich Engels-✔️
(b) Thomas Mathus
(c) Adam Smith
(d) Vladimir Illich Lenin
(a) Letter of Credit-✔️
(b) Circular Letter of Credit
(c) Letter of Reference
(d) None of the above
Sums of money for which account has to be made are called:
(a) Obligation
(b) Liabilities-✔️
(c) Misfortune
(d) Burden
The degree to which an asset can be quickly and cheaply turned into money, is termed as:
(a) Insolvency
(b) Liquidity-✔️
(c) Bankruptcy
(d) All of the above
The borrowing of a sum of money by one person, company, government or other organization from another is called:
(a) Usury
(b) Finance
(c) Loan-✔️
(d) Collateral
The study of whole economic systems aggregating over the functioning of individual units. Specifically, it is study of national economies and the determination of national income. It is known as
(a) Microeconomics
(b) Keynesian Economics
(c) Macroeconomics-✔️
(d) Mathematical Economics
The degree to which a firm exercise influence over the price and output in a particular market is called:
(a) Market Force
(b) Market Share
(c) Market Power-✔️
(d) Market Failure
Thomas Robert Malthus (1766 -1834) was a British economist who is remembered for his essays on population. In his which famous work he said, “Population, when unchecked, increases in a geometrical ratio. Subsistence only increases in an arithmetical ratio.”?
(a) Principles of Political Economy
(b) An Inquiry into the Nature and Progress of Rent
(c) An Essay on the Principle of Population-✔️
(d) Illustrations of Political Economy
Adam Smith (1723 -1790) was a British economist and philosopher. Which treatise of Adam Smith is considered the first serious attempt in the history of economics to divorce the study of political economy from the related fields of political science, ethics and jurisprudence?
(a) Theory of Moral Sentiments
(b) The Wealth of Nations-✔️
(c) Principles of Political Economy
(d) Illustrations of Political Economy
Karl Marx (1818 -1883) was a German political philosopher and economist. He is one of the most influential thinkers of all times. Which of the following is his work?
(a) The Communist Manifesto
(b) Critique of Political Economy
(c) Das Kapital
(d) All of the above-✔️
The Communist Manifesto appeared in 1848. It is regarded as a classic exposition of modern Communist views and it influenced all subsequent Communist literature. Karl Marx completed it alongwith
(a) Friedrich Engels-✔️
(b) Thomas Mathus
(c) Adam Smith
(d) Vladimir Illich Lenin
The first volume of Karl Marx’s greatest work Das kapital was published in 1887. The next two volumes were published posthumously. Who edited those volumes?
(a) Adam Smith
(b) Thomas Malthus
(c) Friendrich Engles-✔️
(d) Josphe Stalin
The branch of economics concerned with how businesses raise and spend their money is known as
(a) Econometrics
(b) Finance
(c) Macroeconomics
(d) Corporate Finance-✔️
The branch of economics concerned with providing funds to individuals, business and governments is called:
(a) Econometrics
(b) Microeconomics
(c) Macroeconomics
(d) Finance-✔️
The fusion of two or more separate companies into one is referred to as:
(a) Alliance
(b) Merger-✔️
(c) Separation
(d) Disintegration
Legislation prohibiting the paying of wages below some specified level is known as
(a) Standard Wage
(b) Minimum Wage-✔️
(c) Maximum Wage
(d) Optimum Wage
The market economy in which both private and public enterprises participate in economic activity is called:
(a) Mixed Economy-✔️
(b) Open Economy
(c) Closed Economy
(d) All of the above
The theory of macroeconomics which holds that increases in the money supply are a necessary and sufficient condition for inflation, is called
(a) Capitalism
(b) Sociahsm
(c) Monetarism-✔️
(d) Communism
The functions of sales, distribution, advertising and sales promotion, product planning and market research are termed as:
(a) Finance
(b) Marketing-✔️
(c) Business
(d) All of the above
European Recovery Program (ERP) was a United States program of financial assistance that helped to rebuild European nations devastated by World War II. This program is commonly called
(a) George Plan
(b) Catlett Plan
(c) Marshall Plan-✔️
(d) Colombo Plan
An early modern European economic theory that trade generates wealth of bullion which a government should encourage by promoting exports and restricting imports is called:
(a) Imperialism
(b) Colonialism
(c) Mercantilism-✔️
(d) Socialism
(a) Adam Smith
(b) Thomas Malthus
(c) Friendrich Engles-✔️
(d) Josphe Stalin
The branch of economics concerned with how businesses raise and spend their money is known as
(a) Econometrics
(b) Finance
(c) Macroeconomics
(d) Corporate Finance-✔️
The branch of economics concerned with providing funds to individuals, business and governments is called:
(a) Econometrics
(b) Microeconomics
(c) Macroeconomics
(d) Finance-✔️
The fusion of two or more separate companies into one is referred to as:
(a) Alliance
(b) Merger-✔️
(c) Separation
(d) Disintegration
Legislation prohibiting the paying of wages below some specified level is known as
(a) Standard Wage
(b) Minimum Wage-✔️
(c) Maximum Wage
(d) Optimum Wage
The market economy in which both private and public enterprises participate in economic activity is called:
(a) Mixed Economy-✔️
(b) Open Economy
(c) Closed Economy
(d) All of the above
The theory of macroeconomics which holds that increases in the money supply are a necessary and sufficient condition for inflation, is called
(a) Capitalism
(b) Sociahsm
(c) Monetarism-✔️
(d) Communism
The functions of sales, distribution, advertising and sales promotion, product planning and market research are termed as:
(a) Finance
(b) Marketing-✔️
(c) Business
(d) All of the above
European Recovery Program (ERP) was a United States program of financial assistance that helped to rebuild European nations devastated by World War II. This program is commonly called
(a) George Plan
(b) Catlett Plan
(c) Marshall Plan-✔️
(d) Colombo Plan
An early modern European economic theory that trade generates wealth of bullion which a government should encourage by promoting exports and restricting imports is called:
(a) Imperialism
(b) Colonialism
(c) Mercantilism-✔️
(d) Socialism
The branch of economics at the level of individual consumers groups of consumers or firms is known as:
(a) Macroeconomics
(b) Econometrics
(c) Microeconomics-✔️
(d) Keynesian Economics
The economic situation in which only a single seller or producer supplies a commodity or a service is called:
(a) Monopoly-✔️
(b) Possession
(c) Cartel
(d) Trust
The legal instrument that pledges a house or other real estate as security for repayment of a loan is called:
(a) Mortgage-✔️
(b) Bond
(c) Foreclosure
(d) Lien
The international trade and exchange between more than two countries without discrimination between those involved is called:
(a) Unilateralism
(b) Bilateralism
(c) Multilateralism-✔️
(d) None of the above
An industry in which technical factors preclude the efficient existence of more than one producer. This situation is called:
(a) Natural Monopoly-✔️
(b) Monopoly
(c) Engineered Monopoly
(d) Duopoly
Commodities or assets with some economic value which exist without any effort of mankind, are called:
(a) Minerals
(b) Natural resources-✔️
(c) By-products
(d) Consumer resources
1994 Nobel Prize for Economics was awarded to a American mathematician for his most important concept of equilibrium as applied to game theory. His name was
(a) John Nash-✔️
(b) Reinhard Selten
(c) John Harsanyi
(d) All of the above
The reduction in the useful life of a capital good or consumer good through economic or technological change as distinct from physical deterioration in use is termed as:
(a) Depreciation
(b) Devaluation
(c) Obsolesience-✔️
(d) All of the above
A market that is dominated by a few large suppliers is known as:
(a) Oligopoly-✔️
(b) Monopoly
(c) Duopoly
(d) None of the above
A loan facility on the customer’s current account at a bank permitting him to withdraw up to a certain agreed limit for an agreed period, is referred to as:
(a) Personal Loan
(b) Mortgage
(c) Overdraft-✔️
(d) Credit
(a) Macroeconomics
(b) Econometrics
(c) Microeconomics-✔️
(d) Keynesian Economics
The economic situation in which only a single seller or producer supplies a commodity or a service is called:
(a) Monopoly-✔️
(b) Possession
(c) Cartel
(d) Trust
The legal instrument that pledges a house or other real estate as security for repayment of a loan is called:
(a) Mortgage-✔️
(b) Bond
(c) Foreclosure
(d) Lien
The international trade and exchange between more than two countries without discrimination between those involved is called:
(a) Unilateralism
(b) Bilateralism
(c) Multilateralism-✔️
(d) None of the above
An industry in which technical factors preclude the efficient existence of more than one producer. This situation is called:
(a) Natural Monopoly-✔️
(b) Monopoly
(c) Engineered Monopoly
(d) Duopoly
Commodities or assets with some economic value which exist without any effort of mankind, are called:
(a) Minerals
(b) Natural resources-✔️
(c) By-products
(d) Consumer resources
1994 Nobel Prize for Economics was awarded to a American mathematician for his most important concept of equilibrium as applied to game theory. His name was
(a) John Nash-✔️
(b) Reinhard Selten
(c) John Harsanyi
(d) All of the above
The reduction in the useful life of a capital good or consumer good through economic or technological change as distinct from physical deterioration in use is termed as:
(a) Depreciation
(b) Devaluation
(c) Obsolesience-✔️
(d) All of the above
A market that is dominated by a few large suppliers is known as:
(a) Oligopoly-✔️
(b) Monopoly
(c) Duopoly
(d) None of the above
A loan facility on the customer’s current account at a bank permitting him to withdraw up to a certain agreed limit for an agreed period, is referred to as:
(a) Personal Loan
(b) Mortgage
(c) Overdraft-✔️
(d) Credit
The situation in which aggregate demand in the economy is growing at a rate reliable to lead to inflation is called:
(a) Overdraft
(b) Overheating-✔️
(c) Oversubscription
(d) None of the above
An unincorporated business formed by the association of two or more persons who share risks and profits is called:
(a) Merger
(b) Alliance
(c) Partnership-✔️
(d) Corporation
The period over which the cumulative net revenue from an investment project equals the original investment is known as:
(a) Payback-✔️
(b) Paycheck
(c) Both of the above
(d) None of the above
Sums of money laid aside and normally invested to provide a regular income on retirement or in compensation for disablement for the remainder of a person’s life is called:
(a) Provident Funds
(b) Pension Funds-✔️
(c) Social Security
(d) None of the above
A bank loan made without collateral security to a private customer for specific purposes is called:
(a) Personal Loan-✔️
(b) Credit
(c) Finance
(d) Lien
What is the informal name for annual publication “United Kingdom Balance of Payments”?
(a) Green Book
(b) Red Book
(c) Pink Book-✔️
(d) Blue Book
The system of agricultural support by which market prices are fixed at above free market levels and government buys surpluses, thus supporting prices and raising farmer’s income is called:
(a) Price Regulation
(b) Price Support-✔️
(c) Price System
(d) None of the above
The part of the economy in which economy activity is carried on by private enterprise is termed:
(a) Personal Sector
(b) Corporate Sector
(c) Private Sector-✔️
(d) Public Sector
The sale of government owned equity in nationalized industries or other commercial enterprises to private investors is called:
(a) Nationalization
(b) Privatization-✔️
(c) Denationalization
(d) Both b and c
The sale of shares on the stock exchange in order to realize capital appreciation is known as:
(a) Profit Sharing
(b) Profit Taking-✔️
(c) Dividends
(d) Equity
(a) Overdraft
(b) Overheating-✔️
(c) Oversubscription
(d) None of the above
An unincorporated business formed by the association of two or more persons who share risks and profits is called:
(a) Merger
(b) Alliance
(c) Partnership-✔️
(d) Corporation
The period over which the cumulative net revenue from an investment project equals the original investment is known as:
(a) Payback-✔️
(b) Paycheck
(c) Both of the above
(d) None of the above
Sums of money laid aside and normally invested to provide a regular income on retirement or in compensation for disablement for the remainder of a person’s life is called:
(a) Provident Funds
(b) Pension Funds-✔️
(c) Social Security
(d) None of the above
A bank loan made without collateral security to a private customer for specific purposes is called:
(a) Personal Loan-✔️
(b) Credit
(c) Finance
(d) Lien
What is the informal name for annual publication “United Kingdom Balance of Payments”?
(a) Green Book
(b) Red Book
(c) Pink Book-✔️
(d) Blue Book
The system of agricultural support by which market prices are fixed at above free market levels and government buys surpluses, thus supporting prices and raising farmer’s income is called:
(a) Price Regulation
(b) Price Support-✔️
(c) Price System
(d) None of the above
The part of the economy in which economy activity is carried on by private enterprise is termed:
(a) Personal Sector
(b) Corporate Sector
(c) Private Sector-✔️
(d) Public Sector
The sale of government owned equity in nationalized industries or other commercial enterprises to private investors is called:
(a) Nationalization
(b) Privatization-✔️
(c) Denationalization
(d) Both b and c
The sale of shares on the stock exchange in order to realize capital appreciation is known as:
(a) Profit Sharing
(b) Profit Taking-✔️
(c) Dividends
(d) Equity
A legal document between a lender and a borrower whereby the later agrees to certain conditions for the repayment of the sum of money borrowed; is called:
(a) Promissory Note-✔️
(b) Bill of exchange
(c) Both of the above
(d) None of the above
The proportion of a sum of money that is paid over a specified time period in payment for its loan is called:
(a) Rate of interest-✔️
(b) Rate of substitution
(c) Rate of return
(d) None of the above
The net profit after depreciation as a percentage of average capital employed in a business is known as:
(a) Rate of Substitution
(b) Rate of Interest
(c) Rate of Return-✔️
(d) None of the above
The term used to describe a sharp slowdown in the rate of economic growth or a modest decline in economic activity is called:
(a) Depression
(b) Slump
(c) Recession-✔️
(d) None of the above
Scarce inputs that can yield utility through production or provision of goods and services are referred to as:
(a) Resources-✔️
(b) Assets
(c) Means
(d) Capabilities
A tax levied as a proportion of the retail price of a commodity at the point of sale is called:
(a) Income tax
(b) Wealth tax
(c) Sales tax-✔️
(d) Property tax
What is the term for generating capital from income?
(a) Self-financing-✔️
(b) Self-sufficiency
(c) Both of the above(d) None of the above
The total increase in the welfare of society from an economic action is called:
(a) Fringe Benefits
(b) Social Benefits-✔️
(c) Individual Benefits
(d) None of the above
A loan bearing either no rate of interest or an interest rate which is below the true cost of capital lent is known as:
(a) Soft Loan-✔️
(b) Personal Loan
(c) Finance
(d) Credit
Buying and selling with a view to buying and selling at a profit later when the prices have changed is termed:
(a) Surmising
(b) Speculation-✔️
(c) Guesswork
(d) Estimate
(a) Promissory Note-✔️
(b) Bill of exchange
(c) Both of the above
(d) None of the above
The proportion of a sum of money that is paid over a specified time period in payment for its loan is called:
(a) Rate of interest-✔️
(b) Rate of substitution
(c) Rate of return
(d) None of the above
The net profit after depreciation as a percentage of average capital employed in a business is known as:
(a) Rate of Substitution
(b) Rate of Interest
(c) Rate of Return-✔️
(d) None of the above
The term used to describe a sharp slowdown in the rate of economic growth or a modest decline in economic activity is called:
(a) Depression
(b) Slump
(c) Recession-✔️
(d) None of the above
Scarce inputs that can yield utility through production or provision of goods and services are referred to as:
(a) Resources-✔️
(b) Assets
(c) Means
(d) Capabilities
A tax levied as a proportion of the retail price of a commodity at the point of sale is called:
(a) Income tax
(b) Wealth tax
(c) Sales tax-✔️
(d) Property tax
What is the term for generating capital from income?
(a) Self-financing-✔️
(b) Self-sufficiency
(c) Both of the above(d) None of the above
The total increase in the welfare of society from an economic action is called:
(a) Fringe Benefits
(b) Social Benefits-✔️
(c) Individual Benefits
(d) None of the above
A loan bearing either no rate of interest or an interest rate which is below the true cost of capital lent is known as:
(a) Soft Loan-✔️
(b) Personal Loan
(c) Finance
(d) Credit
Buying and selling with a view to buying and selling at a profit later when the prices have changed is termed:
(a) Surmising
(b) Speculation-✔️
(c) Guesswork
(d) Estimate
The quantity of goods and services consumed by an individual or a household is called:
(a) Standard of living-✔️
(b) Standard of success
(c) Gross Domestic Product (d) Gross National Product
What is the name given to companies legally controlled by other companies?
(a) Franchise
(b) Consortium
(c) Subsidiaries-✔️
(d) Merger
Government grants to suppliers of goods and services is called:
(a) Subsidy-✔️
(b) Support
(c) Tax
(d) Grant
The notion that economic development should proceed at a pace and in a manner that will conserve the environment and depletible natural resources is called:
(a) Sustainable development-✔️
(b) Rural development
(c) Social development
(d) None of the above
Arranging one’s financial affairs within the law so as to minimize taxation liabilities is known as
(a) Tax evasion
(b) Tax avoidance-✔️
(c) Tax burden
(d) Tax expenditures
The compulsory transfer of money from private individuals, institutions or groups to the government is called:
(a) Tax burden
(b) Tax evasion
(c) Taxation-✔️
(d) Tax yield
A trade barrier is any government limitation on the free international exchange of merchandise. Which of these is an instance of trade barrier?
(a) Tariffs
(b) Quotas
(c) Import deposit
(d) All of the above-✔️
The excess of the value of imports of goods and services over the value of exports of goods and services is called:
(a) Trade Cycle
(b) Trade Credit
(c) Trade Gap-✔️
(d) Trade investment
In UK, who is the first Lord of the Treasury?
(a) Queen
(b) King
(c) Prime Minister-✔️
(d) Finance Minister
Instruments for short-term borrowing by the government are called:
(a) Treasury Bills-✔️
(b) Treasury Notes
(c) Credit Line
(d) Promissory Notes
(a) Standard of living-✔️
(b) Standard of success
(c) Gross Domestic Product (d) Gross National Product
What is the name given to companies legally controlled by other companies?
(a) Franchise
(b) Consortium
(c) Subsidiaries-✔️
(d) Merger
Government grants to suppliers of goods and services is called:
(a) Subsidy-✔️
(b) Support
(c) Tax
(d) Grant
The notion that economic development should proceed at a pace and in a manner that will conserve the environment and depletible natural resources is called:
(a) Sustainable development-✔️
(b) Rural development
(c) Social development
(d) None of the above
Arranging one’s financial affairs within the law so as to minimize taxation liabilities is known as
(a) Tax evasion
(b) Tax avoidance-✔️
(c) Tax burden
(d) Tax expenditures
The compulsory transfer of money from private individuals, institutions or groups to the government is called:
(a) Tax burden
(b) Tax evasion
(c) Taxation-✔️
(d) Tax yield
A trade barrier is any government limitation on the free international exchange of merchandise. Which of these is an instance of trade barrier?
(a) Tariffs
(b) Quotas
(c) Import deposit
(d) All of the above-✔️
The excess of the value of imports of goods and services over the value of exports of goods and services is called:
(a) Trade Cycle
(b) Trade Credit
(c) Trade Gap-✔️
(d) Trade investment
In UK, who is the first Lord of the Treasury?
(a) Queen
(b) King
(c) Prime Minister-✔️
(d) Finance Minister
Instruments for short-term borrowing by the government are called:
(a) Treasury Bills-✔️
(b) Treasury Notes
(c) Credit Line
(d) Promissory Notes
The total sales revenue of a business is called:
(a) Flow
(b) Turnover-✔️
(c) Business
(d) None of the above
Variable costs are those that vary directly with the rate of output e.g., labour costs, fuel and power etc., These are also known as:
(a) Prime costs
(b) Direct costs
(c) Operating costs
(d) All of the above-✔️
The part of current assets financed from long term funds is called:
(a) Working Capital-✔️
(b) Investment
(c) Current Equity
(d) Working Equity
In economics, Gold Standard is the monetary system where in all form of legal tender may be converted on demand, into fixed quantities of gold. In 1816, the first country to go on the gold standard was:
(a) United States
(b) United Kingdom-✔️
(c) Spain
(d) France
A type of association usually formed by banks or railroads as a central agency where members can settle accounts is known as:
(a) Clearing House-✔️
(b) Pawnbroking
(c) Credit Union
(d) All of the above
The type of currency issued by government as legal tender the value of which is based solely on decree or law rather than actual coin or precious metal reserves is termed as:
(a) Soft money
(b) Hard money
(c) Fiat money-✔️
(d) None of the above
Bimetallism is the monetary policy based on the use of two metals, as legal tender without limit and equalized by law in a fixed ratio. Which are these two metals?
(a) Platinum and Gold
(b) Gold and Silver-✔️
(c) Platinum and Silver
(d) All of the above
An association of individuals or corporations formed to conduct a specific financial transaction such as buying a business is known as:
(a) Merger
(b) Joint Venture
(c) Syndicate-✔️
(d) Franchise
The sixth Nobel Prize for Economics was introduced in 1969 in memory of Alfred Nobel. It is financed by
(a) Asian Development Bank
(b) Swedish National Bank-✔️
(c) World Bank
(d) International Monetary fund
An increase in the money supply will cause interest rates to
a. rise
(b) fall-✔️
c. remain unchanged
d. all of above
(a) Flow
(b) Turnover-✔️
(c) Business
(d) None of the above
Variable costs are those that vary directly with the rate of output e.g., labour costs, fuel and power etc., These are also known as:
(a) Prime costs
(b) Direct costs
(c) Operating costs
(d) All of the above-✔️
The part of current assets financed from long term funds is called:
(a) Working Capital-✔️
(b) Investment
(c) Current Equity
(d) Working Equity
In economics, Gold Standard is the monetary system where in all form of legal tender may be converted on demand, into fixed quantities of gold. In 1816, the first country to go on the gold standard was:
(a) United States
(b) United Kingdom-✔️
(c) Spain
(d) France
A type of association usually formed by banks or railroads as a central agency where members can settle accounts is known as:
(a) Clearing House-✔️
(b) Pawnbroking
(c) Credit Union
(d) All of the above
The type of currency issued by government as legal tender the value of which is based solely on decree or law rather than actual coin or precious metal reserves is termed as:
(a) Soft money
(b) Hard money
(c) Fiat money-✔️
(d) None of the above
Bimetallism is the monetary policy based on the use of two metals, as legal tender without limit and equalized by law in a fixed ratio. Which are these two metals?
(a) Platinum and Gold
(b) Gold and Silver-✔️
(c) Platinum and Silver
(d) All of the above
An association of individuals or corporations formed to conduct a specific financial transaction such as buying a business is known as:
(a) Merger
(b) Joint Venture
(c) Syndicate-✔️
(d) Franchise
The sixth Nobel Prize for Economics was introduced in 1969 in memory of Alfred Nobel. It is financed by
(a) Asian Development Bank
(b) Swedish National Bank-✔️
(c) World Bank
(d) International Monetary fund
An increase in the money supply will cause interest rates to
a. rise
(b) fall-✔️
c. remain unchanged
d. all of above
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