1.
Trade
policy
2.
Interference
Policy by the government in economic-affairs
3.
Non interference policy by the government in economic-affairs
4.
Commercial-policy
The term laissez-faire derived from language of French. The meaning
of laissez faire is free market and there is no intervention of government in
economic affairs. Laissez faire policy promotes industries with open trade. Because
of too much government intervention, industries cannot want to invest money and
red tape which means due to too much laws and official formalities the
industries cannot invest money.
Third world countries refer to:
1.
African
countries
2.
Development
countries
3.
Developing countries
4.
Oil
exporting countries
Third world countries known as developing countries like Pakistan,
India etc.
Who first coined the word industrial revolution?
1.
Arnold Toynbee
2.
Lenin
3.
Stalin
4.
Lincoin
Before industrial revolution all goods made with hands and after
that in early 1900 the all goods are made by industry which is called
industrial revolution. Who use the term industry revolution?
Gold-rates are determined in the city of:
1.
Washington
2.
London
3.
New-York
4.
Singapore
The decisions of Gold rates are always done in London. India highly
invests on gold and India has higher reserve of gold.
A tax that takes away a high amount of one’s income as the income increases is known as:
1. 1. Progressive-tax
2.
Proportional-tax
3.
Regressive-tax
4.
Indirect-tax
This type of tax shows that, if income increases tax also
increases. For example, the income of a teacher is 60000 in Jun and income
increase in July from 60 to 70 thousand so its tax also increase is called
progressive tax.
Invisible exports mean export of:
1. 1. Prohibited-goods
2.
Restricted-goods
3.
Services'
4.
Goods
as per OGL list
Export indicates exchange of goods from home County to another
county. Invisible mean we cannot see or touch. Goods are visible things.
Invisible is services.
Inflation denotes the following situations
1. 1. Increase in price level- Fall in money value
2. Increase in price level- Increase in money value
3.
Fall
in price level- Fall in money value
4.
Fall in price level- Rise in money value
Inflation means value of money falls. For example a man purchase a
1 kg rice with hundred rupees in current year but in next year prices increase
so man purchase 1kg rice with 80 rupees. This situation represents fall in
money value.
Who said, “The budget need’s not be a sector-affair”?
1. 1. Venkatraman’
2.
“Palkhiwalah”
3.
C-subramaniam’
4.
Chintamani-deshmukh’
This statement means budget is not an issue of one sector.
“Mixed economy” means:
1. 1. Collaboration with a foreign country
2.
Giving equal opportunity to both private and public sectors
3.
Participation
of labour
4.
Giving
equal importance to agricultural and industry sectors
When private and public sectors are coexisting, it is called mixed
economy.
New estimation of each expenditure item from the extremely start of
every fiscal year is known as?
1. 1. Fresh-budget-ing
2.
Deficit-budge-ingt
3.
Performance
budget-ing
4.
Zero based budget-ing
All expenditures items are estimate from the staring of financial
year is called zero based budgeting.
A tax of an advalorem duty is on the base of:
1. 1. Unit of commodity
2.
Advertisement
of Expenditures
3.
Commodity price
4.
None
of these
Ad-valorem dutey is a type of tax which imposes on price of a
commodity.
The income tax in Pakistan is?
1. 1. Direct and proportional'
2.
Indirect
and proportional'
3.
Indirect
and progressive'
4.
Direct and progressive
Direct tax directly pays to government, for example income tax and
indirect tax not directly pays to government like sales tax.
An indirect-tax is?
1. 1. Sales-tax
2.
Income-tax
3.
Wealth-tax
4.
Estate-duty
Sales-tax is an indirect tax and this tax pays to sales men for
purchasing good or product.
Voluntary unemployment refers to?
1.
Labour preferring leisure to work
2. 1. Labour preferring leisure to work
2.
Non availability
of jobs
3.
Incorrect
adjustments between demand and supply of labour
4.
People
seeking employment their own accords
The World -Bank classifies’ countries’ according to development
based on:
1. 1. Agricultural-income’
2.
National-income’
3.
Per-capita-income’
4.
Population’
Per capita mean per person average income, for example, in a
province of Punjab a person monthly income is 22000 so it is per capita monthly
income of a person.
The philosophy of laissez faire is associated with?
1. 1. Socialist state
2.
Industrial state
3.
Welfare
state
4.
None
of the above
We already discuss laissez faire in mcqs 1
“Economic planning” refers to?
1. 1. The allocation of resources
2.
The planning
of manpower
3.
The mobilization
of both taxes and manpower
4.
The mobilization
of taxes
Economic planning is a all resources allocation in a country.
Which of following is the direct tax?
1. 1. Excise duty
2.
Sales-tax
3.
Income-tax
4.
VAT
Income-tax is directly pays to government.
Father of economics is?
1. 1. Karl-Marx
2.
Adam-Smith
3.
Max-muller
4.
Winston
churchill
Adam smith first time defines economics, so he is a father of
economics. His famous book is wealth of nation.