Economics MCQs Past Papers

(1) A market is in equilibrium, when:
(a) AC = P
(b) MC = MR
(c) AC = AR
(d) TC = TR
(e) None of these

(2) Consumer’s surplus occurs, when:
(a) Personal valuation exceeds the market valuation
(b) Market valuation exceeds the personal valuation
(c) Market valuation equals the personal valuation
(d) Market valuation equals the market price
(e) None of these

(3) Livestock is:
(a) An independent Sector
(b) Sub-sector of Agriculture
(c) Should be a part of Agriculture
(d) Would become a part of Agriculture

(4) Unemployment Rate is a percentage relation with reference to:
(a) Total Population
(b) Civilian Labour Force
(c) Employed Persons
(d) Unemployed Persons
(e) None of these

(5) Devaluation of rupee would result into:
(a) Expensive exports
(b) Expensive Imports
(c) Expensive Labour
(d) Overvalued Rupee
(e) None of these

(6) Indirect Taxes are:
(a) Direct Taxes - Subsidies
(b) Subsidies
(c) Sales Taxes
(d) Income Taxes
(e) None of these

(7) Negative taxation refers to:
(a) Tax Rebate
(b) Subsidies
(c) Tax Evasion
(d) Tax Avoidance
(e) None of these

(8) Most commonly referred indicator of Inflation is:
(a) Wholesale Price Index
(b) Retail Price Index
(c) Sensitivity Price Index
(d) Consumer Price Index
(e) None of these

(9) If saving Rate is 12.0%, ICOR Value is 3% and Population Rate is 2.0%, then the Growth Rate would be:
(a) 2.0%
(b) 3.6%
(c) 4.0%
(d) 6.0%
(e) None of these

NOTE: Data in the following questions refer to Pakistan Economic Survey: Fiscal Year 2005-06

(10) National Income Accounts of Pakistan have registered GDP & GNP (at market prices) as:
(a) GDP = GNP
(b) GDP < GNP
(c) GDP > GNP
(d) GDP = NNP
(e) None of these

(11) Pakistan’s Economic Growth was:
(a) 7.5%
(b) 8.6%
(c) 6.6%
(d) 5.1%
(e) None of these

(12) Weight of Agriculture Sector in GDP Structure is:
(a) 47.7%
(b) 21.6%
(c) 24.0%
(d) 38.9%
(e) None of these

(13) Unemployment Rate is:
(a) 6.5%
(b) 7.7%
(c) 7.8%
(d) 8.3%
(e) None of these

(14) Tax/GDP Ratio is:
(a) 9.2%
(b) 10.4%
(c) 11.0%
(d) 13.2%
(e) None of these

(15) Overall Fiscal Deficit with reference to GDP is:
(a) 2.4%
(b) 3.3%
(c) 4.2%
(d) 5.0%
(e) None of these

(16) Domestic Savings with reference to GDP is:
(a) 14.4%
(b) 15.7%
(c) 18.1%
(d) 22.0%
(e) None of these

(17) Health Expenditure with reference to GDP is:
(a) 0.5%
(b) 0.6%
(c) 0.7%
(d) 0.8%
(e) None of these

(18) Education expenditure with reference to GDP is:
(a) 1.6%
(b) 1.7%
(c) 1.9%
(d) 2.1%
(e) None of these

(19) As % of GDP, External Debt Liabilities declined in March 2006 to
(a) 30.9%
(b) 32.6%
(c) 28.3%
(d) 20.0%
(e) None of these

(20) The number of SOEs privatized upto April 2006 are:
(a) 140
(b) 151
(c) 160
(d) 184
(e) None of these


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