Economics MCQS

121. CREST is an abbreviation of:
A. Computerized Return and E-Filing of Sales Tax
B. Computerized Risk-Based Evaluation of Sales Tax
C. Certificate Return E-Filing System
D. None of these

122. KIBOR stands for:
A. Karachi Intra-Bank Offered Rate
B. Karachi Inter-Bank Offered Rate
C. Karachi Inter Bank On-Spot Rate
D. None of these

123. Tax invoice means a document required to be issued under section _.
A. 21
B. 23
C. 25
D. 26

121. Productivity can be increased by?
A. Raising minimum wages
B. Raising union wages
C. Improving the education of workers
D. None of the above

122. Raising taxes and increasing welfare payments?
A. Improves equity at the expense of efficiency
B. Improves efficiency at the expense of equity
C. Reduces market power
D. None of the above

123. Economics is the study of?
A. How to reduce our wants until we are satisfied
B. How to fully satisfy our unlimited wants
C. How society manages its unlimited resource
D. None of the above

124. In a planned or command economy all the economic decisions are taken by the?
A. Government
B. Workers
C. Voters
D. Consumers

125. Circular flow of goods and incomes shows the relationship between?
A. Income and money
B. Wages and salary
C. Goods and services
D. None of the above

126. Bank rates refer to the interest rate at which?
A. Central banks give loans to commercial banks
B. Commercial banks receive deposits from the public
C. Commercial banks grant loans to their customers
D. None of the above

127. What is the concept of opportunity cost?
A. Suggests all our wants can be achieved
B. Is relevant only for a capitalist economy like the United States
C. Suggests a major increase in public healthcare spending means an expansion in other areas will be harder to achieve
D. All of the above

128. A recession is?
A. A period during which aggregate output declines
B. A period of declining prices
C. A period of declining unemployment
D. A period of very rapidly declining prices

129. Which are the Factors of Production Important to Economic Growth?
A. Land
B. Capital
C. Labour
D. Entrepreneurship
E. All of these

130. Pakistan’s major export to US in 2021 was:
A. Textile
B. Plastic
C. Leather
D. Medical apparatus