Economics MCQS

391. The HDI is closely correlated with?
(A) GDP
B) GNP
(C) Both of the above
(D) None of the above

392. In the process of growth domestic production replaces?
(A) Exports
(B) Savings
(C) Capital gains
D) Imports

393. In case of perfect competition a firm is?
(A) Free to fire prices
(B) Independent
C) Price taker
(D) None of the above

394. The first is at equilibrium where?
(A) Profit is minimum
B) Profit is maximum
(C) Output is maximum
(D) Revenues are maximum

395. The main objective of the firm is to?
(A) Bear losses
(B) Avoid losses
C) Make economic decisions
(D) Face losses

396. Socialism brings about:
(A) Satisfaction of consumer’s need
(B) Optimum utilisation of resources
(C) Equal distribution of income and wealth
D) All of the above

397. Socialism means:
(A) No freedom to enterprise
(B) Complete role of government
(C) No competition
D) All of the above

398. Agriculture sector of Pakistan absorbing ________of the country’s total labour force.
(A) about 25 %
(B) about 35 %
C) about 45 %
(D) about 50%

399. Industrial Development Bank was founded in:
(A) 1957
B) 1961
(C) 1967
(D) 1974

400. “Cottage industry” means an industry which:
(A) is located in rural areas.
(B) has labor force of less than 5 people.
C) has no industrial gas and electricity connections
(D) None of these