Economics - Online Test
Q1. In Pakistan the reforms were introduced as a result of the pressure from
Answer : Option A
Explaination / Solution:
Reform consists of changes and improvements to a law, social system, or institution. A reform is an instance of such a change or improvement.
Q2. MRTP stands for
Answer : Option A
Explaination / Solution:
Monopolies and Restrictive Trade Practices Act aims to prevent concentration of economic power, provide for control of monopolies, and protect consumer interest.
Q3. Budgetary policies are implemented by the
Answer : Option B
Explaination / Solution:
No Explaination.
Q4. Shoes manufacturing company only manufactures shoes for adults. Company wants to know the most popular size. Which type of central tendency will be the most appropriate?
Answer : Option B
Explaination / Solution:
Mode is the value that is, most populer or most likely to be sampled.
Q5. Fluctuations in output and employment through a sequence of boom, recession, depression and recovery known as
Answer : Option D
Explaination / Solution:
The business cycle is the natural rise and fall of economic growth that occurs over time. The cycle is a useful tool for analyzing the economy. It can also help you make better financial decisions.
Q6. In a three sector circular flow model the three sectors are
Answer : Option A
Explaination / Solution:
No Explaination.
Q7. Utility of a good can be explained as a?
Answer : Option D
Explaination / Solution:
No Explaination.
Q8. BOP is
Answer : Option D
Explaination / Solution:
Balance of Payments (BOP) records all external transactions on both current as well as the capital account.
Q9. Which transactions determine the balance of trade?
Answer : Option A
Explaination / Solution:
The difference between the value of goods and services exported out of a country and the value of goods and services imported into the country. The balance of trade is the official term for net exports that makes up the balance of payments. The balance of trade can be a "favorable" surplus (exports exceed imports) or an "unfavorable" deficit (imports exceed exports). The official balance of trade is separated into the balance of merchandise trade for tangible goods and the balance of services.
Q10. The _______________ is the easiest measure of dispersion to calculate.
Answer : Option A
Explaination / Solution:
It is easy to calculate because of a simple formula R= L-S where L is largest observation and S is smallest observation.
