ICS Part 2 Economics English Medium Online Test With Answers

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ICS Part 2 Economics English Medium Online Test

Sr. # Questions Answers Choice
1 What would encorage trade betwene two countries. Reduced tariffs Quality control Differente tax system Fixing import quotes
2 What would encourage trade betwene two countries. Different tax system Frontier checks National currencies Reduce traiff
3 Govt policy about exports and imports is called. Monetary policy Fiscal policy Commercial Policy Finance policy
4 International trade and domestic trade fiffer because of. Trade restrictions Immobility of factors Difference govt Policy All of the above
5 Two countries can gain from foreign trade if Cost ratios are differnet Traiff rates are different Price ratios are different a and c above
6 All are advantages of oreign trade Except. People get foreign exchange Difference in politicla system Difference in markets Difference in ideology
7 A Triff Increase the volume trade Reduces the volume of trade Has no effect on volume of tradea a and c above
8 Net exports equal Exports x imports Exports + imports exports- imports None of the above
9 Foregn trade creates among countries. Conficits Cooperation Hatred None
10 Trade between two countries can be useful if cost ratios of goods are. Equal Different Undertimed Decreasing
11 It Japan and Pakistan start free trade differene in wges in two counties will Increase Decrease Double No effect
12 Theory of omparative advantages was presented. Ricardo Adam Smith Hicks Arshad
13 Which of the following is international trade Trade between provinces Trade between countries Trade betwene regions Trade between continents
14 Govt.taxing and spending policies are called. Fiscal policy Public policy Monetary Policy Economic policy
15 This is not a Principal of taxation Principal of equality Pricipal of secracy Principal of adequacy Principal of convenience
16 Prograssive taxes Are harmful for the economy Bring equality in distributio of income Compel rich people to be honest Decrease evasion of taxes
17 The most important source of income of a government is. Foreign loans Printing of New money Sale of government property Taxes
18 Which source a private company cannot use? A Bank loan Tax Selling new shares in stock exchange Detail finance
19 Which one of the NOT a principle of taxation Principle of equality Pricniple of morality Principleof certainty Principle of diversity
20 In Pakistan Income tax is Progressive tax Regressive tax Proportional tax Fixed tax
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