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 A closed economy is best described as one in which thre are no monopolies No corporations No extemalities No international trade
2 Macroeconomics is concerned with. Aggregate economic activity Spending decisions of households Hod to produce goods How tobuy stocks and bonds
3 Gross nationa product includes A loan from one's parents A loan from a domestic bank A loan from other countries None of theabove
4 The have a functional relation Consumption and national income Consumption and saving Consumption and investment All of the above
5 Country is poor if it has. Less production of gods per capita Less amount of gold Less amout of foreign currency Less exports
6 The largest type fo in come in the Pakistan is Compensation of employees Propretors income Rental income Corporate profits
7 Personal income includes. Direct taxes Indirect taxes Depreciation None of the above
8 Total value fo all final goods and services produced annually by a country. NNP GNP GDP NI
9 In calculating national income which one will NOT be included. Exports Old age pensions Wages of lecturer Undistributed profit by firms
10 National income is a measure of The zise of government revenue Payments made to facor of production Production f goods per day Total working hours
11 It would increase the lvel of national income. An increase in taxation A reduction in governmnet spending An increase in exports Students scholarships
12 Govt. transfer payment include Social security benefits Welfare benefits Student scholarships All of the above
13 In circular flow model Govt. owns productive resources Firms own productive resources Households own productive resorces Rent of land is not included
14 Which of the followign is not included in personali income Social security benefits Dividend payments Undistributed corporate profits Interest received from of saving certificates
15 National Income is. Total Income earned in producing the national product All taxes plus govt. spending Sum of personal income and saving NNP minus the capital consumption allowance
16 Net Exports are Total Exports plus total imports Total exports minus total imports Total exports divided by total imports Total imports minus total exports
17 Consumption spending does NOT include. Household's purchases of clothes Household's purchase of a car Household's paymnet of rent for an apartment Household's purchase of shares of a business corporation
18 Which of the following would NOT be included in GNP Govt. Transfer payments Got. Purchase of an air plane Payment for construction of highway Salary paid for the presidents secretary
19 Investment spending included the purchase of. Lottery coupon Prize Bond Residential construction all of the above
20 Market value of all final goods and services produced in a country during a year is definition GNP NNP NI Consumption
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