Question # 1

Say's law of Markets states that:

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Demand creates its own supply

Supply creates its own demand

Demand creates its own demand

Supply creates its own supply

Which is not the characteristic of socialist or planned economy?

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Government is the owner of resources

Production decisions are determined by the government

Profit motive

None of the above

Hobbes gives individual the right to disobey the sovereign for?

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Self Preservation

Protection of Freedom

Removing injustice

A rise in the general level of prices is called

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A very bad thing

Raise

Inflation

Payroll

When a bank loan is repaid the supply of money:

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Is constant but its composition will have changed

Is decreased

Is increased

May either increase or decrease

Which UN organization is called is the World Bank?

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International Banks for Reconstruction and Development (IBRD)

International Banking system

International Banking Management system

All the Above

Whose opinions have revolutionized the scope of macro economics?

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Adam Smith

J.B Say

J,M Keynes

All of the above

Every country establishes central bank to:

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issue notes

Supervise commercial banks

Give loans to businessmen

Both a and b

Which is the largest import Pakistan?

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Food

Petroleum

Fertilizer

Medicine

What does LAPES stand for?

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Low activity Parachute Extraction system

Low altitude parachute extraction system

Low Area Parachute Evaluation service

Lightly Articulate Pulmonary Extension

Who said ''Socialism in lime a hat that has lost its shape because everybody wears it.?

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Laski

Joad

Marx

Gandhi

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