Question # 1

The revenue collection of government and spending policy is called

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Monetary policy

Fiscal policy

commercial policy

Labour policy

If income of government is less than its expenditures, then it is a

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Surplus budget

Deficit budget

Development budget

Balanced budget

Theory of innovations was presented by:

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Joseph Schumpeter

Habson Foster

Jevons

J.R Hicks

In which year international monetary fund was established:

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1941

1944

1945

1947

The percentage part of the mineral production is payable as Zakat on private owners of minerals

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5%

10%

15%

20%

Surplus budget for the government is considered

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Useful

Harmful

Useful & harmful

None of three

During depression, a government prepares budget which is

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Balanced

Surplus

Deficit

Unbalanced

If every person pays tax according to his capacity, it is called

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Canon of certainly

Canon of equality

Canon of productivity

Canon of convenience

Kinds of public expenditures are

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Two

Three

Four

Five

Government needs public finance

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For the defence of frontiers

To maintain law and order in the country

For the payment of salaries of government employees

For the welfare of the people

One of the following is not included in the sources of public revenue

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Tax

Fee

Defence

Fines

In private finance the individuals estimate their income and expenditures

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Daily

Weekly

Monthly

Yearly

Phases of trade cycle are:

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Three

Four

Five

Six

The average duration of trade cycle is:

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Five years

Fifty years

Twenty years

Ten years

If the rate of tax increase with the increase of level of income, is called

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Progressive tax

Proportional tax

Regressive tax

Value added tax

Modern theory trade cycle was presented by:

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Hawtrey

Habson Foster

Jevons

J.R Hicks

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Principles of Economics Icom Part 1 English Medium Chapter 13 Online Test MCQs With Answers

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