Terminology MCQs Online Test

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Sr.#	Question	Answer
1	What usually constitutes the main source of a governments income:	A. Loans B. Taxes and levies C. Profits form business undertakings D. Grants form world Bank
2	Who defined "Economics is the Science of Wealth"?	A. J.K Mehta B. Marshall C. Adam Smith D. Robbins
3	Economic development	A. The same as economic growth B. Means improvement in lifestyle C. Exists when there is equal distribution of income D. All of the above
4	Contribution of agriculture in Pakistan's national income is	A. 20% B. 24% C. 28% D. 26%
5	Every country establishes central bank to:	A. issue notes B. Supervise commercial banks C. Give loans to businessmen D. Both a and b
6	Who said ''Man is born free but every where he is in chains?	A. Hobbes B. Locke C. Rousseau D. Marx
7	Who gave the ''theory of comparative advantage''?	A. Adam smith B. Ricardo C. Hicks D. Albert Einstein
8	Friedman's theory of consumption focuses on:	A. Past income B. Current income C. Disposable income D. Permanent income
9	Normal profit occurs when:	A. Average revenue equals average variable cost B. Marginal revenue equals marginal cost C. Average revenue equals marginal cost D. Average revenue equals average cost
10	What is the meaning of the term, Cinque ports?	A. An system of port for the defence of the English Coastline B. A series of Ports below seal level in east Anglia C. A system of ports for the defence of the French coastline D. A series of port with an official , royal monopoly in wool exports