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7th Chapter

12th Economics Chapter 7 Test

Here you can prepare 12th Economics English Medium Chapter 7 Public Finance Test. Click the button for 100% free full practice test.

2nd Year Economics Chapter 7 Online MCQ Test for 12th Class Economics Chapter 7 (Public Finance)

This online test contains MCQs about following topics:

. Public vs private finance, Public revenue, Tax and not tax revenue, Principles of taxation, Kinds of taxation, Direct and indirect, Progressive and proportional.

ICS Part 2 Economics Ch. 7 Test
ic

2nd Year Economics Chapter 7 Online MCQ Test for 12th Class Economics Chapter 7 (Public Finance)

Sr. # Questions Answers Choice
1 The most important source of income of a government is
  • A. Foreign loans
  • B. Taxes
  • C. Printing of new money
  • D. Sales of government property
2 Trade between two countries cab be useful if const ratios of goods are
  • A. Equal
  • B. Different
  • C. Undetermined
  • D. Decreasing
3 Govt. taxing and spending policies are called
  • A. Monetary policy
  • B. Fiscal policy
  • C. Commercial policy
  • D. Finance policy
4 It is direct tax
  • A. Excise tax
  • B. Sales tax
  • C. Income tax
  • D. Custom duty
5 International trade is possible primarily thorough.
  • A. Generalization in production of all goods
  • B. Specialization in production of one good
  • C. Specialization in production of a few goods
  • D. Al of the above
6 In Pakistan government budget is prepaid by
  • A. National assembly
  • B. President of Pakistan
  • C. Ministry of finance
  • D. State bank of Pakistan
7 Term of trade of country
  • A. Mean agreement between trading countries
  • B. Is another name of exchange ratio of two currencies
  • C. Show the ratio between total export earnings and import bill of a country
  • D. Are determined by teh price index of export and import goods
8 Which of the following tax is best example of ability to pay principle of taxes
  • A. Excise tax on cigarettes
  • B. Highway toll tax
  • C. Proportional sales tax
  • D. Personal income tax
9 These are heads of expenditure of the government EXCEPT
  • A. Provide social services
  • B. Defence
  • C. Improve transport and communication
  • D. Provide cosmetics
10 This is an advantage of foreign trade
  • A. We can preserve our natural resources
  • B. New technology comes to the country
  • C. people need not go abroad
  • D. We can get foreign currences

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