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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 In Pakistan government budget is prepaid by
  • A. National assembly
  • B. President of Pakistan
  • C. Ministry of finance
  • D. State bank of Pakistan
2 It is drawback of protection
  • A. Consumers have to pay higher prices
  • B. Quality of goods may be affected
  • C. Producers get higher prifits
  • D. All of abvoe
3 The country that does not trade with other countries is called
  • A. Developed economy
  • B. Closed economy
  • C. Independent economy
  • D. None of above
4 How the government can meet its expenditure
  • A. By taxing people
  • B. By borrowing from banks and other governments
  • C. By printing new money
  • D. By all the three methods
5 Gold standard means
  • A. Currency must be made of gold
  • B. Paper currency isnot used
  • C. Currency is freely convertible into gold
  • D. a and c above
6 In foreign trade, Protection policy means.
  • A. restrictions on imports
  • B. Restriction on transfer of foreign exchange
  • C. Restrictions on exports
  • D. all of the above
7 Trade between two countries cab be useful if const ratios of goods are
  • A. Equal
  • B. Different
  • C. Undetermined
  • D. Decreasing
8 Progressive taxes
  • A. Increase government revenue
  • B. Bring equality in distribution of income
  • C. Act as penalty for rich people
  • D. A and B of above
9 Modern theory of international trade is bases on the view of
  • A. Robbins and Ricardo
  • B. Adam smith and Marshall
  • C. Heckscher and Ohlin
  • D. Saleem and Kareem
10 Govt. prepares its budget
  • A. Weekly
  • B. Monthly
  • C. Quarterly
  • D. Annually

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