Economics MCQs 16

Which of the following is not true?
(a) Tariffs can help new industries to become established-✔️
(b) Tariffs may divert demand to home industry and so encourage employment
(c) Tariffs encourage home industries to become more efficient
(d) All of the above

Which of the following is false statement?
(a) There is no difference between balance of payment and balance of trade-✔️
(b) Balance of trade is also known as balance of visible trade
(c) Balance of repayment consists of three accounts namely current account capital account and monetary account
(d) All of the above

A country's visible balance is the difference between the:
(a) Volume of goods imported and exported
(b) Value of capital goods exported and imported
(c) Volume of consumer goods imported and exported
(d) Value of goods imported and exported-✔️

Which of the following items are not exports of Pakistan?
(a) Wheat
(b) Sports goods
(c) Both of the above-✔️
(d) None of the above

Which of the following is not Pakistan's major imports?
(a) Petroleum
(b) Machinery
(c) Surgical goods-✔️
(d) Tea

Which of the following statement is not false?
(a) Pakistan's balance of payments is mostly favourable
(b) Terms of trade of Pakistan are favourable
(c) Devaluation makes the exports to increase-✔️
(d) Pakistan imports cotton and exports wheat

Which of the following statement is false?
(a) Public finance and private finance differ from each other in many respects
(b) In private finance expenditure is first estimated and then resources are made available to meet this expenditure-✔️
(c) Budget period for the public finance is one year
(d) Resources in both public and private finance are limited in relation to demand for expenditure

Which of the following is not correct?
(a) Tax is a general purpose compulsory contribution
(b) Tax payment is optional-✔️
(c) A tax payment cannot claim a direct service in lien of tax
(d) None of the above

Taxes which may be shifted from the person upon whom they are originally imposed to another person are:
(a) Special taxes
(b) Double taxes
(c) Proportional taxes
(d) Indirect taxes-✔️

"Sales Tax" is ultimately paid by:
(a) The shopkeepers
(b) The producers
(c) The customers-✔️
(d) The wholesalers