Economics MCQs 19

Which of the characteristics of Islamic Economic System is/are true?
(a) An Islamic state is essentially a welfare state
(b) Ensures social justice
(c) All economic problems are solved in the light of moral values
(d) All of the above-✔️

"Zakat" is a charity on:
(a) Wealth/income which stays with a Muslim for at least one year
(b) Levied on a Muslim who is Sahib-e-Nisah
(c) Deducted at the rate of  % % of the income
(d) All of the above-✔️

Which of the following is correct? A Sahib-✔️e-✔️Nisab is a person who owns:
(a) 7 1/2 tolas of gold or  52 1/2 tolas of silver
(b) Trading goods or cash equal to  % tolas of gold or  7 1/2 tolas of silver
(c) camels or  cows (buffaloes) or  sheep (goats)
(d) All of the above-✔️

In Islam absolute ownership of property lies only with:
(a) Allah-✔️
(b) Government
(c) Owner of the property
(d) Both government and owner

Which of the following statement is wrong?
(a) Islamic economic system allows the use of only "halal" things
(b) Islamic laws cannot be changed by majority decision
(c) Islamic economic system brings an end to exploitation of labour
(d) None of the above-✔️

From which of the following countries Pakistan received the biggest share of workers remittances during the year ?
(a) UAE
(b) Kuwait
(c) Saudi Arabia-✔️
(d) USA

World Trade Organization (WTO) was established in  with the objective:
(a) To promote free trade in the World
(b) To protect intellectual property rights
(c) To remove quota restrictions in foreign trade
(d) All of the above-✔️

Agricultural income tax in Pakistan will be levied on the farmers with land holdings of or more than:
(a) 30 acres
(b) 10 acres
(c) 6 acres
(d) 12 54 acres-✔️

Which of the following European country has not adopted Europe currency?
(a) Great Britain
(b) Sweden
(c) Denmark
(d) All of the above-✔️

Under the Constitution of Pakistan National Finance Commission distribute the amount from federal taxes to provinces on the basis of:
(a) Area
(b) Population-✔️
(c) Natural Resources
(d) Equality