Economics MCQs MCQs - General Knowledge Practice | PakExamPoint

Practise Economics MCQs MCQs in General Knowledge. Attempt multiple-choice questions, check answers and revise related subtopics.

Economics MCQs MCQs and revision practice

Study Economics MCQs through multiple-choice questions in General Knowledge. This subtopic contains 276 practice questions. Read the wording carefully, compare the options and attempt an answer before checking the solution in learning mode.

Use these Economics MCQs MCQs to identify the facts, rules or methods you need to revise. Where an explanation is available, work through it and write down why your chosen option was correct or incorrect. Revisit difficult questions after reviewing your notes, then use exam mode for timed practice.

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Economics MCQs: questions and answer review

Try each question before opening its answer. Record the concept behind each mistake and revisit it during your next practice session.

141. What is the most commonly used measure of economic activity in a country?

کسی ملک میں اقتصادی سرگرمیوں کا سب سے زیادہ استعمال کیا جانے والا پیمانہ کیا ہے؟

Check answer and explanation

Answer: GDP

Explanation Gross Domestic Product (GDP) is the most commonly used measure of economic activity in a country. It reflecting the total value of goods and services produced within its borders. It helps assess the economic health and growth of a nation.

142. Who won the Nobel Prize for Economics in 2020?

سن 2020 میں معاشیات کا نوبل انعام کس نے حاصل کیا؟

Check answer and explanation

Answer: Both A and B

Explanation The 2020 Nobel Prize in Economics was jointly awarded to Paul R. Milgrom and Robert B. Wilson . They were honored for improvements in auction theory and new auction formats . Both are well-known scholars from Stanford University . Last verified on 22-04-2026

143. According to Economic Freedom Index 2020, which country is the freest economy in 2020?

Check answer and explanation

Answer: Singapore

Explanation As of 2020, Singapore ’s economic freedom score is 89.4, making it the world’s freest economy in the 2020 Index. Singapore is ranked 1st among 42 countries in the Asia-Pacific region, and its overall score is well above the regional and world averages.

144. Center for Economic and Business Research, a UK based think tank said in its annual 'World Economic league table 2020' that Chinese economy will overtake USA by the year:

سنٹر فار اکنامک اینڈ بزنس ریسرچ، برطانیہ میں مقیم ایک تھنک ٹینک نے اپنے سالانہ 'ورلڈ اکنامک لیگ ٹیبل 2020' میں کہا ہے کہ چینی معیشت اس سال تک امریکہ کو پیچھے چھوڑ دے گی:

Check answer and explanation

Answer: 2028

Explanation The CEBR releases its economic league table every year on 26 December 2020. China will overtake the US to become the world's largest economy by 2028 , according to the UK-based Centre for Economics and Business Research (CEBR). A world economic league table with forecasts for 193 countries to 2034. ND06-08-2023

145. Business through the internet is called?

انٹرنیٹ کے ذریعے کاروبار کو کیا کہتے ہیں؟

Check answer and explanation

Answer: E-Commerce

Explanation E-commerce , also known as electronic commerce or internet commerce . It is refers to the buying and selling of goods or services using the internet. Last verified on 20-04-2026

146. An increase in which of the following is least likely to lead to a shirt in the supply curve for leather foot balls?

مندرجہ ذیل میں سے کس میں اضافہ چمڑے کے فٹ بالز کی سپلائی میں تبدیلی کا سبب بننے کا سب سے کم امکان رکھتا ہے؟

Check answer and explanation

Answer: The popularity of soccer

Explanation The supply curve shows the relationship between price and quantity supplied. It shifts when factors other than price of the good change. Such factors include input prices, taxes, and related goods . Only changes in production cost or incentives shift supply. Last verified on 23-04-2026

147. An improvement in technology tends to reduce the supply.

ٹیکنالوجی میں بہتری سپلائی کو کم کرنے کا باعث بنتی ہے۔

Check answer and explanation

Answer: False

Explanation Technology refers to the methods used in production. An improvement in technology makes production more efficient and cheaper. Firms can produce more output with the same resources . This increases supply, not decreases it. So, the statement is incorrect . Last verified on 23-04-2026

148. Free market and private ownership are features of which economic system?

مفت مارکیٹ اور نجی ملکیت کس معاشی نظام کی خصوصیات ہیں؟

Check answer and explanation

Answer: Capitalism

Explanation Capitalism emphasizes private ownership of resources and businesses. It supports a free market where supply and demand determine prices and production.

149. The excess of an expenditure flow over the income flow is term as _______

آمدنی کے بہاؤ پر اخراجات کے بہاؤ کی زیادتی کوکیا کہا جاتا ہے۔

Check answer and explanation

Answer: Deficit

Explanation The excess of an expenditure flow over the income flow is term as Deficit. آمدنی کے بہاؤ پر اخراجات کے بہاؤ کی زیادتی کو خسارہ کہا جاتا ہے۔

150. Which sector typically contributes the largest share to Pakistan GDP (Gross Domestic Product)?

پاکستان کی مجموعی قومی پیداوار (جی ڈی پی) میں عام طور پر سب سے زیادہ حصہ کس شعبے کا ہوتا ہے؟

Check answer and explanation

Answer: Services

Explanation Pakistan’s economy is divided into Agriculture, Industry, and Services sectors . The Services sector contributes the largest share to GDP. It includes banking, trade, transport, education, and IT services . Over the years, it has become the dominant sector of the economy. Last verified on 24-04-2026

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