Economics explores how resources are utilized and their value maximized under specific conditions. It entails a thorough examination of the production, distribution, and consumption of goods and services. GuruMCQs.com provides all updated Economics MCQs. The most frequently repeated economics MCQs section is encountered in Inspector, ASI, Sub-inspector, Constable, FPSC, PPSC, ETEA, FIA, Police, Army, Navy, Airforce, IB, MOFA, ASF, LHC, Educators, and various other competitive exams, as well as government and private job assessments. MCQs on Economics cover topics like Basic Economic MCQs, Indirect Tax and Economic Welfare, Analysis of Interest Rate Changes, Carbon Trading, Changing Market Price, and much more. Also, check Auditing MCQs with answers here.

41. Term the group of countries that have removed all restrictions on trade among themselves?

A. Close-Trade zone
B. Free-trade zone
C. Both of them
D. None of them

42. Interest is______________?

A. Payment made for the use of another person’s money
B. Payment made for the use of bank’s money
C. Share in profit
D. Devaluation in the Currency

43. Market in which forces of demand and supply are not in the control of government is called ?

A. Market Economy
B. Free Market
C. Both of them
D. None of them

44. In Planned economy’ Production and distribution of Wealth is under control of_____________?

A. Private sector
B. Government
C. Bank
D. None of the above

45. What is called protection of domestic producers by impeding or limiting the importation of foreign goods and services ?

A. Domestication
B. Protectionism
C. Localization
D. National interest

46. What is Remittance_______________?

A. Sending of money to someone at distance
B. The sum of money sent
C. Both of them
D. None of them

47. Economic system in which the government owns and controls the means of production to benefit all the people is called ?

A. Dictatorship
B. Socialism
C. Capitalism
D. Authoritarianism

48. What is Tariff ?

A. tax that government levy on imports
B. tax that government levy on exports
C. Both of them
D. None of them

49. Term the rules and particles that govern the management of an organization ?

A. Internal laws
B. By laws
C. Character
D. Memorandum of articles

50. What is Debt retirement______________?

A. To write off debt
B. To reschedule debt
C. To repay debt in easy installments
D. The complete repayment of debt