“Daily Practice Paper”

Economics | 24th May 2023

1. In case of Elasticity of demand = 0, demand curve is
The difference between labour force and workforce is:
(a) Total Employed Labour
(b) Unemployment
(c) Disguised Unemployed Labour
(d) None of the above

2. Planning was stared in Pakistan in __________.

(a) 1956 (b) 1951
(c) 1958 (d) 1953

3. A consumer can get maximum satisfaction where the _______ are same.
(a) Total utility and marginal utility
(b) Total Utility is zero
(c) Price of commodity and total utility
(d) Price of a commodity and marginal utility

4. Match the columns and choose the correct alternative:

(a) (i) – (A), (ii) – (C), (iii) -(D), (iv) – (B)

(b) (i) – (C), (ii) – (A), (iii) –(B) (iv) – (D)
(c) (i) – (C), (ii) – (A), (iii) – (D), (iv) – (B)
(d) (i) – (A), (ii) – (C), (iii) – (B), (iv) – (D)

5. Which of the following is a capital receipt in a government budget?

(a) Interest receipts on account of loans by the central government
(b) Dividends and profits on investments made by the government
(c) Cash grants – in aid from foreign countries and international organisations
(d) None of the above

Page 1
6. Given national income as Rs.5,500 crores, operating surplus as Rs.1,500 Cr,
compensation of employees as Rs.2,800 crores and net factor income to abroad as
Rs.50 crores, the mixed income of the self-employed will be equal to:
(a) Rs. 1,250 crores
(b) Rs. 1,150 crores
(c) Rs. 2,650 crores
(d) Rs. 1,200 crores

7. Which of the following factors is not a key contributor to persistent poverty in rural
areas of developing countries?
(a) Limited access to credit and finance
(b) Lack of infrastructure and basic services
(c) Low population growth rates
(d) Insufficient agricultural productivity and low levels of technological innovation

8. Human resources of a country imply:

(a) The total number of people living in a country
(b) Total adult population
(c) The size and quality of population
(d) None of these

9. If the demand of the commodity changes at faster rates than the change in the price of
the commodity, the demand of the commodity will be known as ________-
(a) Perfectly elastic
(b) Inelastic
(c) Perfectly inelastic
(d) Elastic

10. Change in the demand of apples due to increase in its price is ______ of demand.
(a) Contraction
(b) Extension
(c) Increase
(d) Decrease

Page 2