ECO | MCQs

Explanation

 The world's freest economy, often cited for its low taxes and lack of trade barriers, is Hong Kong. 

Explanation

The 5 stages of economic growth are:

Stage 1: Traditional Society

Stage 2: Preconditions for Take-off

Stage 3: Take-off

Stage 4: Drive to Maturity

Stage 5: Age of high mass consumption

Explanation

Explanation

Explanation

Mudaraba is a partnership profit between the Bank and an enterprise / company for a pre-agreed period.

Customers can deposit funds with the Bank

They will then be invested in the functioning of economic activity/business that comply with principles of Sharia.

Explanation

Explanation

Agriculture is the mainstay of the Pakistani economy. It accounts for 19% of  GDP and, together with agricultural products, produces 80% of the country's total export revenue. Over 42.3% of the workforce is employed in this sector. Agriculture produces 19% of  GDP and employs 48% of the population.

Explanation

United States is the largest export partner while China is the largest import partner of Pakistan.

Explanation

The food and beverage processing industry is the 2nd largest industry of Pakistan after textiles,

accounting for 27% of the value-added production and 16% of employment in the manufacturing sector.

ND28-4-2023

Explanation

The NFC Award is enacted through mathematical formulation between federal government and provincial governments.

History of distribution of revenue between Center and Provinces in the subcontinent dates back to Government of India Act 1935. Pakistan came into existence on 14th august 1947. After the creation of the country, first award of distribution of revenue was announced in 1952 popularly known as Raismen award. It distributed the revenue between the center and provinces of the federation of Pakistan. Third constitution of Pakistan was passed in 1973 and was effected on 14th August 1974. Article 160 (1) of the constitution of the country provides for the establishment of the National Finance Commission (NFC). Article 160 (2) of the constitution provides: