Pakistani Economy | MCQs

Explanation

The National Finance Commission laid the foundation for the equal distribution of revenues between the federal and four provincial governments of Pakistan

NFC is a series of planned economic programs in Pakistan enacted since 1951.

Constituted under the Article 160 of the Constitution

Explanation

The main three sectors of economy of Pakistan are agricultural, industrial and services sectors.

Textile is the largest export industry in Pakistan

Agriculture is the largest sector of economy of Pakistan. 

Explanation

Most courier services in Pakistan, such as TCS, Leopard, and M&P, are operated by private companies.

They offer faster and more flexible delivery services compared to government-run options.

Explanation

After becoming Civilian Martial Law Administrator in December 20, 1971 (and later Prime Minister in 1973), Zulfikar Ali Bhutto faced the immediate crisis of:

1971 War Aftermath: Over 90,000 Pakistani soldiers and civilians were held as POWs by India after the surrender in East Pakistan (now Bangladesh).

Simla Agreement (1972): Bhutto negotiated with India’s Indira Gandhi to secure their release, linking it to broader peace terms.

Explanation

Z.A. Bhutto started the Nationalization of Banks in Pakistan in 1974.

Banks (Nationalization) Act, 1974

This act was passed by Parliament on January 23, 1974.

It nationalized 14 banks and put them under the direct control of the Government of Pakistan.

Explanation

Pakistan's largest food crop is wheat.

As of 2018, According to the Ministry of Agriculture, Pakistan's wheat output reached 26.3 million tonnes.

The most important crops which together account for nearly more than 75% of the value of total crop output are:

• Wheat
• Sugarcane
• Cotton
• Rice

Explanation

The green revolution in Pakistan began in the 1960s,

It was based on the introduction of the US helping Pakistan with economic Aid for Pakistan

Explanation

Nishat Group is involved in the textile and energy sectors.

The company was founded by Pakistani business magnate Mian Muhammad Yahya in 1951

Its headquartered in Lahore

Explanation

• The 20-year Perspective Plan was prepared by Pakistan for the period 1965-85.
• The plan aimed to increase domestic coal production from 4.5 to 60 million tonnes per year and to eliminate dependence on foreign assistance.

Explanation

• First Five-Year Plan (1950-1955): Presented by Prime Minister Liaquat Ali Khan on July 8, 1948.
• Second Five-Year Plan (1960-1965): Revived and restated by President Ayub Khan's military government.
• Third Five-Year Plan (1965-1970): Designed like its predecessor, resulting in only modest growth.
• Fourth Five-Year Plan (1970-1975): Abandoned after the fall of Dhaka and replaced with a nationalization program.
• Fifth Five-Year Plan (1978-1983): Aimed to stabilize the economy and improve living standards for the poorest segment of the population.