1. Question 1 of 50

   The WTO's Doha Round, launched in 2001, was also called the

   A Marrakesh Round B Geneva Pact C Tokyo Round D Doha Development Agenda
2. Question 2 of 50

   A subsidy is

   A financial support from the government to reduce prices or help producers B a tax on imports C a bank loan D a stock dividend
3. Question 3 of 50

   A recession is

   A a rapid increase in output B a rise in exports C a fall in taxes D a significant decline in economic activity over a period of time
4. Question 4 of 50

   Stagflation refers to

   A low inflation and high growth B falling prices and booming trade C balanced budgets D high inflation combined with stagnant growth and high unemployment
5. Question 5 of 50

   The Asian Infrastructure Investment Bank (AIIB) has its headquarters in

   A Manila B Beijing C Singapore D Delhi
6. Question 6 of 50

   OPEC, the Organization of the Petroleum Exporting Countries, is headquartered in

   A Riyadh B Geneva C Vienna D Dubai
7. Question 7 of 50

   The IMF's international reserve asset is called

   A Eurobond B Gold Note C Special Drawing Rights (SDR) D Petrodollar
8. Question 8 of 50

   The Economic Cooperation Organization (ECO), of which Pakistan is a member, has its headquarters in

   A Islamabad B Ankara C Tehran D Baku
9. Question 9 of 50

   ASEAN, the Association of Southeast Asian Nations, has its secretariat in

   A Jakarta B Bangkok C Manila D Hanoi
10. Question 10 of 50

    The G20 is a forum of

    A major economies that discusses global economic cooperation B only African countries C only oil exporters D only European countries
11. Question 11 of 50

    A budget deficit occurs when a government's

    A revenue exceeds expenditure B exports exceed imports C debt is zero D expenditure exceeds its revenue
12. Question 12 of 50

    The Bank for International Settlements (BIS), often called the central banks' bank, is based in

    A Geneva B Basel, Switzerland C Zurich D Frankfurt
13. Question 13 of 50

    The International Monetary Fund (IMF) is headquartered in

    A New York B Washington, D.C. C Geneva D London
14. Question 14 of 50

    The book 'The Wealth of Nations', a foundation of classical economics, was written by

    A Karl Marx B J. M. Keynes C Adam Smith D David Ricardo
15. Question 15 of 50

    The law of demand states that, other things being equal, when the price of a good rises, the quantity demanded

    A rises B stays constant C falls D doubles
16. Question 16 of 50

    Devaluation means

    A a deliberate reduction in the official value of a currency B an increase in the official value of a currency C a fall in prices D a rise in interest rates
17. Question 17 of 50

    Opportunity cost is

    A the value of the next best alternative given up B the price paid in money C the cost of production D the interest on a loan
18. Question 18 of 50

    A tariff is

    A a tax on exports of services only B a bank charge C a tax on imported goods D a stock exchange fee
19. Question 19 of 50

    The headquarters of the WTO is in

    A New York B Paris C Brussels D Geneva
20. Question 20 of 50

    The OECD (Organisation for Economic Co-operation and Development) is headquartered in

    A Brussels B Vienna C Geneva D Paris
21. Question 21 of 50

    A free trade agreement (FTA) is an agreement to

    A ban all imports B reduce or remove trade barriers between member countries C raise tariffs D stop all investment
22. Question 22 of 50

    J. M. Keynes argued in his 'General Theory' that

    A government spending can raise demand and reduce unemployment B markets always self-correct quickly C taxes should always be zero D money has no effect on the economy
23. Question 23 of 50

    The Gini coefficient measures

    A inflation B unemployment C trade balance D income inequality
24. Question 24 of 50

    The European Union's single currency is the

    A euro B pound C franc D dollar
25. Question 25 of 50

    The World Bank's main aim is to

    A regulate world trade B reduce poverty by providing loans and support for development C issue world currency D control oil prices
26. Question 26 of 50

    The 'most favoured nation' (MFN) principle of the WTO means

    A only rich nations get favours B imports are banned C all tariffs are removed D a trade advantage given to one member must be given to all members
27. Question 27 of 50

    The China–Pakistan Economic Corridor (CPEC) links

    A Karachi with Dubai B Gwadar in Pakistan with Kashgar in China C Lahore with Delhi D Quetta with Tehran
28. Question 28 of 50

    Inflation is a

    A fall in prices B rise in unemployment only C sustained rise in the general level of prices D fall in population
29. Question 29 of 50

    The SAARC Secretariat is located in

    A Islamabad B New Delhi C Dhaka D Kathmandu
30. Question 30 of 50

    The World Trade Organization (WTO) was established in

    A 1945 B 1995 C 1947 D 2001
31. Question 31 of 50

    The IMF and World Bank were created at the

    A Yalta Conference B Bretton Woods Conference of 1944 C Geneva Conference of 1954 D Paris Peace Conference of 1919
32. Question 32 of 50

    The WTO agreement on intellectual property is called

    A GATS B SPS C TRIPS D TRIMS
33. Question 33 of 50

    Economics is mainly the study of

    A only money and banks B how scarce resources are allocated to meet unlimited wants C only government budgets D only stock markets
34. Question 34 of 50

    The WTO is the successor to

    A NATO B SEATO C GATT (General Agreement on Tariffs and Trade) D OECD
35. Question 35 of 50

    The balance of payments is a record of

    A all economic transactions between a country and the rest of the world B a country's budget only C a country's banks only D a company's profits
36. Question 36 of 50

    The Uruguay Round of trade negotiations (1986–1994) led to the creation of the

    A IMF B World Bank C WTO D UNCTAD
37. Question 37 of 50

    Per capita income is calculated by

    A dividing national income by the population B multiplying GDP by population C adding exports and imports D subtracting taxes from GDP
38. Question 38 of 50

    The highest decision-making body of the WTO is the

    A General Council B Ministerial Conference C Secretariat D Trade Policy Review Body
39. Question 39 of 50

    The Asian Development Bank (ADB) is headquartered in

    A Beijing B Manila C Tokyo D Jakarta
40. Question 40 of 50

    Fiscal policy refers to

    A control of interest rates by the central bank B government decisions on taxation and spending C trade agreements only D printing of banknotes only
41. Question 41 of 50

    GDP (Gross Domestic Product) is the

    A total government debt B total value of exports only C total money in banks D total value of final goods and services produced within a country in a period
42. Question 42 of 50

    The New Development Bank, set up by the BRICS countries, is headquartered in

    A Shanghai B Moscow C New Delhi D Brasília
43. Question 43 of 50

    Monetary policy is mainly controlled by the

    A parliament B courts C tax authority D central bank
44. Question 44 of 50

    Macroeconomics deals with

    A the economy as a whole, such as inflation, growth and unemployment B individual household choices only C a single firm only D one market only
45. Question 45 of 50

    Price elasticity of demand measures

    A how much money a person earns B the total supply of goods C how much quantity demanded changes when price changes D the rate of inflation
46. Question 46 of 50

    A trade deficit occurs when a country's

    A exports exceed imports B budget is balanced C GDP is zero D imports exceed its exports
47. Question 47 of 50

    Pakistan is

    A not a member of the WTO B a founding member of the WTO C an observer only D a member since 2010
48. Question 48 of 50

    Deflation is

    A a rise in prices B a rise in wages C a sustained fall in the general price level D a rise in imports
49. Question 49 of 50

    The Islamic Development Bank (IDB) is headquartered in

    A Jeddah B Riyadh C Dubai D Islamabad
50. Question 50 of 50

    Trade disputes between WTO members are handled by the

    A Security Council B World Court only C Dispute Settlement Body D General Assembly

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