Economics MCQs
Topic Notes: Economics
MCQs and preparation resources for competitive exams, covering important concepts, past papers, and detailed explanations.
Plato
- Biography: Ancient Greek philosopher (427–347 BCE), student of Socrates and teacher of Aristotle, founder of the Academy in Athens.
- Important Ideas:
- Theory of Forms
- Philosopher-King
- Ideal State
71
What is the definition of the total number of individuals who are currently employed or actively seeking employment within an economy?
Answer:
Labor force
The labor force is defined as the sum of employed and unemployed persons. To be considered part of the labor force, an individual must be of working age and either currently holding a job or actively searching for one.
72
Which administrative region in Pakistan exhibits the highest population density?
Answer:
Islamabad
Islamabad, being the federal capital territory, has the highest population density in Pakistan. Unlike the provinces, which include vast rural and agricultural lands, the capital territory is highly urbanized with concentrated infrastructure, leading to a significantly higher number of people residing per square kilometer compared to other administrative units.
73
What is the typical direction of labor migration in guest worker programs?
Answer:
impoverished countries to wealthy countries
Guest worker programs are designed to address labor shortages in specific sectors of developed economies. Workers from developing or impoverished nations migrate to these wealthy countries to take advantage of higher wages and better employment opportunities that are not available in their home countries. This movement is driven by the significant wage differentials between the source and destination nations.
74
In which province does the majority of the Saraiki-speaking population reside?
Answer:
Punjab
The Saraiki language is primarily spoken in the southern and southwestern regions of the Punjab province in Pakistan. This linguistic group is concentrated in areas such as Multan, Bahawalpur, and Dera Ghazi Khan. While there are speakers in other provinces, the cultural and demographic heartland of the Saraiki-speaking population is firmly established within the administrative boundaries of Punjab.
75
What is the standard interval for conducting a national census in Pakistan?
Answer:
Every decade
In Pakistan, the national census is mandated to be conducted every ten years. This decennial frequency aligns with international statistical standards, allowing the government to track demographic shifts, urbanization trends, and changes in the labor force, which are essential for effective long-term economic and social planning.
76
What term describes a workplace where all employees within a specific unit are required to be members of a single officially recognized trade union?
Answer:
Closed shop
A closed shop is a form of union security agreement under which the employer agrees to hire union members only, and employees must remain members of the union at all times to remain employed. This practice is designed to strengthen the bargaining power of labor unions by ensuring total workforce participation in the union.
77
What is the approximate percentage of the global population residing in South America?
Answer:
5.6%
South America has a population that accounts for approximately 5.6% of the world's total population. This figure is based on current demographic estimates and reflects the continent's share of the global human population relative to other more densely populated regions like Asia and Africa.
78
What is the infant mortality rate per thousand live births in Pakistan?
Answer:
70 infant
The infant mortality rate represents the number of deaths of infants under one year old per 1,000 live births. Historically, data points around 70 per 1,000 have been cited in various economic surveys for Pakistan, though these figures fluctuate over time due to improvements in healthcare and reporting standards.
79
What is the recorded population density of the Punjab province in Pakistan?
Answer:
353 per sq. Km
Population density is a demographic measure calculated by dividing the total number of people by the total land area. Based on historical census data for Pakistan, the population density of the Punjab province is recorded as 353 individuals per square kilometer, reflecting its status as the most populous and densely settled province in the country.
80
Which of the following is NOT typically considered a defining characteristic of urban life?
Answer:
informal relationship
Urban sociology often characterizes city life by secondary relationships, high competition, and a decline in traditional communal or informal ties. Informal relationships are generally associated with rural or close-knit traditional societies where social interactions are face-to-face and deeply personalized, rather than the formal, contractual, and impersonal interactions typical of large urban centers.