2nd Year Economics Guess Paper

Very Important Multiple Choice Questions (MCQs), Short Questions and Long Questions in the form of 2nd Year Economics Guess Paper written by Professor Mr. Adan Haider Suib. These notes are very helpful in the preparation of Economics for the students of the intermediate and these are according to the paper patterns of all Punjab boards.

• Most Important multiple choice questions of Economics class 12th repeated from previous 20 past papers of all the Punjab Boards. 
• 1. How is economics related to national income problems?
• (a) Partially (b) Inductive  (c) Total  (d) Extractive
• 2. If indirect taxes are deducted from net national product and taxes are collected, what is obtained?
• (a) Gross national product  (b) Gross domestic product (c) National income (d) Per capita income
• 3. Transfer payments risk being included in national income calculations:
• (a) Of wrong measurement   (b) Double counting   (c) Decrease in profits   (d) Decimal numbers increase
• 4. Transfer payments are payments made in exchange for:
• (a) Compensation is not paid   (b) Does not take help   (c) Goods and services are produced  (d) Service or work is not performed
• 5. Which of the following income does not count as transitional payments?
• (a) Zakat    (b) Gift  (c) Commission  (d) Begging
• 6. What is the production activity of birthing services and institutions called in which country?
• (a) Measurement of national income  (b) Circular flow of national income   (c) Production stage  (d) Production allowances
• 7. Which of the following national issues is not discussed in macroeconomics:
• (a) National income  (b) Employment  (c) Investment  (d) Firm pricing
• 8. Which of the following investments is not a discretionary investment?
• (a) Construction of roads   (b) Construction of dams   (c) Construction of hospitals  (d) Expenditure on goods and services
• 9. The largest industry of Pakistan is:  (a) Sugar   (b) Fertilizer  (c) Cigarette  (d) Textiles
• 10. The period of measurement of national income is: (a) One year  (b) Two years  (c) Three years  (d) Four years
• 11. A country's standard of living is measured by: 
• (a) From gross national product  (b) Personal income  (c) From per capita income  (d) By national income
• 12. The relationship between income and per capita income is called:
• (a) Final gradient only  (b) Final gradient savings  (c) Average gradient only   (d) Average slope savings
• 13. Net National Product is added to get Gross National Product:
• (a) Direct tax  (b) Aid  (c) Depreciation expenses  (d) Transfer payments
• 14. The largest sector of Pakistan's economy is: (a) Transport  (b) Industry  (c) Agriculture  (d) Constructions 
• 15. Methods of measuring national income are:  (a) One  (b) Two  (c) Three  (d) Four
• 16. Which item is not included in national income: (a) Transfer payments  (b) Interest (c) Salary (d) Profit
• 17. What is meant by per capita income:
• (a) Personal disposable income  (b) Personal income  (c) National income  (d) Average income 
• 18. Basically, Pakistan is a country: 
• (a) Industrial country   (b) Agricultural country   (c) Developed country  (d) A backward country
• 19. Pakistan economically includes: 
• (a) In backwards countries  (b) In industrial countries  (c) In developed countries  (d) In developing countries
• 20. None of the following are included in the duties of the treasury:
• (a) Device exchange (b) A common measure of value   (c) Transmissibility  (d) Determination of interest rate
• Most Important Short and Long Questions of Economics class 12th repeated from previous 20 past papers of all the Punjab Boards.
• Define national income.
• Give a comprehensive definition of national income as per modern era.
• Explain the three methods of measuring national income separately in two paragraphs.
• Which of the following is included in total expenditure as a method of measuring national income?
• What is the difference between income and transit payment?
• What is meant by Depreciation Expenses?
• What is meant by circular flow or periodic flow of national income?
• Explain the difference between sovereign and leveraged investment.
• What is meant by national income? How can national income be measured?
• Explain different concepts of national income.
• Describe methods of measuring economic growth.
• What is meant by money? Explain the functions of money.
• What is meant by commercial banks? Explain their types.
• Explain the difference between balance of trade and balance of payments.
• Explain the situation of literacy rate in Pakistan in detail.
• Explain the causes of decline in per capita income in Pakistan.
• What is meant by a developing economy? State the common characteristics of developing economies.
• The methods adopted by the central bank to control agriculture. Explain.
• Explain the difference between direct and indirect tax. Also write the types of taxes with respect to tax rates.
• Write the important points of trade foreign policy of Pakistan.
• What are the causes of Pakistan's balance of payments? How can they be removed?
• Write the features of Islamic economic system.