ECO | MCQs

Explanation

Brexit is the withdrawal of the United Kingdom from the European Union.

Explanation

The WTO warned that tariff imposition could lead to a potential decline of 80% in U.S.–China goods trade.

This projection was made by Dr. Ngozi Okonjo-Iweala, the Director-General of the WTO, on April 9, 2025. 

Explanation

Despite Australia's political stability, the country is grappling with significant economic challenges

The most pressing issue is poor GDP growth

Australia faces multifaceted challenges, including declining productivity, structural budget issues, and external economic pressures.

Explanation

Muslim thinkers categorize the economy as "Islamic economy," which is based on Islamic principles and laws.

This framework emphasizes ethical and moral considerations in economic activities, including the prohibition of interest (riba) and promoting social justice.

Explanation

According to Islamic teachings, earning a lawful (halal) livelihood after performing obligatory prayers is also considered a religious duty (Farz).

Islam emphasizes hard work and lawful income as essential parts of a Muslim’s life and worship.

Explanation

At the time of partition in 1947, only 34 out of 921 industries came under the jurisdiction of Pakistan.

These industries were part of the assets and resources inherited by Pakistan from the British Raj after independence.

Explanation

Pakistan received only 34 out of 921 industrial units in united India.

It included cotton textile, cigarettes, sugar, rice husking, cotton ginning, and flour milling industries.

These industries contributed only 7% of GDP.

It employed just over 26,000 people.

Explanation

CPEC was formally launched on 20 Arpil 2015 with the value of $46 billion.

China-Pakistan Economic Corridor is a framework of regional connectivity.

China Pakistan Economic Corridor is journey towards economic rationalization in the globalized world.

ND23-6-2023

Explanation

• China Pakistan Economic Corridor is a framework for regional connectivity. CPEC  not only benefits China and Pakistan, but also has a positive impact on Iran, Afghanistan, the Central Asian Republic, and the region.
  
• CEPAC Established in 22 May 2013 (9 years ago)
• Budget China Development Bank
• Asian Infrastructure Investment Bank
• Silk Road Fund

Explanation

 Agriculture constitutes the largest sector of our economy.

The majority of the population, directly or indirectly, is dependent on this sector.

AGM 02.05.2023