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Economics

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11

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Intermediate Goods And Services

easy
Economics

What is meant by intermediate goods and services?

A
The same as capital goods, such as plants, buildings, vehicles, and machinery.
B
Products which one firm buys off another and then uses up in its own products.
C
All inputs bought by firms, including labor and raw materials.
D
Imports.
Explanation and memory cue

Intermediate goods and services are products purchased by one firm from another that are used up in the production of final goods or services. They are not capital goods or imports, but inputs consumed during production.

12

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Pakistan exports

easy2021FIA ASI Paper 21-12-2021
EconomicsFIA

The largest export of Pakistan is _____?

A
Textile
B
Oil
C
Gold
D
None of these
Explanation and memory cue

Pakistan's largest export sector is textiles, including garments and fabrics, which constitute the majority of its export earnings. Other options like oil and gold are not major exports of Pakistan.

13

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Crude oil production

easy2021FIA ASI Paper 21-12-2021
EconomicsFIA

Which is the largest crude oil producing country?

A
USA
B
UK
C
UAE
D
None of these
Explanation and memory cue

The USA is currently the largest crude oil producing country in the world, surpassing other major producers like Saudi Arabia and Russia. The UK and UAE produce significantly less crude oil compared to the USA.

14

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Acronyms

easy2021FIA ASI Paper 21-12-2021
EconomicsFIA

GDP stands for _____?

A
Gross Domestic Product
B
Global Demand for Production
C
Global Petroleum Corporation
D
None of these
Explanation and memory cue

GDP stands for Gross Domestic Product, which is the total monetary value of all finished goods and services produced within a country's borders in a specific time period.

15

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International trade (Pakistan trading partners)

medium2021FIA ASI Paper 15-12-2021
EconomicsFIA

Which country is the largest trading partner of Pakistan?

A
USA
B
China
C
Japan
D
None of these
Explanation and memory cue

China is currently the largest trading partner of Pakistan, with significant trade volumes in goods and services, surpassing other countries like the USA and Japan. This is due to strong economic ties and projects like the China-Pakistan Economic Corridor (CPEC).

16

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Economic acronyms

easy2021FIA ASI Paper 14-12-2021
EconomicsFIA

GDP stands for _____?

A
Gross Domestic Product
B
Global Demand for Production
C
Global Petroleum Corporation
D
None of these
Explanation and memory cue

GDP stands for Gross Domestic Product, which is the total monetary value of all finished goods and services produced within a country's borders in a specific time period.

17

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GDP full form

easy2021
EconomicsFIA

GDP stands for _____?

A
Gross Domestic Product
B
Global Demand for Production
C
Global Petroleum Corporation
D
None of these
Explanation and memory cue

GDP stands for Gross Domestic Product, which is the total monetary value of all finished goods and services produced within a country's borders in a specific time period. This is the widely accepted and correct full form of GDP in economics.

18

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Pakistan economic indicators

Easy2021FIA Assistant Paper 13-12-2021
EconomicsFIA

What was the GDP growth rate of Pakistan in 2021?

A
3.9
B
4.9
C
5.0
D
6
Explanation and memory cue

Pakistan's provisional GDP growth rate for the fiscal year 2020-2021 was initially estimated at 3.9% by the National Accounts Committee, marking a V-shaped economic recovery from the initial impacts of the COVID-19 pandemic. While this figure was later revised upwards to over 5% during subsequent rebasing exercises by the Pakistan Bureau of Statistics, 3.9% was the widely circulated official provisional estimate that matches the provided options.

19

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Macroeconomics

easy2021FIA ASI Paper 14-12-2021
EconomicsFIA

GDP stands for ____?

A
Gross Domestic Product
B
Global Demand for Production
C
Global Petroleum Corporation
D
None of these
Explanation and memory cue

GDP stands for Gross Domestic Product, which is the total value of all goods and services produced within a country's borders in a specific time period. The other options do not correctly define GDP.

20

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Pakistan economy

medium2021FIA Sub Inspector Paper 13-12-2021
EconomicsFIA

What was the GDP growth rate of Pakistan during the fiscal year 2020-21?

A
3.94
B
4.00
C
4.3
D
None of these
Explanation and memory cue

The GDP growth rate of Pakistan during the fiscal year 2020-21 was officially revised to approximately 5.57%, which is higher than all the options A (3.94), B (4.00), and C (4.3) provided in the question. This figure reflects a robust recovery after the recession in 2019-20 caused by the COVID-19 pandemic and IMF program conditions. Therefore, the correct answer is 'None of these' (option D). The original answer of 3.94% is outdated and was a provisional estimate before revisions by the Pakistan Bureau of Statistics.