Free Economy and Budget MCQs with Answers

161. Punjab budget for the financial year 2021-2022 is _____________ billion?

• A. Rs2885 Billion
• B. Rs2,653 Billion
• C. Rs3150 Billion
• D. None of these

Explanation: Punjab’s budget for fiscal year 2021-22 was presented at approximately Rs2,653 billion. The Rs2,885 billion figure refers to a different budgetary figure or year, not the stated Punjab budget.

162. When National Assembly of Pakistan approved the Finance Bill 2021-2022?

• A. June 25th, 2021
• B. June 27th, 2021
• C. June 29th, 2021
• D. None of these

Explanation: The National Assembly approved the Finance Bill for 2021-22 on 29 June 2021. This parliamentary approval completed the formal budget legislation process.

163. The European Parliament granted GSP Plus status to Pakistan on ___________?

• A. December 11, 2013
• B. December 12, 2013
• C. December 13, 2013
• D. December 14, 2013

Explanation: The European Parliament approved GSP Plus benefits for Pakistan on 11 December 2013, with the arrangement taking effect in 2014. The date is commonly tested as the starting point of Pakistan’s EU preferential trade status.

164. GSP-PLUS stand for_________?

• A. The General System of Preferences-Plus
• B. The Generalized system of Product-Plus
• C. The General System of Product-Plus
• D. The Generalised system of Preferences - Plus

Explanation: GSP Plus refers to the Generalised System of Preferences Plus, a European Union trade preference scheme for developing countries meeting specified conditions. Option d uses the British spelling “Generalised,” which is customary in this context.

165. Who will present federal budget for the fiscal year 2021-2022 on the floor of the National Assembly?

• A. Hafeez Sheikh
• B. Shaukat Tarin
• C. Hammad Azhar
• D. Asad Umar

Explanation: Shaukat Tarin, who became Federal Minister for Finance in 2021, presented the federal budget for fiscal year 2021-22. Hafeez Sheikh had held the portfolio earlier, while Hammad Azhar presented the preceding budget.

166. Total budget of Pakistan for the current fiscal year 2021-22 is____ rupees?

• A. 7.89 trillions
• B. 8.25 trillions
• C. 8.48 trillions
• D. 8.12 trillions

Explanation: Pakistan’s total federal budget outlay for fiscal year 2021-22 was about Rs8.48 trillion. The figure is often reported as Rs8.487 trillion, making option c the rounded value.

167. Pakistan rank at _______ place in the Heritage Foundation index 2021 of economic freedom?

• A. 135th
• B. 152nd
• C. 163rd
• D. None of these

Explanation: Pakistan ranked 152nd in the Heritage Foundation’s 2021 Index of Economic Freedom. A lower ranking indicates weaker economic-freedom performance relative to countries placed above it.

168. FATFs Asia Pacific Group (APG) on Money Laundering has published report On 2nd June 2021 in which Pakistan has achieved compliant rating in _______out of 40 recommendations on technical compliance?

• A. 20
• B. 25
• C. 31
• D. None of these

Explanation: The APG assessment reported Pakistan as compliant or largely compliant on 31 of the 40 FATF technical recommendations. This was a technical-compliance result, separate from FATF’s effectiveness ratings.

169. According to 2017 census, population growth rate of Pakistan is________?

• A. 3%
• B. 2.4%
• C. 4%
• D. 3.4%

Explanation: The 2017 census recorded Pakistan’s annual population growth rate at 2.4%. The figures of 3% and above are higher than the census estimate.

170. Which nation has provided 100 tonnes of dates to the Government of Pakistan as a gift?

• A. UK
• B. USA
• C. KSA
• D. UAE

Explanation: Saudi Arabia, commonly abbreviated as KSA, gifted 100 tonnes of dates to Pakistan. The donation was associated with Saudi-Pakistan relations and Ramadan assistance.