Question # 1

The paper notes which can not be converted in gold, silver, or foreign exchange, are called

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Standard money

Convertible paper money

Inconvertible paper money

Legal tender money

If we multiply margina product with price we get:

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MFC

MRP

TVC

Both a and b

Equation of relationship between quantity of money and value of money, MV=PT is presented by the economist

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Prof Taussing

Prof Fisher

Prof Crowther

Prof Marshall

One of the following is not the characteristic of money

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General acceptability

Durability

Non homogeneity

Convertibility

The money in which payment can be made only to certain extent is called

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Unlimited legal tender money

Limited legal tender money

Metallic money

Paper money

During inflation increase

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Exports

Savings

Consumption

Inequality of income

One of the following is not the monetary measure to control inflation

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Increase in bank rate

Open market operation

Increase in the ratio of reserve capital of the banks

Increase in taxes

The coins whose current price is greater than their intrinsic value, are called

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Standard coins

Paper money

Token money

Credit money

Exchange of goods with goods is called

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Medium of exchange

Store of exchange

Scale of measure of exchange

Barter system

Relationship of value of money with quantity of money is

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Direct

Indirect

Inverse

Positive

Inconvertible paper money is issued by

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Central bank

Commercial bank

Industrial bank

Central government

Marginal productivity theory was presented by:

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Pigou and Cannon

Adam Smith and F.A. Walker

Keynes and Semeulson

Marshall and J.B. Clark

What is money

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Coins of gold and silver

Paper money

Agricultural crops

Everything which can be used as a medium of exchange

Inflation is useful for

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Labourer

Consumers

Industrialist

Pensioners

"Money is a thing by which payments of agreements of borrowing and pricing are made and general purchasing power is stored in it." This definition of money is stated by the economist

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Prof Marshall

Prof Walker

Prof Keynes

Prof Crowther

When demand for goods and services rises, then velocity of circulation of money

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Increases

Decreases

Remains constant

Does not change

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Principles of Economics Icom Part 1 English Medium Chapter 10 Online Test MCQs With Answers

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