Question # 1

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

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

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

One of the following is not the method to control deflation

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Decrease in public expenditures

Decrease in interest rate

Decrease in income tax

increase in exports

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

The unit of money by which the value of goods and services is expressed is called

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Paper money

Money of account

Legal tender money

Near money

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

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Increases

Decreases

Remains constant

Does not change

Relationship of level of prices and quantity of money

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Positive

Negative

Indirect

2nd and 3rd both

If face value is equal to the metal value of a coin, it is called as

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Paper money

Token money

Credit money

Standard money

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

"Purchasing power of money is inverse of level of prices. So study of purchasing power of money is identical with the study of level of prices." These are the words of

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Prof Irving Fisher

Prof Crowther

Prof Pigou

Prof Keynes

kinds of money are

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Three

Four

Five

Seven

Functions of money are

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Medium of exchange

Common measure of value

Store of value

All the three

There exists a relationship between inflation and deflation

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Increasing

Inverse

Indirect

None of three

One of the following is not the characteristic of money

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General acceptability

Durability

Non homogeneity

Convertibility

Production of an additional unit of factor refers to:

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AP

TP

MP

MR

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

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