Question # 1

"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

One of the following is not the assumption of quantity theory of money

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Velocity of circulation of legal money should not change

Velocity of Circulation of credit money should not change

Quantity of hoardings should not change

Quantity of goods and services should go on changing

It was impossible under barter system

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Lack of coincidence of wants

Lack of common measure of value

Divisibility of some goods in small parts

Solution of all the said problems

Which kind of budget is better during the situation of inflation

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Deficit budget

Surplus budget

Balanced budget

Domestic budget

Relationship of level of prices and quantity of money

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Positive

Negative

Indirect

2nd and 3rd both

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

Production of an additional unit of factor refers to:

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AP

TP

MP

MR

All Pakistani coins are

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Token money

Standard money

Convertible money

Inconvertible money

The money whose face value is greater than its intrinsic value, is called

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Standard metallic money

Paper money

Token money

Near money

Prices during the situation of inflation

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Increase

Decrease

Do not change

Become zero

Which is considered as a transfer payment

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wages

salaries

prices

unemployment allowances

One of the following is not advantage of paper money

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Saving of metals

Saving of coinage

Easy transferability

Perfectly inelastic supply

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

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

Convertible paper money is issued by

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Central bank

Commercial bank

Industrial bank

Central government

Quantity theory of money in the form of an equation was presented by

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Prof Fisher

Prof Taussig

Prof Marshall

Prof Renald

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

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