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

Question # 1

Barter economy means the economy in which no good is generally accepted and goods are exchanged with goods. This definition is stated by the

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Prof Marshall

Stanlay Fisher

Culberon

Walker

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Question # 2

One of the following is not the difficulty of the barter system

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Indivisibility of goods

Lack of common measure of value

Double coincidence of wants

Lack of store of value

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Question # 3

kinds of money are

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Three

Four

Five

Seven

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Question # 4

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

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Question # 5

Which economist said that the term demand for money should be used instead of circulation of money

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Prof Keynes

Prof Marshall

Prof Crowther

Prof Fisher

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Question # 6

Relationship of level of prices and quantity of money

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Positive

Negative

Indirect

2nd and 3rd both

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Question # 7

Inconvertible paper money is issued by

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Central bank

Commercial bank

Industrial bank

Central government

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Question # 8

Unit of account money in Pakistan is

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Rial

Rupee

Dollar

Pound

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Question # 9

Value of money means purchasing power of money. If quantity of money is doubled then

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Purchasing power of money will be one halved

Purchasing power of money will be doubled

Purchasing power of money will be tripled

There will be no effect on the purchasing power of money

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Question # 10

Prof Fisher presented quantity theory of money in the form of an equation in

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1905

1911

1915

1917

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Question # 11

Disadvantages of paper money are

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Unstable value

Possibility of inflation

Possibility of wastage

All the three

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