11th Principle of Economics Chapter 12 Test

Here you can prepare 11th Principle of Economics English Medium Chapter 12 International Trade Test. Click the button for 100% free full practice test.

First Year Principles of Economics Chapter 12 Online MCQ Test for 1st Year Principles of Economics Chapter 12 (International Trade)

This online test contains MCQs about following topics:

. Meaning of international trade . Differnce in international trade and national trade . Importance of international trade . Adam Simth's theory o fabsolute advantage . Assumptions of theory . Criticism of theory . Causes of deficit in balance of payments

ICOM Part 1 Economics Ch 12 Test
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First Year Principles of Economics Chapter 12 Online MCQ Test for 1st Year Principles of Economics Chapter 12 (International Trade)

Sr. # Questions Answers Choice
1 Which economist explained the absolute difference of cost of two good between two countries
  • A. Malthus
  • B. Adam Smith
  • C. Ricardo
  • D. J.S Mill
2 Advantages of international trade are
  • A. One
  • B. Two
  • C. Three
  • D. Many
3 Balance of visible goods of a country mean
  • A. Quantity of imports & exports
  • B. Value of imports & exports
  • C. Value of imported & exported goods and services
  • D. Value of imported & exported services
4 Balance of payment of a country in unfavourable when its
  • A. Receipts are more than payments
  • B. Receipts are less than payments
  • C. Receipts are equal to payments
  • D. None of three
5 If the face value of a coin is greater than the value of metal used in:
  • A. Legal money
  • B. Token money
  • C. Standard money
  • D. Both b and c
6 The relation between quantity of money and value of money is:
  • A. Positive
  • B. Negative
  • C. Direct
  • D. Inverse
7 Quantity theory of money was introduced by:
  • A. Fisher
  • B. Marshall
  • C. Crowther
  • D. J.S Mill
8 The systematic record of the money value of visible exports and visible imports of one year of country is called
  • A. Balance of trade
  • B. Balance of payment
  • C. International balance
  • D. External balance
9 International Monetary fund is
  • A. Local
  • B. Regional
  • C. National
  • D. International
10 Balance of payment of a country is balanced when its
  • A. Receipts are more than payments
  • B. Receipts are less than payments
  • C. Receipts are equal to payments
  • D. None of three

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