Question # 1

A system where the goods are exchange with goods is known as:

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Monetary system

Barter System

Coins system

Goods system

"Money is what money does" is the statements of:

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Robbins

Marshall

Hicks

Keynes

According to classical theory of international trade, a country imports those goods from the other country which

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Are durable

Are standardised

Are produced comparatively at high cost

Are not produced in that country

Difficulties in barter system:

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Lack of double coincidence of wants

Lack of storing value

Lack of common measure of value

All of these

The exchange of goods and services from country to country is called

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Foreign

National trade

Corporate trade

Domestic trade

Recent international depression was appeared in:

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1936

1990

2005

2008

In balance of payment are included

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Visible items

Invisible items

Visible and invisible items

Material items

Balance of visible goods of a country mean

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Quantity of imports & exports

Value of imports & exports

Value of imported & exported goods and services

Value of imported & exported services

In which of the following condition theory of international trade is presented

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Monopoly

Duopoly

Monopolistic competition

Perfect competition

The systematic record of the money value of visible exports and visible imports of one year of country is called

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Balance of trade

Balance of payment

International balance

External balance

If currency can converted into gold, it is called:

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Convertible paper money

Inconvertible paper money

Bank Money

Both a and b

If the face value of a coin is greater than the value of metal used in:

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Legal money

Token money

Standard money

Both b and c

Foreign exchange is used in

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Local trade

Regional trade

Domestic trade

International trade

The systematic record of visible and invisible exports and imports of a country in one year is called

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Balance of trade

Balance of payment

External balance

Internal balance

In case of international trade, trade restrictions are usually

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Limited

More

Too much

None of three

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Principles of Economics Icom Part 1 English Medium Chapter 12 Online Test MCQs With Answers

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