Question # 1

Quantity theory of money was introduced in an equation by:

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Fisher

Marshall

Crowther

Tausigg

One of the following is not disadvantage of international trade

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Dependence on production of limited goods

Supply of goods injurious to health

Bitter pill for political freedom

Development of civilization & culture

International Monetary fund is

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Local

Regional

National

International

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

Which of the following is not invisible trade

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Expenditure on education in other country

Expenditure on imported machinery

Expenditure of passengers traveling by air

Expenditure of goods carried by a ship

Comparative cost theory was presented by

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Marshall

Ricardo

Hecksher

Ohlin

Balance of payments is annual statistical record of

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Visible goods

Invisible goods

Foreign loans

Visible and invisible goods

In between how many countries international trade takes place under comparative cost theory

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Two

Three

Four

Many

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

Inflation can be controlled by:

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Fiscal policy

Monetary policy

Trade policy

Both a and b

One of the following is not included in the causes of deficit in balance of payments of a country

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Increase in exports

Increase in imports

Unfavourable terms of trade

Occurance of inflation

One of the following is not included in the methods of removing deficit in balance of payments of a country

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Increase in exports

Increase in imports

Devaluation of currency

Decrease in the quantity of money

Advantages of international trade are

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One

Two

Three

Many

The base of international trade theory of Adam Smith is

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Absolute advantage

Comparative cost

Cheaper cost

Low cost

Which economist explained the absolute difference of cost of two good between two countries

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Malthus

Adam Smith

Ricardo

J.S Mill

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

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