Question # 1

Quantity theory of money was introduced by:

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Fisher

Marshall

Crowther

J.S Mill

The term "inflation" means:

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Rapid increase in price level

Decrease in price level

General increase in price level

Both a and c

Balance of payment of a country is favourable when its

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Receipts are more than payments

Receipts are less than payments

Receipts are equal to payments

None of three

The trade that takes place between the individuals living in different areas of a country is called

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Domestic trade

International trade

Foreign trade

Regional Trade

One of the following is not advantage of international trade

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Provision of necessities of life

Imperfections of market

Provision of medicines & machinery

Provision of necessities of defence

Quantity theory of money was introduced in an equation by:

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Fisher

Marshall

Crowther

Tausigg

One of the following is invisible item of balance of payment

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Import of motor cars

Exports of cotton

Expenditure of passengers traveling by air

Private investment in foreign country

Balance of payment of a country is balanced when its

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Receipts are more than payments

Receipts are less than payments

Receipts are equal to payments

None of three

Recent international depression was appeared in:

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1936

1990

2005

2008

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

Comparative cost theory was presented by

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Marshall

Ricardo

Hecksher

Ohlin

In balance of payment are included

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Visible items

Invisible items

Visible and invisible items

Material items

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

The record of visible and invisible items on international account is called

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Balance of payment

Balance of trade

Balance of budget

Capital account

Because of devaluation of currency of a country, its exports

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Decrease

Increase

Remains constant

Go on changing

Which one of the following is included in balance of trade

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Visible goods

Invisible goods

Visible & invisible goods

All the three

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

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