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Online Tests
Principles of Economics Icom Part 1 English Medium Chapter 12 Online Test MCQs With Answers
Question # 1
Comparative cost theory is also called
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Theory of comparison cost
Theory of specialization of cost
Theory of balanced cost
Theory of specialization of production
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Question # 2
Quantity theory of money was introduced by:
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Fisher
Marshall
Crowther
J.S Mill
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Question # 3
" International balance of payment is all that transaction for which either foreign exchange is spent or received." This definition is stated by
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Prof. Marshal
Prof.Samuelson
Prof. Ricardo
Prof. Hicks
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Question # 4
If the face value of a coin is equal to the value of metal used in:
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Legal money
Token money
Standard money
Both b and c
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Question # 5
In which of the following condition theory of international trade is presented
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Monopoly
Duopoly
Monopolistic competition
Perfect competition
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Question # 6
Comparative cost theory was presented by
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Marshall
Ricardo
Hecksher
Ohlin
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Question # 7
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
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Question # 8
Which one of the following is included in balance of payment
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Visible goods
Invisible goods
Visible & invisible goods
Non material goods
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Question # 9
Which economist has stated the definition of balance of payments
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Robbins
Kindleberger
Marshall
Keynes
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Question # 10
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
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Question # 11
Balance of payment of a country in unfavourable when its
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Receipts are more than payments
Receipts are less than payments
Receipts are equal to payments
None of three
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Question # 12
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
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Question # 13
A system where the goods are exchanged with money is known as:
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Monetary system
Barter system
Coins system
Modified system
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Question # 14
Foreign exchange is used in
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Local trade
Regional trade
Domestic trade
International trade
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Question # 15
Recent international depression was appeared in:
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1936
1990
2005
2008
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Question # 16
Advantages of international trade are
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One
Two
Three
Many
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