Question # 1

The trade that takes place between the inhabitants of two countries is called

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Domestic trade

International trade

National trade

Regional Trade

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

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

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

Deflation means:

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Rapid increase in price level

General decrease in price level

General increase in price level

Both a and c

According to comparative cost theory conditions ------------- in goods and labour market exist

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of monopoly

of duopoly

Monopolistic competition

of perfect competition

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

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Two

Three

Four

Many

Absolute advantage theory was presented by

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Adam Smith

Prof Walker

Ricardo

Marshall

Advantages of international trade are

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One

Two

Three

Many

Cheque is which kind of money:

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Credit money

Paper money

Standard money

Legal money

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

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

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Robbins

Marshall

Hicks

Keynes

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

When there is inflation attached with high unemployment level, it is called ?

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Stagflation

Hyper inflation

Demand pull inflation

Cost push inflation

International trade is based on the following except

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Different factors of production are required for the production of different goods

Factors of production exist in different ratios in different countries

Factors of production are in abundant quantity in different countries

Factors of production are in limited quantity in different countries

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

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