Question # 1

Inflation can be controlled by:

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Fiscal policy

Monetary policy

Trade policy

Both a and b

The trade transaction between the individuals of different areas of a country is called

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Local trade

Regional trade

Domestic trade

International trade

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

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

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

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Monetary system

Barter System

Coins system

Goods system

Balance of payments is annual statistical record of

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Visible goods

Invisible goods

Foreign loans

Visible and invisible goods

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

Recent international depression was appeared in:

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1936

1990

2005

2008

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

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

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

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

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Two

Three

Four

Many

In case of international trade, trade restrictions are usually

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Limited

More

Too much

None of three

When general price level increases due to increase in aggregate demand, it is known as?

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Stagflation

Hyper inflation

Demand pull inflation

Cost push inflation

The base of international trade theory of Adam Smith is

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Absolute advantage

Comparative cost

Cheaper cost

Low cost

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

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