Question # 1

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

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Monetary system

Barter System

Coins system

Goods system

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

Because of devaluation of currency of a country, its exports

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Decrease

Increase

Remains constant

Go on changing

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

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 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

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

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

Recent international depression was appeared in:

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1936

1990

2005

2008

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

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

The relation between quantity of money and value of money is:

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Positive

Negative

Direct

Inverse

Foreign exchange is used in

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Local trade

Regional trade

Domestic trade

International trade

In order to improve the balance of payment the foremost try is to increase

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Imports

Exports

Production

Savings

Quantity theory of money was introduced by:

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Fisher

Marshall

Crowther

J.S Mill

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

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

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Robbins

Marshall

Hicks

Keynes

Quantity theory of money was introduced in an equation by:

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Fisher

Marshall

Crowther

Tausigg

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

The first great depression was appeared in:

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1934

1930

1932

1936

The base of international trade theory of Devid Ricardo is

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Absolute advantage

Comparative cost

Cheaper cost

Low cost

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

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