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Principles of Economics Icom Part 1 English Medium Online Test
| Sr. # | Questions | Answers Choice |
|---|---|---|
| 1 | Phases of a trade cycle are | Two Three Four Five |
| 2 | "A trade cycle is fluctuation in employment, production and prices" This definition of Trade cycle is stated by | Prof Keynes Prof Mitchall Prof Hanson Prof Haberler |
| 3 | The money in which payment can be made only to certain extent is called | Unlimited legal tender money Limited legal tender money Metallic money Paper money |
| 4 | The coins whose current price is greater than their intrinsic value, are called | Standard coins Paper money Token money Credit money |
| 5 | Notes and coins are legal tender money because | Government keeps gold and silver in their exchange They are issued by the commercial banks They are issued by the central bank People are bound to accept them |
| 6 | The paper notes which can not be converted in gold, silver, or foreign exchange, are called | Standard money Convertible paper money Inconvertible paper money Legal tender money |
| 7 | This paper notes which can be converted into gold, silver or foreign exchange are called | Standard money Unlimited legal tender money Convertible paper money Inconvertible paper money |
| 8 | The money whose face value is greater than its intrinsic value, is called | Standard metallic money Paper money Token money Near money |
| 9 | The money whose face value and intrinsic value are equal, is called | Token money Standard money Paper money Credit money |
| 10 | kinds of money are | Three Four Five Seven |
| 11 | ______ is not considered perfect money | Note of ten rupees Note of hundred rupees Piece of silver Note of one thousand rupees |
| 12 | "What performs the functions of money, is money" This definition of money is stated by |
Prof Walker Prof Marshall Prof Crowther Prof Pigou |
| 13 | "Anything which is generally accepted as a medium of exchange and also performs the functions of standard of value and a store of value is money" This definition of money is stated by |
Prof Walker Prof Marshall Prof Crowther Prof Pigou |
| 14 | It was impossible under barter system | Lack of coincidence of wants Lack of common measure of value Divisibility of some goods in small parts Solution of all the said problems |
| 15 | What is money | Coins of gold and silver Paper money Agricultural crops Everything which can be used as a medium of exchange |
