Question # 1

Which is considered as a transfer payment

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wages

salaries

prices

unemployment allowances

The money which is not in the form of net cash and is not used at once for business dealing is called

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Near money

Legal Tender money

Credit money

Paper money

All Pakistani coins are

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Token money

Standard money

Convertible money

Inconvertible money

One of the following is not fiscal measure to control inflation

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Decrease in public expenditures

Increase in taxes

Encouragement of savings

Increase in investment

One rupee note in paper money is

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Inconvertible paper money

Convertible paper money

Limited legal tender money

Unlimited legal tender money

When demand for goods and services rises, then velocity of circulation of money

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Increases

Decreases

Remains constant

Does not change

Inconvertible paper money is issued by

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Central bank

Commercial bank

Industrial bank

Central government

The money whose face value is greater than its intrinsic value, is called

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Standard metallic money

Paper money

Token money

Near money

Relationship of value of money with quantity of money is

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Direct

Indirect

Inverse

Positive

"Purchasing power of money is inverse of level of prices. So study of purchasing power of money is identical with the study of level of prices." These are the words of

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Prof Irving Fisher

Prof Crowther

Prof Pigou

Prof Keynes

Inflation is useful for

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Labourer

Consumers

Industrialist

Pensioners

Equation of relationship between quantity of money and value of money, MV=PT is presented by the economist

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Prof Taussing

Prof Fisher

Prof Crowther

Prof Marshall

Which economist said that the term demand for money should be used instead of circulation of money

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Prof Keynes

Prof Marshall

Prof Crowther

Prof Fisher

Barter economy means the economy in which no good is generally accepted and goods are exchanged with goods. This definition is stated by the

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Prof Marshall

Stanlay Fisher

Culberon

Walker

The unit of money by which the value of goods and services is expressed is called

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Paper money

Money of account

Legal tender money

Near money

There exists a relationship between inflation and deflation

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Increasing

Inverse

Indirect

None of three

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Principles of Economics Icom Part 1 English Medium Chapter 10 Online Test MCQs With Answers

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