Question # 1

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

Functions of money are

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Medium of exchange

Common measure of value

Store of value

All the three

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

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Increases

Decreases

Remains constant

Does not change

One of the following is not the characteristic of money

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General acceptability

Durability

Non homogeneity

Convertibility

One of the following is not the assumption of quantity theory of money

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Velocity of circulation of legal money should not change

Velocity of Circulation of credit money should not change

Quantity of hoardings should not change

Quantity of goods and services should go on changing

Which one of the following was the difficulty of barter system

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Abundance of goods

Lack of double coincidence of wants

Difference of language

difference of occupations

One of the following is not the method to control deflation

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Decrease in public expenditures

Decrease in interest rate

Decrease in income tax

increase in exports

There exists a relationship between inflation and deflation

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Increasing

Inverse

Indirect

None of three

Relationship of level of prices and quantity of money

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Positive

Negative

Indirect

2nd and 3rd both

Marginal revenue product is the amount of money attained by selling:

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Average product

Marginal product

Total product

Total cost

What is money

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Coins of gold and silver

Paper money

Agricultural crops

Everything which can be used as a medium of exchange

This paper notes which can be converted into gold, silver or foreign exchange are called

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Standard money

Unlimited legal tender money

Convertible paper money

Inconvertible paper money

One of the following is not the fiscal measure to control inflation

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Decrease in public expenditures

Increase in the value of money

Increase in taxes

Encouragement of saving

All Pakistani coins are

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Token money

Standard money

Convertible money

Inconvertible money

By which money business dealing has become easy

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Metalic money

Paper money

Credit money

Near money

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