Question # 1

Psychological theory of trade cycles is presented by

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Prof Jevons

Prof Pigou and Bagehot

Prof Keynes

Prof Hawtrey

In which phase of a trade cycle national product, wages, prices and profits reach at their peak

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Recovery

Boom

Recession

Depression

"A trade cycle is fluctuation in employment, production and prices" This definition of Trade cycle is stated by

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Prof Keynes

Prof Mitchall

Prof Hanson

Prof Haberler

If we deduct foreign income from GNP, we get:

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N.N.P

G.D.P

D.P.I

P.I

If we deduct depreciation from GNP, we get:

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P.I

G.D.P

D.P.I

N.N.P

During the phase of recession prices of goods

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Start rising

Start falling

are highest

are lowest

If we deduct direct taxes from personal income, we get:

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NNP

GDP

DPI

PI

Under consumption or over saving theory is presented by

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Prof Hobson, Foster and Catchings

Prof Hawtrey

Prof Keynes

Prof Jevons

Subsidies means:

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Relief price to consumers

Relief in price to Producers

Surplus budget

Both a and b

According to which economist, duration of a trade cycle is 9 to 10 years

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Prof Kitchen

Prof Jugglar

Prof Pigou

Prof Kondratieff

Modern theory of trade cycles is presented by

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Prof Schumpeter

Prof Keynes

Prof Hawtrey

Prof Hicks and Samuelson

During depression

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Employment increases

Prices decrease

Profit increases

Prices increase

Over investment theory is presented by

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Pigou

Hawtray

Hayek, Mises and Cassel

Prof Jugglar

Which phase starts with the increase in expected rate of profit

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Depression

Recovery

Boom

Recession

The innovation theory of trade cycles was presented by

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Hayek

Hawtray

Schumpeter

Pigou

According to which economist some trade cycles complete their cycle during a period of fifty years or sixty years

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Prof Kitchen

Prof Jugglar

Prof Pigou

Prof Kondratieff

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Principles of Economics Icom Part 1 English Medium Chapter 11 Online Test MCQs With Answers

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