| 1 |
Absolute advantage theory was presented by |
- A. Adam Smith
- B. Prof Walker
- C. Ricardo
- D. Marshall
|
| 2 |
Which one of the following is included in balance of trade |
- A. Visible goods
- B. Invisible goods
- C. Visible & invisible goods
- D. All the three
|
| 3 |
Balance of payment of a country is balanced when its |
- A. Receipts are more than payments
- B. Receipts are less than payments
- C. Receipts are equal to payments
- D. None of three
|
| 4 |
Comparative cost theory is also called |
- A. Theory of comparison cost
- B. Theory of specialization of cost
- C. Theory of balanced cost
- D. Theory of specialization of production
|
| 5 |
One of the following is not advantage of international trade |
- A. Provision of necessities of life
- B. Imperfections of market
- C. Provision of medicines & machinery
- D. Provision of necessities of defence
|
| 6 |
When general price level increases due to increase in cost of production, it is known as ? |
- A. Stagflation
- B. Hyper inflation
- C. Demand pull inflation
- D. Cost push inflation
|
| 7 |
Quantity theory of money was introduced in an equation by: |
- A. Fisher
- B. Marshall
- C. Crowther
- D. Tausigg
|
| 8 |
The relation between quantity of money and price is: |
- A. Positive
- B. Negative
- C. Direct
- D. Inverse
|
| 9 |
The trade transaction between the individuals of different areas of a country is called |
- A. Local trade
- B. Regional trade
- C. Domestic trade
- D. International trade
|
| 10 |
Which of the following is not invisible trade |
- A. Expenditure on education in other country
- B. Expenditure on imported machinery
- C. Expenditure of passengers traveling by air
- D. Expenditure of goods carried by a ship
|
