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This online test contains MCQs about following topics:
. Meaning of international trade . Differnce in international trade and national trade . Importance of international trade . Adam Simth's theory o fabsolute advantage . Assumptions of theory . Criticism of theory . Causes of deficit in balance of payments
ICOM Part 1 Economics Ch 12 Test
ICOM Part 1 English Medium Subjects
ICOM Part 1 Urdu Medium Subjects
MCQ's Test For Chapter 12 "Principles of Economics Icom Part 1 English Medium Chapter 12 Online Test"
Try The MCQ's Test For Chapter 12 "Principles of Economics Icom Part 1 English Medium Chapter 12 Online Test"
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Total Questions15
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Time Allowed20
Principles of Economics Icom Part 1 English Medium Chapter 12 Online Test
00:00
Question # 1
According to comparative cost theory conditions ------------- in goods and labour market exist
Question # 2
Factors of production are more mobile
Question # 3
Balance of payment of a country is favourable when its
Question # 4
In order to improve the balance of payment the foremost try is to increase
Question # 5
International trade is based on the following except
Question # 6
The exchange of goods and services from country to country is called
Question # 7
Which economist has stated the definition of balance of payments
Question # 8
The relation between quantity of money and price is:
Question # 9
The systematic record of visible and invisible exports and imports of a country in one year is called
Question # 10
When there is inflation attached with high unemployment level, it is called ?
Question # 11
Comparative cost theory is also called
Question # 12
In which year international monetary fund was established
Question # 13
In case of international trade, trade restrictions are usually
Question # 14
If currency can converted into gold, it is called:
Question # 15
In between how many countries international trade takes place under comparative cost theory
11th Principle of Economics Chapter 12 Test
Here you can prepare 11th Principle of Economics English Medium Chapter 12 International Trade Test. Click the button for 100% free full practice test.
Top Scorers Of Chapter 12 "Principles of Economics Icom Part 1 English Medium Chapter 12 Online Test" MCQ`s Test
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H hamza abid 07 - Aug - 2021 10 Min 50 Sec 11/15
ICom Part 1 Principles of Economics ( English Medium) Chapter 12 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | A system where the goods are exchanged with money is known as: |
A. Monetary system
B. Barter system
C. Coins system
D. Modified system
|
| 2 | Which one of the following is included in balance of payment |
A. Visible goods
B. Invisible goods
C. Visible & invisible goods
D. Non material goods
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| 3 | In comparative cost or comparative advantage theory, ratio is |
A. 1x1 one good one country
B. 2x2 two goods two countries
C. 1x2 one good two countries
D. 2x1 two goods one country
|
| 4 | The term "inflation" means: |
A. Rapid increase in price level
B. Decrease in price level
C. General increase in price level
D. Both a and c
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| 5 | Inflation can be controlled by: |
A. Fiscal policy
B. Monetary policy
C. Trade policy
D. Both a and b
|
| 6 | The systematic record of the money value of visible exports and visible imports of one year of country is called |
A. Balance of trade
B. Balance of payment
C. International balance
D. External balance
|
| 7 | Advantages of international trade are |
A. One
B. Two
C. Three
D. Many
|
| 8 | 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
|
| 9 | One of the following is invisible item of balance of payment |
A. Import of motor cars
B. Exports of cotton
C. Expenditure of passengers traveling by air
D. Private investment in foreign country
|
| 10 | Which economist explained the absolute difference of cost of two good between two countries |
A. Malthus
B. Adam Smith
C. Ricardo
D. J.S Mill
|
Test Questions
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