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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
Because of devaluation of currency of a country, its exports
Question # 2
The most appropriate definition of money was given by:
Question # 3
The first great depression was appeared in:
Question # 4
Deflation means:
Question # 5
In case of international trade, trade restrictions are usually
Question # 6
Quantity theory of money was criticized by:
Question # 7
If currency can converted into gold, it is called:
Question # 8
In which year international monetary fund was established
Question # 9
In balance of payment are included
Question # 10
When general price level increases due to increase in cost of production, it is known as ?
Question # 11
" International balance of payment is all that transaction for which either foreign exchange is spent or received." This definition is stated by
Question # 12
A system where the goods are exchange with goods is known as:
Question # 13
Balance of visible goods of a country mean
Question # 14
According to comparative cost theory conditions ------------- in goods and labour market exist
Question # 15
In order to improve the balance of payment the foremost try is to increase
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.
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| Sr.# | Question | Answer |
|---|---|---|
| 1 | Difficulties in barter system: |
A. Lack of double coincidence of wants
B. Lack of storing value
C. Lack of common measure of value
D. All of these
|
| 2 | Comparative cost theory was presented by |
A. Marshall
B. Ricardo
C. Hecksher
D. Ohlin
|
| 3 | One of the following is not included in the methods of removing deficit in balance of payments of a country |
A. Increase in exports
B. Increase in imports
C. Devaluation of currency
D. Decrease in the quantity of money
|
| 4 | 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
|
| 5 | 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
|
| 6 | Balance of visible goods of a country mean |
A. Quantity of imports & exports
B. Value of imports & exports
C. Value of imported & exported goods and services
D. Value of imported & exported services
|
| 7 | When general price level increases due to increase in aggregate demand, it is known as? |
A. Stagflation
B. Hyper inflation
C. Demand pull inflation
D. Cost push inflation
|
| 8 | 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
|
| 9 | 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
|
| 10 | 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
|
| 11 | 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
|
| 12 | Which economist has stated the definition of balance of payments |
A. Robbins
B. Kindleberger
C. Marshall
D. Keynes
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| 13 | Because of devaluation of currency of a country, its exports |
A. Decrease
B. Increase
C. Remains constant
D. Go on changing
|
| 14 | Quantity theory of money was introduced by: |
A. Fisher
B. Marshall
C. Crowther
D. J.S Mill
|
| 15 | 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
|
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