Question # 1

A system where the goods are exchanged with money is known as:

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Monetary system

Barter system

Coins system

Modified system

The first great depression was appeared in:

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1934

1930

1932

1936

In between how many countries international trade takes place under comparative cost theory

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Two

Three

Four

Many

The base of international trade theory of Adam Smith is

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Absolute advantage

Comparative cost

Cheaper cost

Low cost

In which year international monetary fund was established

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1941

1944

1945

1947

Balance of payment of a country in unfavourable when its

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Receipts are more than payments

Receipts are less than payments

Receipts are equal to payments

None of three

If the face value of a coin is equal to the value of metal used in:

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Legal money

Token money

Standard money

Both b and c

International Monetary fund is

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Local

Regional

National

International

According to comparative cost theory conditions ------------- in goods and labour market exist

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of monopoly

of duopoly

Monopolistic competition

of perfect competition

One of the following is invisible item of balance of payment

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Import of motor cars

Exports of cotton

Expenditure of passengers traveling by air

Private investment in foreign country

According to classical theory of international trade, a country imports those goods from the other country which

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Are durable

Are standardised

Are produced comparatively at high cost

Are not produced in that country

When general price level increases due to increase in aggregate demand, it is known as?

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Stagflation

Hyper inflation

Demand pull inflation

Cost push inflation

One of the following is not advantage of international trade

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Provision of necessities of life

Imperfections of market

Provision of medicines & machinery

Provision of necessities of defence

When general price level increases due to increase in cost of production, it is known as ?

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Stagflation

Hyper inflation

Demand pull inflation

Cost push inflation

The trade that takes place between the individuals living in different areas of a country is called

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Domestic trade

International trade

Foreign trade

Regional Trade

Because of devaluation of currency of a country, its exports

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Decrease

Increase

Remains constant

Go on changing

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Principles of Economics Icom Part 1 English Medium Chapter 12 Online Test MCQs With Answers

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