Question # 1

International trade is based on the following except

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Different factors of production are required for the production of different goods

Factors of production exist in different ratios in different countries

Factors of production are in abundant quantity in different countries

Factors of production are in limited quantity in different countries

Factors of production are more mobile

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In international trade

In the country

In both

In none

Quantity theory of money was introduced in an equation by:

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Fisher

Marshall

Crowther

Tausigg

The term "inflation" means:

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Rapid increase in price level

Decrease in price level

General increase in price level

Both a and c

Balance of payments is annual statistical record of

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Visible goods

Invisible goods

Foreign loans

Visible and invisible goods

Which economist has stated the definition of balance of payments

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Robbins

Kindleberger

Marshall

Keynes

Balance of visible goods of a country mean

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Quantity of imports & exports

Value of imports & exports

Value of imported & exported goods and services

Value of imported & exported services

Because of devaluation of currency of a country, its exports

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Decrease

Increase

Remains constant

Go on changing

Quantity theory of money was introduced by:

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Fisher

Marshall

Crowther

J.S Mill

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

Foreign exchange is used in

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Local trade

Regional trade

Domestic trade

International trade

The systematic record of visible and invisible exports and imports of a country in one year is called

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Balance of trade

Balance of payment

External balance

Internal balance

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

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

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of monopoly

of duopoly

Monopolistic competition

of perfect competition

In case of international trade, trade restrictions are usually

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Limited

More

Too much

None of three

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

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