11th Principles of Economics MCQS Chapter 12

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11th Principles of Economics MCQS
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Which economist has stated the definition of balance of payments
Marshall
Keynes
Robbins
Kindleberger

International trade is based on the following except
Factors of production are in abundant quantity in different countries
Factors of production exist in different ratios in different countries
Factors of production are in limited quantity in different countries
Different factors of production are required for the production of different goods

Balance of payment of a country is balanced when its
None of three
Receipts are equal to payments
Receipts are less than payments
Receipts are more than payments

Which of the following is not invisible trade
Expenditure on imported machinery
Expenditure on education in other country
Expenditure of passengers traveling by air
Expenditure of goods carried by a ship

Which economist explained the absolute difference of cost of two good between two countries
Malthus
J.S Mill
Ricardo
Adam Smith

The trade that takes place between the inhabitants of two countries is called
International trade
Regional Trade
Domestic trade
National trade

In comparative cost or comparative advantage theory, ratio is
2×2 two goods two countries
2×1 two goods one country
1×2 one good two countries
1×1 one good one country

The systematic record of the money value of visible exports and visible imports of one year of country is called
Balance of payment
External balance
Balance of trade
International balance

Balance of payment of a country is favourable when its
None of three
Receipts are less than payments
Receipts are equal to payments
Receipts are more than payments

According to comparative cost theory conditions ————- in goods and labour market exist
Monopolistic competition
of duopoly
of monopoly
of perfect competition

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