basic of economics MCQs – Page 13

Practise focused basic of economics questions with marked answers for exam preparation and subject revision.

basic of economics Mcqs

A. De-valued currency

B. A currency substitutes

C. Coins

D. Silver

242. The system under which a countrys currency is exchangeable for a fixed weight of gold on demand at central bank is called ?
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A. God standard system

B. Gold based system

C. None of the above

D. Bullion standard system

243. What is called the amount of non-military foreign aid which a country received ?
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A. Friendly aid

B. Grands

C. Official Development Assistance (ODA)

D. Foreign aid

244. To what does the phrase terms of trade refer ?
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A. the currency exchange rate

B. the rate at which exports are exchanged for imports

C. The governments policies to increase exports

D. the difference between the value of visible exports and visible imports

245. LIFO (last in, first out) means ?
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A. to make queue

B. turn by turn

C. make space for new production

D. items are removed in inverse order

246. Which economics term describes the takeover of one textile manufactures by another ?
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A. vertical integration

B. Diversification

C. horizontal integration

D. monopoly

247. A country can still gain from trading certain goods even though its trading partners can produce those goods more cheaply. How is known this principle ?
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A. Comparative Edge

B. Complete Advantage

C. Relative Advantage

D. Comparative Advantage

248. Term the enterprise or organization which is managed by those who use its facilities or services ?
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A. Limited company

B. Corporation

C. Cooperative

D. Society

249. What is called a Tax on imports, exports ?
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A. Excise

B. Drawback

C. Duty

D. Custom

250. Which kind of Tax is Federal subject ?
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A. Excise Tax

B. General Sales Tax

C. Zakat

D. Property Tax

251. The term real wage means the money wage ?
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A. allowing for change in prices.

B. plus, overtime payments.

C. after tax

D. Plus, benefits in kind

252. The branch of economics Microeconomics deals with______________?
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A. small units, including individual companies and small group of consumers

B. Economics of stock market

C. Economics of provinces

D. Economics of homes

253. A payment is made in return for some transference of privilege. What this payment is called ?
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A. Rent

B. Share

C. Intellectual royalty

D. Royalty

254. Which of the following would increase national income ?
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A. Increase in savings

B. Increase in taxation

C. Increase in govt. spending

D. Decrease in consumption spending

255. Name the company in which the liability of the shareholders is limited to the amount of their shares ?
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A. Limited company

B. Cooperative

C. Corporation

D. Incorporation

256. Shareholders of a corporation elect individuals to carry out certain tasks that are establishment in the charter. What these individuals are called ?
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A. Top brass

B. Board of Governor

C. Board of Directors

D. Management

257. How is termed the legal proceeding in which debtor remains unable to pay his creditors in full ?
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A. Total loss

B. Bankruptcy

C. Crash

D. Default

258. What is called degree of buyers responsiveness to price changes ?
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A. Production & Supply

B. Demand & Supply

C. Demand push Supply

D. Demand pull supply

259. Mention an electronic quotation system in USA that provides price quotations to market participants about more actively traded common stock issues in OTC market ?
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A. Wall Street

B. National Association of Securities Dealers Automatic Quotation system (Nasdaq)

C. New York Stock Exchange

D. Nikkei Stock Average

260. When supply exceeds demand, sellers must lower prices to stimulate sales, when demand exceeds supply, prices increase as buyers compete to buy goods. What this theory is called in economics?
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A. Supply and Demand theory

B. Fundamental theory

C. Ricardos theory

D. Cost push theory

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