basic of economics MCQs – Page 16

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

basic of economics Mcqs

301. Term the sole legal right to print or publish anything that belongs to the author ?
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A. property right

B. Sole right

C. Copyright

D. rights

302. Which minerals chief exporter is Russia?
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A. Gold

B. Manganese

C. Rubber

D. Silver

303. What is Demand note ?
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A. Term deposit payable in lawful money upon demand

B. Cheque payable in lawful money upon demand

C. Draft payable in lawful money upon demand

D. Security payable in lawful money upon demand

304. Mention an agreement in which one party sells a security to another party and agrees to repurchase it on a specified date for a specified price ?
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A. Guarantee

B. Repo

C. Redemption

D. Repurchase arrangements

305. Downsizing is______________?
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A. to make in a smaller size

B. to make in a actual size

C. to make in a half size

D. None of the above

306. Open market Operation is ?
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A. Buying and selling foreign exchanges

B. Buying and selling shares of companies

C. Buying and selling bills of exchange

D. Buying and Selling govt. securities

307. Name the method of inventory accounting in which the oldest remaining items are assumed to have been first sold ?
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A. LAFO (last in first out)

B. FIFO (first in first out)

C. First come First serve

D. None of these

308. Group of Singapore, Hong, Kong, Taiwan, and south Korea is called?
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A. All of these

B. Four Dragons

C. Four Tigers

D. Little Tigers

309. Term a film that is engaged in two or more unrelated businesses ?
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A. giant

B. Incorporation

C. Multinational

D. Conglomerate

310. Asset that is easily and cheaply turned into cash-notably, cash itself and short-term securities are known as______________?
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A. None of these

B. Hard asset

C. Liquid asset

D. Solid asset

311. Which term is used for the period of competition in which each competitor tries to cut retail prices below the others ?
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A. Price battle

B. Price support

C. Price war

D. Price competition

312. The term Mark-up refers to________________?
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A. Rise in the price of an item for sale

B. An amount added to cost price in calculating selling price

C. Both of them

D. All of them

313. A piece of land and whatever physical property is on it is called?
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A. Unmovable property

B. Property

C. Solid asset

D. Real estate

314. A central bank or monetary authority hold foreign currency for the purpose of exchange intervention and the settlement of intergovernmental claims. Term the currency ?
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A. Hot currency

B. Reserve currency

C. Hard currency

D. Pegged currency

315. What is sales tax_____________?
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A. Tax deducted at source

B. Tax on gross sale

C. Levied on the retail price of merchandise and collected by retailer

D. Tax on local produce

316. What is called protection of domestic producers by impeding or limiting the importation of foreign goods and services ?
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A. Protectionism

B. Domestication

C. National interest

D. Localization

317. How is termed the economic theories or Maynard Keynes especially those which advocate government monetary and fiscal and stimulate business activity ?
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A. Keynesian

B. Harvard Group

C. London Group

D. Market Economy

318. What is the cost effective ?
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A. Cheap things

B. Substandard things

C. Economical in terms of the goods or services received for the money spent

D. Free in terms of the goods or services received for the money spent

319. Goods that satisfy human wants though their direct use or consumption are called______________?
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A. consumer goods

B. cash items

C. consumer items

D. cash goods

320. Term the group of countries that have removed all restrictions on trade among themselves?
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A. Close-Trade zone

B. Free-trade zone

C. Both of them

D. None of them

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