Drill and Quiz
 

Please answer these questions:

Q. No. 1. Distinguish between Micro-Economics and Macro-Economics.
Q. No. 2. Identify four major problems of a society.
Q. No. 3. Explain how and to what extent the use of money in exchange transactions removed the inconvenience of barter.
Q. No. 4. “Compare and contrast the classical labour cost theory of comparative advantage with neo classical factor endorsement theory of International Trade. Be sure to include an analysis of both assumption and conclusion.”
Q. No. 5. Explain in detail the relationship of statistics with economics.

Q. No. 3 Micro-Economics is also called:

(a) Price Theory
(b) Income Theory
(c) Monetary Economics
(d) International Economics

Q. No. 4. Circle the correct answer:

Pakistan’s population in the year 2006 was:
(a) 160 million
(b) 145 million
(c) 150 million

Q. No. 5. Per capita income of Pakistan is:

(a) 800 US Dollars
(b) 914 US Dollars
(c) 900 US Dollars

Q. No. 1. The price of one Kg Wheat is Rs. 10, in this case money score as:

(a) Storage Value
(b) Asset Value
(c) Medium of Exchange
(d) Transfer Value

Q. No. 2. A token coin is one whose face value is:

(a) Smaller than face value
(b) Equal to face value
(c) Changeable
(d) Greater than intrinsic value

Q. No. 3. Value of money is high when:

(a) General price level is high
(b) General price level is low
(c) General price level is constant
(d) General price level is fluctuate

Q. No. 4 Rise in value of money is:

(a) Appreciation
(b) Depreciation
(c) Debasement
(d) Deterioration
Q. No. 5. Inflation in the case of:

(a) Decrease in price level
(b) Increase in value of money
(c) Absence of gold standard
(d) An increase in general price level

Q. No. 6. Monetary standard in which all forms of money are connected and redeemable in gold is known as:

(a) Bimetallism
(b) Gold standard
(c) Golden game
(d) Golden rules

Q. No. 1. GATT is abbreviation of .
(a) General Agreement on Trade and Tariffs
(b) General Agreement of Trade and Tax
(c) General Authority of Trade and Tariffs

Q. No. 2. Commercial policy is the policy of .
(a) Trade
(b) Price Fixation
(c) Protection

Q. No. 3. When was WTO organized?
(a) 1990
(b) 1995
(c) 2000

Q. No. 4. Quantitative control is:
(a) Quota
(b) Terms of Trade
(c) Factor endorsement
(d)

Q. No. 5. There are perfect internal modalities the factors of production:
(a) Perfect Competition
(b) Imperfect Competition
(c) Monopoly

Q. No. 6. To declare the value of currency’s:
(a) Deflation
(b) Devaluation
(c) Depreciation

Q. No. 7. Double entry book keeping is in:
(a) Foreign Exchange
(b) Factor of Production
(c) Balance of Payment

Q. No. 8. World Bank is known as:
(a) I.M.F.
(b) I.B.R.D.
(c) U.N.C.T.A.D.

Q. No. 1. The word statistics have been derived from the Greek work status. (T/F)

Q. No. 2. Probability forms an important part of statistics. (T/F)

Q. No. 3. It is no use in meterology. (T/F)

Q. No. 4. There are at least five methods for collection of Secondary Data. (T/F)