Skip to content
p.paperbanao.
Continue

Punjab (PTB) · Quarter book test · Free

1st Year Principles of Economics 3rd Quarter Book Paper

40 marks · 1 hour · 28 questions. Covers: 4 chapters (CHAP 9: National Income to CHAP 12: International Trade).

Your school name

1st Year Principles of Economics 3rd Quarter Book Paper

1st Year · Principles of Economics · Punjab (PTB)

Name: ____________Roll No: ________Class/Section: ________Date: ________Total marks: 40Time: 1 hour

Q1. Multiple choice questions (Attempt all · 12 × 1 = 12)

  1. "What performs the functions of money, is money". This definition of money is stated by:

    1. Prof Walker

    2. Prof Marshall

    3. Prof Crowther

    4. Prof Pigou

  2. "International balance of payment is all that transaction for which either foreign exchange is spent or received". This definition is stated by:

    1. Marshall

    2. Samuelson

    3. Ricardo

    4. Hicks

  3. During depression:

    1. Employment increases

    2. Prices decrease

    3. Profit increases

    4. Price increase

  4. Which one of the following is not included in the methods of measuring national income:

    1. Method of total according to market prices

    2. Method of total of incomes

    3. Method of total of domestic necessities and desires

    4. Method of total expenditures

  5. Unit of account money in Pakistan is:

    1. Rial

    2. Rupee

    3. Dollar

    4. Pound

  6. Balance of visible goods of a country mean:

    1. Quantity of imports & exports

    2. Value of imports & exports

    3. Value of imported & exported goods and services

    4. Value of imported & exported services

  7. During the phase of depression, level of national income and employment is:

    1. Highest

    2. Falling

    3. Lowest

    4. Increasing

  8. If depreciation is deducted from Gross National Product, we get:

    1. NNP

    2. PI

    3. DPI

    4. GDP

  9. "Money is a thing by which payments of agreements of borrowing and pricing are made and general purchasing power is stored in it". This definition of money is stated by the economist:

    1. Prof Marshall

    2. Prof Walker

    3. Prof Keynes

    4. Prof Crowther

  10. Because of devaluation of currency of a country, its exports:

    1. Decrease

    2. Increase

    3. Remains constant

    4. Go on changing

  11. Psychological theory of trade cycles is presented by:

    1. Prof Jevons

    2. Prof Pigou and Bagehot

    3. Prof Keynes

    4. Prof Hawtery

  12. Period of measurement of national income is:

    1. 6 months

    2. 3 years

    3. 4 years

    4. One year

Q2. Short questions (Attempt any 8 of 12 · 8 × 2 = 16)

  1. Define personal income.

  2. Define Barter system in the words of Crowther.

  3. Write the points of difference between domestic trade and international trade?

  4. Who did present the theory of sun-spot or climatic change?

  5. What is meant by depreciation allowances?

  6. What is meant by inflation?

  7. What is meant by protection policy.

  8. What is meant by monetary policy?

  9. How double counting can be avoided? explain.

  10. Who presented quantity theory of money?

  11. Define balance of payments in the words of Prof Kindle Berger.

  12. What is meant by fiscal policy?

Q3. Long questions (Attempt any 3 of 4 · 3 × 4 = 12)

  1. Describe importance of study of national income.

  2. What is meant by deflation? Point out the effects of deflation.

  3. Describe various theories of trade cycles.

  4. Describe the trade theory of comparative costs and also evaluate it critically.