Q. When demand is perfectly inelastic, an increase in price will result in: A decrease in total revenue An increase in total revenue No change in total revenue A decrease in quantity demanded Answer: An increase in total revenue
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Q. Under free exchange markets the rate of foreign exchange is determined by: Balance of Payments theory Mint par theory Purchasing power parity theory None of the above Answer: Balance of Payments theory
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Q. For measuring the changes in the price level of the country, which among the following index number is used Cost of living index number Production index number Security Price index number Whole sale price index number Answer: Whole sale price index number
Q. The new world Trade organization (WTO), which replaced the GATT came into effect from____ 1ST January 1991 1st January 1995 1st April 1994 1st May 1995 Answer: 1st January 1995
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Q. Terms of trade that relate to the Real Ratio of international exchange between commodities is called: Real cost terms of trade Commodity terms of trade Income terms of trade Utility terms of trade Answer: Income terms of trade
Q. What is meant by Autarky in international trade? Monopoly in international trade Imposition of restrictions in international trade Removal of all restrictions from international trade The idea of self sufficiency and no international trade by a country Answer: The idea of self sufficiency and no international trade by a country
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Q. In the short run, when the output of a firm increases, its average fixed cost: Remains constant Decreases Increases First decreases and then rises Answer: Decreases
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Q. Normally a demand curve will have the shape: Horizontal Vertical Downward sloping Upward sloping Answer: Downward sloping
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