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1. countries that are the part of the _ accept the foreign duties
A. free trade area
B. customs union
C. economic union
D. sectoral union
ANS: A
2. is the function of the foreign exchange market to enter into toward contract to sell the foreign exchange at a predetermined rate
A. transfer function.
B. credit function
C. hedging function
D. none if these
ANS: C
3. which of the following statement is true
A. export exposure leads to exchange risk
B. exchange risk leads to export exposure
C. exchange risk and export exposure are not related
D. none of these
ANS: D
4. the value of foreign trade multiplier kf is less than the closed economy multiplier k because of which of the following leakages
A. savings and investment
B. savings and export
C. imports and savings
D. imports and exports
ANS: D
5. European union block introduced its currency know as
A. zero
B. burau
C. euro
D. puro
ANS: C
6. a contractions Monetary policy and expansionary fiscal policy will be adopted when economy experiences _ in balance of payments and unemployment
A. surplus
B. deficit
C. equilibrium
D. none of these
ANS: A
7. which of the following are the two primary effects of tariffs
A. price and demand effect
B. income and protection effect
C. demand and employment effect
D. protection and price effect
ANS: B
8. the Uruguay agreement envisages substantial tariff _ in both industrial and developing countries
A. increase
B. reduction
C. cancellation
D. expansion.
ANS: B
9. in an open economy national income when IANS: x< SANS: m
A. contraction in national income takes place
B. expansion in national income take place
C. equilibrium in national income takes place
D. none of these
ANS: C
10. exchange rates
A. are always fixed
B. fluctuate to equate the quantity of foreign exchange remanded with the quantity supplied
C. fluctuate to equate imports and exports
D. fluctuate to equate rate of interest on various countries
ANS: A
11. in _ form the member nations not only remove the trade restrictions for members bit also adopt uniform commercial policy against none members
A. European union
B. customs union.
C. free trade area
D. common market
ANS: B
12. in case of deficit in balance if payments and inflation a _ monetary policy and _ fiscal policy will be adopted
A. contractionary expansionary
B. expansionary contractionary
C. contractionary contractionary
D. expansionary expansionary
ANS: A
13. economic liberalization is a process in which some changes are made in the economy
A. permanent
B. structural
C. economical
D. social
ANS: B
14. the problems of customs union are generally studies under the heading of _ aspect
A. growth and development
B. welfare and development
C. welfare and mechanism
D. growth and mechanism
ANS: A
15. when the uniforms rate of duty is changed on all commodities without making and discrimination between countries then it's called as
A. multiple column tariff
B. triple column tariff
C. double column tariff
D. single column tariff
ANS: D
16. if the demand for imported goods is _ then the tariff system is not useful for controlling imports
A. completely elastic
B. completely inelastic
C. more
D. less
ANS: D
17. the headquarters of ASEAN is at
A. Malaysia
B. Singapore
C. Philippines
D. Jakarta Indonesia
ANS: D
18. Robert Mundell thought that the _ is helpful in achieving equilibrium especially internal balance in the balance of payments
A. managed flexible rate
B. flexible exchange rate
C. fixed exchange rate
D. currency exchange rate
ANS: 3
19. an international monetary find member may purchase up to full amount of it's reserve tranche anytime
A. without any condition
B. subject only to the requirements of balance of payments used
C. subject only to the requirements of development
D. none if these
ANS: D
20. due to tariff price of commodity
A. decreases
B. increases
C. remains constant
D. optimal
ANS: B
21. under which system of valuation sdrs were valued in terms of 16 currencies such were assigned specific weights
A. standard basket valuation
B. standard charted valuation
C. various currencies valuations
D. none of the above
ANS: A
22. is the main mantra of WTO
A. liberalization privatization optimism
B. voluntary export restraint
C. liberalization privatization globalization.
D. linearization maximization and globalization
ANS: C
23. helps to restrict imports directly by encouraging domestic production
A. non-tariff barriers
B. tax
C. interest rate
D. equilibrium price
ANS: A
24. monopolies in international trade is created by two ways one is _ and secondly _
A. dumping and cartels
B. dumping and duopoly
C. monopoly and oligopoly
D. perfect competition and monopoly
ANS: C
25. protection policy includes
A. only import substitution
B. only export promotion.
C. import promotion and export substitution
D. import substitution and export promotion.
ANS: D
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