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12th Economics Weekly Test - 2 ( International Economics )

St. Britto Hr. Sec. School - Madurai

12th Economics Weekly Test - 2 ( International Economics )-Aug 2020

Time : 1.30 Hours

Part - A

Multiple Choice Question - Answer All Question

Terms of Trade of a country show __________.

Ratio of goods exported and imported
Ratio of import duties
Ratio of prices of exports and imports
Both (a) and (c)

IMF stands for

Indian Managing Fund
Indian's Marketing Fund
International Monetary Fund
International Marketing Fund

Which is of the following statement is modern theory of trade

It presents a one factor (labour) model
It attributes the differences in the comparative costs to differences in the productive efficiency of workers in the two countries
the phenomenon of international trade on the basis of labour theory of value
It presents a multi - factor (labour and capital) model

Find the incorrect one with respect to Indian rupee devaluation

On 29th September, 1949
On 6th June, 1966
On 1st July, 1991
On 9st August, 1990

Who among the following enunciated the concept of single factoral terms of trade?

Jacob Viner
G.S.Donens
Taussig
J.S.Mill

Which of the following factors influence trade?

The stage of development of a product
The relative price of factors of productions.
Government.
All of the above.

Net export equals _______.

Export x Import
Export + Import
Export - Import
Exports of services only

According to the classical theory of international trade:

Only countries with low wages will export
Only countries with high wages will import
Countries with high wages will have higher prices
All the above are false

A country's _________ also determines the exchange rate.

Terms of trade
Trade
Policy issue
Internal trade

In the case of BOT,

Transactions of goods are recorded.
Transactions of both goods and services are recorded.
Both capital and financial accounts are included.
All of these

_______ are determined in foreign exchange rate.

Rate of interest
Exchange rate
Net Exports
All the above

International trade forces domestic firms to become more competitive in terms of

The introduction of new products
Product design and quality
Product price
All of the above

Who is not associated with those who shaped the subject matter of International Economics.

F.W. Taussig
Haberler
BelaBalassa
J.M. Keynes

The factor endowment model of international trade was developed by

Adam Smith
David Ricardo
John Stuart Mill
Eli Heckscher and Bertil Ohlin

A main advantage of specialization results from

Economics of large scale production
The specializing country behaving as a monopoly
Smaller production runs resulting in lower unit costs
High wages paid to foreign workers

Part - B

Generic 5 - Answer All Question

How the Rate of Exchange is determined? Illustrate.

Explain the any two types of Exchange Rates

Discuss the differences between Internal Trade and International Trade.

Explain briefly the Comparative Cost Theory.

Draw the flow chart for correction of Balance Payment Disequilibrium

Explain the relationship between Foreign Direct Investment and Economic development.
Discuss the various types of disequilibrium in the balance of payments.

Explain the types of Terms of Trade given by Viner.

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