Tag: concept of international trade

Quizzes (5) Questions (48)

Questions Related to concept of international trade

Multiple choice business economics and quantitative methods introduction to managerial economics theories of employment and income concept of international trade macro economic analysis

The term SEZ stands for _________.

  1. Special Economic Zone

  2. Special Export Zone

  3. Spot Export Zone

  4. Surplus Export Zone
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

SEZ stands for Special Economic Zone. Government provides a lot of subsidies and facilities to the firms of these areas in order to uplift the standard of economic conditions of those people living in these areas.

Multiple choice business economics and quantitative methods introduction to managerial economics theories of employment and income concept of international trade macro economic analysis

When an industry expands all the firms get ______.

  1. internal economics

  2. external economics

  3. returns to scale

  4. none of the above 
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Industry refers to a number of market grouped together. So when an industry expands, there is a lot of sectors that is benefitted. All the firms in the economy, gets external economies that is they get the benefit of large scale business and they tend to grow further.

Multiple choice business economics and quantitative methods introduction to managerial economics theories of employment and income concept of international trade macro economic analysis

If a nation has an open economy it means that the nation ______________.

  1. allows private ownership of capital

  2. has flexible exchange rates

  3. has fixed exchange rates

  4. conducts trade with other countries
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Open economy means that the nation exports and import in goods and services very freely following the rules and regulations of world trade organisation with both fixed as well as flexible exchange rates.

Multiple choice business economics and quantitative methods introduction to managerial economics theories of employment and income concept of international trade macro economic analysis

A closed economy is one which ________________.

  1. Does not trade with other countries

  2. Does not posses any means of international transport

  3. Does not have a coastal line

  4. Is not a member of the U.N.O
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

A closed economy is one that has no trading activity with outside economies. The closed economy is therefore entirely self-sufficient, which means no imports come into the country and no exports leave the country.

Multiple choice business economics and quantitative methods introduction to managerial economics theories of employment and income concept of international trade macro economic analysis

Capital intensive technique would get chosen in a ___________.

  1. labour surplus economy

  2. capital surplus economy

  3. developed economy

  4. developing economy
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Capital surplus economy refers to an economy where the rate of investment is very high, i.e, quick capital accumulation takes place. Capital intensive techniques would, thus, be preferred as money can be converted into useful assets for production. 

Multiple choice business economics and quantitative methods introduction to managerial economics theories of employment and income concept of international trade macro economic analysis

Capitalism is also called as ___________.

  1. command economy

  2. planned economy

  3. laissez-faire economy

  4. perfectly competitive economy
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Laissez-faire refers to a free market economy, where every individual has the right to take their own decisions with regards to economic activities. Under capitalism every individual approaches the central economic problems for maximizing their own personal gains.

Multiple choice business economics and quantitative methods introduction to managerial economics theories of employment and income concept of international trade macro economic analysis

SEN Act came info effect in____.

  1. 2002

  2. 2003

  3. 2006

  4. 2007
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Education and Inspections Act 2006 – this Act extended the law on schools' power to discipline and makes parents responsible for ensuring their excluded child is not in a public place during the first five days of any exclusion.

Multiple choice business economics and quantitative methods introduction to managerial economics theories of employment and income concept of international trade macro economic analysis

Keynesian theory of income and employment determination was developed in ____________.

  1. 1940

  2. 1935

  3. 1936

  4. 1931
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

John Maynard Keynes was a British economist who presented his ideas on income and employment determination in 1936, in his book, 'The General Theory of Employment'. This came to be known as the Keynesian theory of income and employment, which has impacted many principles and practices of macroeconomics and the way economic policies are formed.