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Published on: 06/11/2020
12th Standard Economics International Economics English Medium Free Online Test One Mark Questions 2020 - 2021
Download Tamil Nadu 12th Standard Economics question papers, model tests, one-mark questions, important questions, and public exam papers in PDF format. Free study materials and answer keys for TN State Board students.
Questions + Answers key
Take MCQ Economics Test
1.
Match the correct codes
| 1 | Monetary measures | i | Import Duties |
| 2 | Export Promotion | ii | Foreign Loans |
| 3 | Import Control | iii | Abolition / reduction of duties |
| 4 | Miscellaneous Measures | iv | Monetary Contraction / Expansion |
(1) – (i) (2) – (ii) (3) – (iv) (4) – (iii)
(1) – (ii) (2) – (iii) (3) – (iv) (4) – (i)
(1) – (iv) (2) – (iii) (3) – (i) (4) – (ii)
(1) – (i) (2) – (ii) (3) – (iii) (4) – (iv)
2.
Match the correct codes
| 1 | Mercantilism | i | Takes an usversus- them view of trade |
| 2 | Free Trade theories | ii | Absolute Advantage |
| 3 | Free Trade refined | iii | David Ricardo |
| 4 | Comparative Advantage | iv | Heckscher - Ohlin |
(1) – (i) (2) – (ii) (3) – (iv) (4) – (iii)
(1) – (ii) (2) – (iii) (3) – (iv) (4) – (i)
(1) – (iv) (2) – (iii) (3) – (i) (4) – (ii)
(1) – (i) (2) – (ii) (3) – (iii) (4) – (iv)
3.
India has a comparative cost advantage in
textiles
steel
both of them
none of them
4.
The balance on current account
I. equals the absolute value of the balance on capital account.
II. is financed by savings.
III. is net grants minus remittances.
IV. includes goods, services, and unilateral transfers.
I and II only
II and III only
I and IV only
None of the above
5.
Assertion: Viner has devised another concept called ‘‘the single factorial terms of trade’’ as an improvement upon the commodity terms of trade.
Reason: It represents the ratio of export price index to the import-price index adjusted for changes in the productivity of a country’s factors in the production of exports.
Both A and R are true and R is the correct explanation of A
Both A and R are true but R is not the correct explanation of A
A is true but R is false
A is false but R is true
6.
Assertion: According to HO theorem, a country can gain from trade when it produces at relatively lower costs
Reason: Even when a country enjoys absolute advantage in both goods, the country would specialize in the production and export of those goods which are relatively more advantageous.
Both A and R are true and R is the correct explanation of A
Both A and R are true but R is not the correct explanation of A
A is true but R is false
A is false but R is true
7.
Under a fixed exchange rate system, ___________ are official changes in the value of a country's currency relative to other currencies
devaluation
Depreciation and appreciation
revaluation
Both a and b.
8.
The most widely traded currency in the foreign exchange market is the
euro
Chinese yuan
British pound
U.S. dollar
9.
According to the Heckscher-Ohlin model
everyone automatically gains from trade
the gainers from trade outnumber the losers from trade
the scarce factor necessarily gains from trade
none of the above
10.
According to the factor endowment model of Heckscher and Ohlin, countries heavily endowedwith land will:
Devote excessive amounts of resources to agricultural production
Devote insufficient amounts of resources to agricultural production
Export products that are land-intensiveImport products that are land-intensive
Import products that are land-intensive
11.
Absolute advantage is determined by
actual differences in labor productivity between countries
relative differences in labor productivity between countries.
both (a) and (b)
neither (a) nor (b)
12.
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
13.
With international trade, what would be the maximum number of DVDs that India would be willing to export to China in exchange for each ton of steel
| Country | Tons of steel | DVDs |
| China | 80 | 40 |
| India | 20 | 20 |
One DVD
Two DVDs
Three DVDs
Four DVDs
14.
According to the principle of comparative advantage
| Country | Tons of steel | DVDs |
| China | 80 | 40 |
| India | 20 | 20 |
China should export steel
China should export steel and DVDs
India should export steel
India should export steel and DVDs
15.
The opportunity cost of one DVD in China is
| Country | Tons of steel | DVDs |
| China | 80 | 40 |
| India | 20 | 20 |
One-half ton of steel
One ton of steel
One and one-half tons of steel
Two tons of steel
16.
Comparative cost advantages was developed by
Adam Smith
Ricardo
T.S.Mill
J.R.Hicks
17.
Foreign direct investments not permitted in India
Banking
Atomic energy
Pharmaceutical
Insurance
18.
BOP includes
visible items only
invisible items only
both visible and invisible items
merchandise trade only
19.
Favourable trade means value of exports are ________ Than that of imports.
More
Less
More or Less
Not more than
20.
Trade between two countries is known as ____ trade
External
Internal
Inter-regional
Home
1.
(c)
(1) – (iv) (2) – (iii) (3) – (i) (4) – (ii)
2.
(a)
(1) – (i) (2) – (ii) (3) – (iv) (4) – (iii)
3.
(a)
textiles
4.
(c)
I and IV only
5.
(b)
Both A and R are true but R is not the correct explanation of A
6.
(d)
A is false but R is true
7.
(a)
devaluation
8.
(d)
U.S. dollar
9.
(b)
the gainers from trade outnumber the losers from trade
10.
(c)
Export products that are land-intensiveImport products that are land-intensive
11.
(a)
actual differences in labor productivity between countries
12.
(d)
All the above are false
13.
(a)
One DVD
14.
(a)
China should export steel
15.
(d)
Two tons of steel
16.
(b)
Ricardo
17.
(b)
Atomic energy
18.
(c)
both visible and invisible items
19.
(a)
More
20.
(a)
External
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Tamilnadu Stateboard 12th Standard Subjects
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Physics
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Economics
Commerce
Accountancy
History
Computer Applications
Biology
Computer Technology
Computer Applications
Computer Science
Business Maths and Statistics
Commerce
Economics
Maths
Chemistry
Physics
Computer Technology
History
Accountancy
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