A non-negotiable order of a bank to a foreign bank authorizing payment to a person designated of a particular sum of money is known as:
(a) Letter of Credit-✔️
(b) Circular Letter of Credit
(c) Letter of Reference
(d) None of the above
Sums of money for which account has to be made are called:
(a) Obligation
(b) Liabilities-✔️
(c) Misfortune
(d) Burden
The degree to which an asset can be quickly and cheaply turned into money, is termed as:
(a) Insolvency
(b) Liquidity-✔️
(c) Bankruptcy
(d) All of the above
The borrowing of a sum of money by one person, company, government or other organization from another is called:
(a) Usury
(b) Finance
(c) Loan-✔️
(d) Collateral
The study of whole economic systems aggregating over the functioning of individual units. Specifically, it is study of national economies and the determination of national income. It is known as
(a) Microeconomics
(b) Keynesian Economics
(c) Macroeconomics-✔️
(d) Mathematical Economics
The degree to which a firm exercise influence over the price and output in a particular market is called:
(a) Market Force
(b) Market Share
(c) Market Power-✔️
(d) Market Failure
Thomas Robert Malthus (1766 -1834) was a British economist who is remembered for his essays on population. In his which famous work he said, “Population, when unchecked, increases in a geometrical ratio. Subsistence only increases in an arithmetical ratio.”?
(a) Principles of Political Economy
(b) An Inquiry into the Nature and Progress of Rent
(c) An Essay on the Principle of Population-✔️
(d) Illustrations of Political Economy
Adam Smith (1723 -1790) was a British economist and philosopher. Which treatise of Adam Smith is considered the first serious attempt in the history of economics to divorce the study of political economy from the related fields of political science, ethics and jurisprudence?
(a) Theory of Moral Sentiments
(b) The Wealth of Nations-✔️
(c) Principles of Political Economy
(d) Illustrations of Political Economy
Karl Marx (1818 -1883) was a German political philosopher and economist. He is one of the most influential thinkers of all times. Which of the following is his work?
(a) The Communist Manifesto
(b) Critique of Political Economy
(c) Das Kapital
(d) All of the above-✔️
The Communist Manifesto appeared in 1848. It is regarded as a classic exposition of modern Communist views and it influenced all subsequent Communist literature. Karl Marx completed it alongwith
(a) Friedrich Engels-✔️
(b) Thomas Mathus
(c) Adam Smith
(d) Vladimir Illich Lenin
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