Dharmenedra Bansal 1. Which of the following explains the term economic growth? a. Increase in per capita production b. Increase in per capita real income c. structural change in the economy d. all the above are right✔ 2. Economic development is characterized by a. Structural change in the economy b. Change in the occupational structure c. Both a and b✔ d. None of the above 3. Which of the following explains the term economic development? a. Improvement in the technology involved b. Improvement in production c. Improvement in distribution system d. All the above✔ 4. An underdeveloped economy is characterized by a. High per capita real income b. Large proportion of labor force in the tertiary sector c. State of deprivation of large proportion of population✔ d. All the above State of deprivation of large proportion of population Underdevelo...
1. Which of the following is international trade: A. Trade between provinces B. Trade between regions C. Trade between countries D. (b) and (c) of above Answer: Option C 2. Theory of comparative advantage was presented by: A. Adam Smith B. Ricardo C. Hicks D. Arshad Answer: Option B 3. Which is NOT an advantage of international trade: A. Export of surplus production B. Import of defence material C. Dependence on foreign countries D. Availability of cheap raw materials Answer: Option C 4. If Japan and Pakistan start free trade, difference in wages in two countries will: A. Increase B. Decrease C. No effect D. Double Answer B 5. Trade between two countries can be useful if cost ratios of goods are: A. Equal B. Different C. Undetermined D. Decreasing Answer B 6. Modern theory of international trade is based n the views of: A. Robbins and Ricardo B. Adam Smith and Marshall C. Heckcsher and Ohlin D. Saleem and Kareem Answer C ...
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