Economics explores how resources are utilized and their value maximized under specific conditions. It entails a thorough examination of the production, distribution, and consumption of goods and services. GuruMCQs.com provides all updated Economics MCQs. The most frequently repeated economics MCQs section is encountered in Inspector, ASI, Sub-inspector, Constable, FPSC, PPSC, ETEA, FIA, Police, Army, Navy, Airforce, IB, MOFA, ASF, LHC, Educators, and various other competitive exams, as well as government and private job assessments. MCQs on Economics cover topics like Basic Economic MCQs, Indirect Tax and Economic Welfare, Analysis of Interest Rate Changes, Carbon Trading, Changing Market Price, and much more. Also, check Auditing MCQs with answers here.
**Question 131: Commercial policy means_______________?**
A. Policy about markets
B. Policy about money supply
**C. Policy about imports and exports**
D. Policy of controlling of prices of goods
**Question 132: Oil is measured in barrels. What is the abbreviation for barrels________________?**
A. Brl
B. Bel
**C. Bbl**
D. Obl
**Question 133: Exchange rate of which of the following currencies falls because of persistent balance of payments deficit?**
A. Gold currency
B. Hard currency
C. Silver currency
**D. Soft currency**
**Question 134: From each according to his ability to each according to his need is the theoretical slogan of?**
**A. Communist System**
B. Feudal System
C. Capitalist System
D. Fascist System
**Question 135: Which of the following is a valid currency______________?**
**A. Currency note**
B. Promissory note
C. Exchange rate
D. Bank cheque
**Question 136: Two countries can gain from foreign trade if ?**
A. Cost ratios are different
B. Tariff rates are different
**C. Price ratios are different**
D. A and C of above
**Question 137: What is deflation________________?**
A. Deficit Budget
B. Reduction in taxation
C. Increase in public expenditure
**D. Reverse of inflation**
**Question 138: In 1980, the U.S imposed export quotas on grain sold to the Soviet Union in response to its armed invasion of Afghanistan. If other nations do not increase grain exports to the Soviets, all the following would likely occur except?**
A. Grain prices would rise in the Soviet Union
B. Consumer surplus would decrease for the Soviets
C. Grain prices would rise in the United States
**D. Export revenues would decrease for U.S producers**
**Question 139: Which round of international trade negotiations resulted in the creation of the World Trade Organization?**
A. Kennedy Round of 1964-1967
B. Tokyo Round of 1973-1979
**C. Uruguay Round of 1986-1993**
D. Doha Round of 2003-2007
**Question 140: The organization that currently establishes rules of conduct for firms engaging in international trade is the?**
A. World Bank
B. International Trade Commission
C. Department of Justice
**D. World Trade Organization**.