Economics Page-9

81) When did World Trade Organization (WTO) replace GATT?
(A) 1 January 1995
(B) 1 January 1998
(C) 1 December 1999
(D) 1 June 2000

82) The production of mineral oil has spawned a lot of wealth for many countries and businessmen. Which country is the largest producer of oil in the world?
(A) Iraq
(C) Saudi Arabia
(D) Russia

83) With whom would you associate the following quote: "The business of business is business"?
(A) Milton Friedman
(B) Adam Smith
(C) Alfred Marshall
(D) Karl Marx

84) Who among the following is most benefited from inflation?
(A) Government pensioners
(B) Creditors
(C) Savings Bank Account holders
(D) Debtors

85) Which of the following groups suffer the most from inflation?
(A) Debtors
(B) Creditors
(C) Business class
(D) Holders of real assets

86) Inflation implies:
(A) Rise in budget deficit
(B) Rise in money supply
(C) Rise in general price index
(D) Rise in prices of consumer goods

87) The situation with increasing unemployment and inflation is termed as:
(A) Hyperinflation
(B) Galloping inflation
(C) Stagflation
(D) Reflection

88) Which of the following factors contributes to an inflationary trend?
(A) 15% fall in production of industrial goods
(B) 15% increase in prices of agricultural products
(C) 15% increase in supply of money in the market
(D) None of these

89) Which of the following can be used for check inflation temporarily?
(A) Increase in wages
(B) Decrease in money supply
(C) Decrease in tax
(D) None of these

90) An essential attribute of inflation is:
(A) Fall in production
(B) Increase in prices
(C) Absence of black market
(D) Presence of black market

Like our Facebook Page