10
12
15
17
Correct answer is D
at least 2 kinds of food two or more foods i.e(R and p) + (p and Y) + (y and R) + R and y and p = 6 + 2 + 4 + 5 = 17
5
4
3
2
Correct answer is A
5 + 6 + 4 + 8 + 5 + 2 + x = 35
30 + x = 35
x = 35 - 30
x = 5
In order to correct adverse balance of payments problem, government should
Reduce tariffs
Increase subsidies on exports
Increase tax on local industries
Reduce personal income tax
Correct answer is B
Methods of correcting adverse balance of payments
Well- known Methods of Correcting in Adverse Balance of Payment
- Trade Policy Measures: Expanding, Exports and Restraining Imports
- Expenditure-Reducing Policies
- Tight Monetary Policy
- Contractionary Fiscal Policy
- Expenditure – Switching Policies: Devaluation
- Devaluation: Marshall Lerner Condition
Free trade
Custom union
Common market
Economic union
Correct answer is D
An economic union is an agreement between two or more nations to allow goods, services, money and workers to move over borders freely. The countries may also coordinate social and financial policies to support this common market.
A country has favourable terms of trade when the prices of her
Exports rises relative to the price of her imports
Exports falls relative to the price of her imports
Imports rise faster than the prices of imports
Imports and exports move in the same direction
Correct answer is A
If the prices of a country's exports rise relative to the prices of its imports, one says that its terms of trade have moved in a favourable direction, because, in effect, it now receives more imports for each unit of goods exported.
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