Open Economy Macroeconomics Test 8

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Open Economy Macroeconomics Test 8

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Weekly Quiz Competition

Question 1
1 / -0

The share of concessional debt in total external debt of India had _________ in 2011.

A
remained the same

B
doubled

C
reduced

D
increased

Solution

The share of concessional debt in total external debt of India had reduced to $$18\%$$ in June $$2011$$.
Question 2
1 / -0

India classifies invisibles into____items.

A
10

B
11

C
8

D
12
Question 3
1 / -0

Dual exchange rate was introduced in _______.

A
1992-93

B
1989-90

C
1999-2000

D
1993-94

Solution

According to the RBI "The Liberalised Exchange Rate Management System (LERMS) was put in place in March 1992 involving the dual exchange rate system in the interim period. The dual exchange rate system was replaced by a unified exchange rate system in March 1993".
Question 4
1 / -0

Tariff means ________.

A
a tax on imported goods

B
a tax on exports

C
a tax on consumption

D
a tax on savings
Question 5
1 / -0

Deficit in BOP sharply increased after ______.

A
fifth plan

B
fourth plan

C
sixth plan

D
seventh plan
Question 6
1 / -0

Balance of payment accounts are prepared on _________.

A
single entry system basis

B
double entry accounting system basis

C
double accounts basis

D
none of these
Question 7
1 / -0

FERA was replaced by ________.

A
FEMA

B
FEMINA

C
FENA

D
FIFA

Solution

In 1999 the Foreign Exchange Management Act replaced the Foreign Exchange Regulation Act. This act makes offences related to foreign exchange civil offences.
Question 8
1 / -0

_________ is the systematic record of all transaction between a country and the rest of the world.

A
Balance of trade

B
Balance of payments

C
Balance of capital account

D
Balance of current account
Question 9
1 / -0

Balance of payment on current account excludes _______.

A
lending only

B
borrowing only

C
both of the above

D
none of the above
Question 10
1 / -0

If India exports goods worth Rs.$$20$$ crores and imports goods worth Rs.$$30$$ crores, it will ________________.

A
have a surplus of Rs$$10$$ crores in balance of trade

B
have a deficit of Rs$$10$$ crores in balance of trade

C
have a deficit of Rs$$50$$ crores in balance of trade

D
can't say

Solution

BOT = Export-Import i.e. Rs.20 - 30 = Rs. 10 crore deficit. When imports exceed exports then the balance is in deficit.
Hence, option B is correct.

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Open Economy Macroeconomics Test 8

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Open Economy Macroeconomics Test 8

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SHARING IS CARING

Question 1

remained the same

doubled

reduced

increased

Solution

Question 2

10

11

8

12

Question 3

1992-93

1989-90

1999-2000

1993-94

Solution

Question 4

a tax on imported goods

a tax on exports

a tax on consumption

a tax on savings

Question 5

fifth plan

fourth plan

sixth plan

seventh plan

Question 6

single entry system basis

double entry accounting system basis

double accounts basis

none of these

Question 7

FEMA

FEMINA

FENA

FIFA

Solution

Question 8

Balance of trade

Balance of payments

Balance of capital account

Balance of current account

Question 9

lending only

borrowing only

both of the above

none of the above

Question 10

have a surplus of Rs$$10$$ crores in balance of trade

have a deficit of Rs$$10$$ crores in balance of trade

have a deficit of Rs$$50$$ crores in balance of trade

can't say

Solution

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