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.Management Sciences
Category: Basic of Economics
Name the method of inventory accounting in which the oldest remaining items are assumed to have been first sold ?
A. FIFO (first in first out)
B. LAFO (last in first out)
C. First come First serve
D. None of these
Interest that is calculated as a simple percentage of the original principal amount is called ?
A. Market interest
B. Easy interest
C. Compound interest
D. Simple interest
P2P is business slang. What does it refer ?
A. To startups or internet startup
B. Path to profitability
C. Both of them
D. None of them
Which of the following would increase national income ?
A. Increase in taxation
B. Increase in savings
C. Increase in govt. spending
D. Decrease in consumption spending
Government levy tax on imports and exports What this tax is called ?
A. Custom
B. Exercise Duty
C. Tariff
D. Freight
Point out the use of the term price fixing ?
A. Unlawful agreement between manufacturers to set and maintain specified price on typically competing products
B. Artificial setting of price of commodity by government
C. Both of them
D. None of them
Bank issued a document that authorizes the bearer to receive money from one of its foreign branches or from another bank abroad. What such document is called ?
A. letter of Credit
B. Letter of expression
C. Demand draft
D. Letter of intent
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
A country can still gain from trading certain goods even though its trading partners can produce those goods more cheaply. How is known this principle ?
A. Relative Advantage
B. Complete Advantage
C. Comparative Edge
D. Comparative Advantage
Which measures. taken by a government would be intended to raise the price of imports ?
A. Embargoes
B. Foreign exchange controls
C. Quotas
D. Tariffs
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