2 D 11339
6. Tariff is an important instrument of trade :
(a) Regulation. (b) Control.
(c) Protection. (d) Promotion.
7. When was ASEAN formed ?
(a) 1967. (b) 1989.
(c) 1979. (d) 1957.

8. The deliberate reduction in the value of domestic currency is called :

(a) Opportunity cost. (b) Terms of Trade.
(6) Devaluation. (d) Depreciation
9. The balance of exports and imports of services and transfer payments is called :
(a) Balance of invisible trade. (b) Balance of visible trade.
(c) Balance of service trade. (d) None of these.

10. The price at which two currencies exchange is called :

(a) Devaluation. (b) Exchange rate.
(c) Depreciation. (d) Revaluation.
11. The Head Quarter of WTO is in :
(a) Washington. (b) Bombay.
(c) Geneva. (൪) Paris.
12. A systematic record of all transactions between the residents of one country and the rest of the
world :
(a) Balance of Payments. (b) Balance of Trade.
(c) Current Account. (d) Capital Account.

(12 x % = 6 marks)
Part B (Very Short Answer Questions)

Answer any ten questions.
Each question carries 2 marks.

13. Explain Labour Theory of Value.
14. What is net barter terms of trade ?