11 The term ‘‘Normal Profit’’ refers to
Earnings of management
12 According to whom pure profit can arise only in a dynamic economy?
B. Clark
13 What does fiat money means?
Legal Money
14 When the commodity value of money and its value as money are equal, what it is called?
Full-bodied Money
15 The limited legal tender money stands for that component of money which is legal tender for payments up to what amount?
a certain maximum amount
16 Keynesian theory stressed which function of money more as compared to the Classical Theory?
Store of value
17 Who presented the idea that bad money drives good money out of circulation?
Thomas Gresham
18 Which country first of all adopted the gold standard?
UK
19 The gold standard was adopted by most of the European countries in eighties of the
Nineteenth century
20 The gold standard was finally abandoned by the UK in
1931
important and helpful