61) When the commodity value of money and its value as money are equal, it is called:
(A) Token money
(B) Full-bodied money
(C) Quasi-money
(D) Fiat money
62) "Bad money drives good money out of circulation".With whose name is this law associated?
(A) J M Keynes
(B) Thomas Gresham
(C) L E Mises
(D) R G Hawtrey
63) Which of the following is not an instrument of monetary policy?
(A) Taxation
(B) Bank rate
(C) Open-market operations
(D) Credit rationing
64) The Liquidity Trap condition occurs at a:
(A) Low rate of interest
(B) Very low rate of interest
(C) High rate of interest
(D) Very high rate of interest
65) In which capacity does a person stand to gain from deflation?
(A) As a pensioner
(B) As a debtor
(C) As an entrepreneur
(D) As an equity-holder
66) Which of the following is not a function of a commercial bank?
(A) Accepting public deposits
(B) Granting loan and advances
(C) Undertaking agency functions
(D) Banker to the government
67) The branch banking system is in vogue in most countries of the world. In which country was it first developed?
(A) South Africa
(B) UK
(C) Canada
(D) Australia
68) An indirect tax is one where:
(A) Tax is levied on a service
(B) Tax is levied always on products
(C) Points of impact and incidence are the same
(D) Points of impact and incidence are the different
69) Which one of the following is an example of indirect tax?
(A) Corporation tax
(B) Wealth tax
(C) Income tax
(D) Sales tax
70) Euro, the new common currency of European Community countries, began its life worldwide on:
(A) 1 December 1999
(B) 4 January 1999
(C) 1 January 2000
(D) 1 January 2001