Quiz # 03 ECO401Total Marks = 100 Fill in the blanks with appropriate words and justify it about eachblank 400-500 word.1. __________________is an accounting record of a countryâs transactionswith the rest of the world.2. Any transaction which causes the supply curve of dollars to shift to theright is recorded with a ___________ sign on the BOPs.3. A growth rate of between ___________ is considered normal for maturedeveloped countries.4. Fiscal deficits and debt are often reported as a ratio of __________.5. There are two dimensions to the debate over taxation: equity and__________.6. The relationship between tax rate and tax revenue collection can besummarized in the __________________.7. _______________ is obtained by subtracting income tax from totalincome.8. Money or paper currency serves at least three functions: it is a medium ofexchange, a store of value and a ______________.9. ___________________ can be defined as the central bankâs programmer,often changing on a daily basis, regarding the direct or indirect control(through interest rates) of monetary conditions in the economy with a viewto managing aggregate demand and inflation.10. Any balance sheet has two sides: _______ and liabilities. Virtual University of Pakistan
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