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