[{"id":100697,"question":"The supply of labour is based on the trade off between leisure and","choices":[{"text":"wealth","value":"A"},{"text":"work","value":"B"},{"text":"wages","value":"C"},{"text":"price of product","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":100696,"question":"Fixing of minimum wage","choices":[{"text":"raises demand for labour","value":"A"},{"text":"raises profits","value":"B"},{"text":"causes unemployment","value":"C"},{"text":"is welcomed by employers","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":100695,"question":"A producer will employ workers up to the point where its MRP becomes","choices":[{"text":"ARP","value":"A"},{"text":"current wage rate","value":"B"},{"text":"negative","value":"C"},{"text":"equal to profit","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":100694,"question":"The reward of their services cannot be fixed","choices":[{"text":"wage earner","value":"A"},{"text":"rent receiver","value":"B"},{"text":"interest receiver","value":"C"},{"text":"profit earner","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":100693,"question":"Under marginal productivity theory, reward for labour is determined by","choices":[{"text":"owner","value":"A"},{"text":"government","value":"B"},{"text":"labour","value":"C"},{"text":"marginal product","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":100692,"question":"Doctors get higher wages than clerks because","choices":[{"text":"doctors are in short supply","value":"A"},{"text":"doctors have more respect in society","value":"B"},{"text":"doctors are organised in trade unions","value":"C"},{"text":"people fear doctor's displeasure","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":100691,"question":"Standard of living of workers depends upon their","choices":[{"text":"nominal wages","value":"A"},{"text":"real wages","value":"B"},{"text":"average product","value":"C"},{"text":"govt. policy","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":100690,"question":"Who is unemployed","choices":[{"text":"housewife","value":"A"},{"text":"college student","value":"B"},{"text":"a peer who lives on gifts from mureeds","value":"C"},{"text":"a freshly graduated engineer who is searching for a job","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":100689,"question":"A firm maximizes profit of","choices":[{"text":"MRP = wage rate","value":"A"},{"text":"MRP = ARP","value":"B"},{"text":"MRP is rising","value":"C"},{"text":"TRP = wages","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":100688,"question":"The minimum wage is an example of","choices":[{"text":"price floor","value":"A"},{"text":"price ceiling","value":"B"},{"text":"equilibrium wage","value":"C"},{"text":"efficiency of labour","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":100687,"question":"In which form the largest percentage of national income is earned","choices":[{"text":"interest income","value":"A"},{"text":"proprietor's income","value":"B"},{"text":"employees' income","value":"C"},{"text":"rental income","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":100686,"question":"Sometimes the supply curve of labour bends","choices":[{"text":"downward","value":"A"},{"text":"upward","value":"B"},{"text":"backward","value":"C"},{"text":"firstly upward and then downward","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":100685,"question":"Union leaders are in better position bargain for higher wages if demand for labour is","choices":[{"text":"elastic","value":"A"},{"text":"inelastic","value":"B"},{"text":"very large","value":"C"},{"text":"permanent","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":100684,"question":"In factor market, which statement is true","choices":[{"text":"wages are determined by MP","value":"A"},{"text":"Rent is fixed by landlords","value":"B"},{"text":"interest rate is determined by Govt.","value":"C"},{"text":"profit is determined by luck","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":100683,"question":"Increasing the minimum wage for workers will","choices":[{"text":"solve the unemployment problem","value":"A"},{"text":"result in scarcity of workers","value":"B"},{"text":"cause substitution of capital for labour","value":"C"},{"text":"decreases the MP of those workers","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":100682,"question":"One of the following NOT a assumption of the marginal productivity theory","choices":[{"text":"units of factor are homogeneous","value":"A"},{"text":"mobility of factor","value":"B"},{"text":"low price of factor","value":"C"},{"text":"perfect competition","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":100681,"question":"If marginal product of labour rises because of new technology","choices":[{"text":"wages will rise","value":"A"},{"text":"wages will fall","value":"B"},{"text":"wages will be unaffected","value":"C"},{"text":"may raise or fall","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":100680,"question":"Why should employ units of a factor to a point where","choices":[{"text":"MP is negative","value":"A"},{"text":"MP is equal to price of the factor","value":"B"},{"text":"MP is positive","value":"C"},{"text":"MP is rising","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":100679,"question":"Under perfect competition, demand for a factor is its","choices":[{"text":"MRP curve","value":"A"},{"text":"ARP curve","value":"B"},{"text":"TRP curve","value":"C"},{"text":"TR - TC","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":100677,"question":"Every factor of production gets reward equal to","choices":[{"text":"value of average product","value":"A"},{"text":"value of marginal product","value":"B"},{"text":"value of total product","value":"C"},{"text":"total revenue","value":"D"},{"value":"E"}],"correctAnswer":2}]