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16th Chapter

ICS Part 1 Economics Chapter 16 MCQs Test

First Year Economics Chapter 16 Online MCQ Test for 1st Year Economics Chapter 16 (Pricing of Factors of Production, Wages)

This online test contains MCQs about following topics:

Importance, .Marginal productivity theory, .Modern form of marginl productivity theory, .Factor pricing under impefect competition, .Nominal Vs real wages, .Determination of wages, .Trade unions, .Collective baragaining, .Minimum wage, .Industrial labour in Pakistan, .Trade unions in Paksitan, .Low wags in Pakistan

First Year Economics Chapter 16 Online MCQ Test for 1st Year Economics Chapter 16 (Pricing of Factors of Production, Wages)

Sr. # Questions Answers Choice
1 One of the following NOT a assumption of the marginal productivity theory
  • A. units of factor are homogeneous
  • B. mobility of factor
  • C. low price of factor
  • D. perfect competition
2 Fixing of minimum wage
  • A. raises demand for labour
  • B. raises profits
  • C. causes unemployment
  • D. is welcomed by employers
3 The theory of optimum population was presentd by:
  • A. Cannon
  • B. Hicks
  • C. Keynes
  • D. Malthus
4 Quasi rent is a:
  • A. Short-run phenomenon
  • B. Long-run phenomenon
  • C. Short and long run phenoomenon
  • D. None of the three
5 When labourers do not get jobs according to their qualification it will be :
  • A. Unemployment
  • B. Under employment
  • C. Disguised unemployment
  • D. None of the three
6 The supply of labour is based on the trade off between leisure and
  • A. wealth
  • B. work
  • C. wages
  • D. price of product
7 Quasi rent can be obtained if:
  • A. Supply of factor other than land, is temporarily fixed
  • B. There is difference in the fertility of land
  • C. The government legislate on it
  • D. Trade unions protest for it
8 Why should employ units of a factor to a point where
  • A. MP is negative
  • B. MP is equal to price of the factor
  • C. MP is positive
  • D. MP is rising
9 A producer will employ workers up to the point where its MRP becomes
  • A. ARP
  • B. current wage rate
  • C. negative
  • D. equal to profit
10 Under perfect competition, demand for a factor is its
  • A. MRP curve
  • B. ARP curve
  • C. TRP curve
  • D. TR - TC

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