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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 Marginal land or no rent land is the land which:
  • A. Covers the cost of productions only
  • B. Determines rent of the superiorlands
  • C. Both a & b
  • D. None of the three
2 If the rate of inflation goes up, the real wags of labourers will :
  • A. Increase
  • B. Decrease
  • C. Remain the same
  • D. Noe of the three
3 The minimum wage is an example of
  • A. price floor
  • B. price ceiling
  • C. equilibrium wage
  • D. efficiency of labour
4 Increasing the minimum wage for workers will
  • A. solve the unemployment problem
  • B. result in scarcity of workers
  • C. cause substitution of capital for labour
  • D. decreases the MP of those workers
5 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
6 Who is unemployed
  • A. housewife
  • B. college student
  • C. a peer who lives on gifts from mureeds
  • D. a freshly graduated engineer who is searching for a job
7 In which form the largest percentage of national income is earned
  • A. interest income
  • B. proprietor's income
  • C. employees' income
  • D. rental income
8 Trade Unions in Pakistan are unable to get an increase in wage rates because of :
  • A. Minimum wage law
  • B. Low labour efficiency
  • C. Capital intensive projects
  • D. Lack of Natural resources
9 Since marginal land does not yield rent therefore:
  • A. Rent is a part of piece
  • B. Rent is not a part of price
  • C. Rent determines price
  • D. None of the three
10 In factor market, which statement is true
  • A. wages are determined by MP
  • B. Rent is fixed by landlords
  • C. interest rate is determined by Govt.
  • D. profit is determined by luck

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