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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 Every factor of production gets reward equal to
  • A. value of average product
  • B. value of marginal product
  • C. value of total product
  • D. total revenue
2 The theory of optimum population was presentd by:
  • A. Cannon
  • B. Hicks
  • C. Keynes
  • D. Malthus
3 Union leaders are in better position bargain for higher wages if demand for labour is
  • A. elastic
  • B. inelastic
  • C. very large
  • D. permanent
4 Fixing of minimum wage
  • A. raises demand for labour
  • B. raises profits
  • C. causes unemployment
  • D. is welcomed by employers
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 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
7 Under perfect competition, demand for a factor is its
  • A. MRP curve
  • B. ARP curve
  • C. TRP curve
  • D. TR - TC
8 The minimum wage is an example of
  • A. price floor
  • B. price ceiling
  • C. equilibrium wage
  • D. efficiency of labour
9 Sometimes the supply curve of labour bends
  • A. downward
  • B. upward
  • C. backward
  • D. firstly upward and then downward
10 Long-run supply curve of labour is.
  • A. Negatively stoped
  • B. Positively sloped
  • C. Parallel to the horizontal axis
  • D. Parallel to vertical axis

Top Scorers of Economics Ics Part 1 English Medium Chapter 16 Online Test

M

M.Attiq-U-Rehman

Lahore25 - Nov - 2023

15/20
03 Mins 05 Sec

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