| 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
|
