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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 In which form the largest percentage of national income is earned
  • A. interest income
  • B. proprietor's income
  • C. employees' income
  • D. rental income
2 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
3 With an increase in the supply of labour wage rate will:
  • A. Fall
  • B. Increase
  • C. Remain constant
  • D. None of the three
4 The supply of land is fixed whereas its Demand is increase day by day, the rent Produced in this way is:
  • A. Differential rent
  • B. Scarcity rent
  • C. Quasi rent
  • D. Economic rent
5 The theory of optimum population was presentd by:
  • A. Cannon
  • B. Hicks
  • C. Keynes
  • D. Malthus
6 Doctors get higher wages than clerks because
  • A. doctors are in short supply
  • B. doctors have more respect in society
  • C. doctors are organised in trade unions
  • D. people fear doctor's displeasure
7 Quasi rent is a:
  • A. Short-run phenomenon
  • B. Long-run phenomenon
  • C. Short and long run phenoomenon
  • D. None of the three
8 Long-run supply curve of labour is.
  • A. Negatively stoped
  • B. Positively sloped
  • C. Parallel to the horizontal axis
  • D. Parallel to vertical axis
9 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
10 A firm maximizes profit of
  • A. MRP = wage rate
  • B. MRP = ARP
  • C. MRP is rising
  • D. TRP = wages

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