| 1 |
Under marginal productivity theory, reward for labour is determined by |
- A. owner
- B. government
- C. labour
- D. marginal product
|
| 2 |
Union leaders are in better position bargain for higher wages if demand for labour is |
- A. elastic
- B. inelastic
- C. very large
- D. permanent
|
| 3 |
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
|
| 4 |
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
|
| 5 |
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
|
| 6 |
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
|
| 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 |
The purchasing power of money alongwith the fringe benefits for a labour will detemine his/her: |
- A. Nominal wage
- B. Gross wage
- C. Real wage
- D. Net wage
|
| 9 |
He cannot be unemployed |
- A. policeman
- B. beggar
- C. mikman
- D. bank officer
|
| 10 |
Standard of living of workers depends upon their |
- A. nominal wages
- B. real wages
- C. average product
- D. govt. policy
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