Question # 1

Standard of living of workers depends upon their

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nominal wages

real wages

average product

govt. policy

With an increase in the supply of labour wage rate will:

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Fall

Increase

Remain constant

None of the three

Since marginal land does not yield rent therefore:

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Rent is a part of piece

Rent is not a part of price

Rent determines price

None of the three

If the rate of inflation goes up, the real wags of labourers will :

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Increase

Decrease

Remain the same

Noe of the three

The supply of labour is based on the trade off between leisure and

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wealth

work

wages

price of product

Every factor of production gets reward equal to

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value of average product

value of marginal product

value of total product

total revenue

The main object of trade unions is to:

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Strength the bargaining position of labour

Get jobs for the employed persons

Get recreational facilities

Get free meals

The theory of optimum population was presentd by:

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Cannon

Hicks

Keynes

Malthus

Quasi rent is a:

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Short-run phenomenon

Long-run phenomenon

Short and long run phenoomenon

None of the three

Union leaders are in better position bargain for higher wages if demand for labour is

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elastic

inelastic

very large

permanent

One of the cause of low wage rate in Pakistan is:

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Population explosion

Labour policy

Lack of monility of labour

Lack of natural resources

Under perfect competition, demand for a factor is its

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MRP curve

ARP curve

TRP curve

TR - TC

A firm maximizes profit of

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MRP = wage rate

MRP = ARP

MRP is rising

TRP = wages

He cannot be unemployed

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policeman

beggar

mikman

bank officer

Quasi rent can be obtained if:

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Supply of factor other than land, is temporarily fixed

There is difference in the fertility of land

The government legislate on it

Trade unions protest for it

Minimum wage rate of labour is fixed by :

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Government

Trade unions

Entrepreneurs

Labourers

If marginal product of labour rises because of new technology

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wages will rise

wages will fall

wages will be unaffected

may raise or fall

One of the following NOT a assumption of the marginal productivity theory

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units of factor are homogeneous

mobility of factor

low price of factor

perfect competition

Long-run supply curve of labour is.

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Negatively stoped

Positively sloped

Parallel to the horizontal axis

Parallel to vertical axis

Who is unemployed

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housewife

college student

a peer who lives on gifts from mureeds

a freshly graduated engineer who is searching for a job

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