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17th Chapter

ICS Part 1 Economics Chapter 17 MCQs Test

First Year Economics Chapter 17 Online MCQ Test for 1st Year Economics Chapter 17 (Rent, Interest, Profit)

This online test contains MCQs about following topics:

Economic rent, .Gross Vs Net rent, .Ricardo's theory, .Marginal land, .Differnetial rent scarcity rent, .Modern theory of rent, .Rent and price, .Quasi rent, .Rent as unearned income, .Gorss Vs net interest, .Theories of interest, .Liquidity prefernece theory, .Loanable funds theory, .Zero rate of interest, . Gross Vs Net profit, . Theories of profit, Difference between profit and interest,

First Year Economics Chapter 17 Online MCQ Test for 1st Year Economics Chapter 17 (Rent, Interest, Profit)

Sr. # Questions Answers Choice
1 Some economists say that profit earner is a kind of
  • A. rent receiver
  • B. interest receiver
  • C. wage earner
  • D. govt. officer
2 Gross profit includes
  • A. monopoly profit
  • B. pure profit
  • C. windfall profit
  • D. all of the above
3 The rent which is paid in the short run due to perfectly inelastic supply of a factor is known as.
  • A. Deffertial rent
  • B. Economic rent
  • C. Quasi rent
  • D. Scarcity rent
4 Money wages are also called
  • A. Nominal Wages
  • B. Real wages
  • C. Gross wages
  • D. Net wages
5 Risks in the business arise because of
  • A. introduction of the new products
  • B. uncertain policy of rival firms
  • C. changes in tastes
  • D. all the above
6 Marginal land
  • A. is uncultivable land
  • B. gets low rent
  • C. gets no rent
  • D. cannot be sold
7 Gov. of Pakistan introduced labour policy for the first time in.
  • A. 1955
  • B. 1950
  • C. 1948
  • D. 1959
8 According to Ricardo rents are high because prices of produce of land are
  • A. high
  • B. low
  • C. constant
  • D. none of the above
9 One of the following is not an assumption of the Ricardian theory of rent.
  • A. Lands are cultivated in sequence
  • B. All lands are homogeneous
  • C. All units of labour are identical
  • D. There are original and industuctible powers of soils
10 Profits arise
  • A. only in monopoly
  • B. because of uncertainty
  • C. shortage of goods
  • D. like interest

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