Question # 1

The concept of differential rent is given by.

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Marshall

David Ricardo

Hobson

Robbins

Who introduced the concept of Quasi rent.

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Hicks

Alfred Marshall

Hobson

Robbins

The borrower has to pay interest because of

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His poverty

productivity of capital

greediness of capitalist

scarcity of capital

Gross profit includes

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monopoly profit

pure profit

windfall profit

all of the above

Money wages are also called

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Nominal Wages

Real wages

Gross wages

Net wages

Professor Knight is famous for his theory of

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rent

profit

population

wages

Profits

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are like wages

are like interest

always depend upon chance

none of the above is true

Gross profit does NOT include

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rent of his own land

interest of his own capital

pure profit

taxes

With decrease in price of bonds, rate of interest

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decreases

increases

does not change

none of the above

Profits

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are residual payment

are pre-detemined

are fixed by contract

are always higher than wages

According to Prof. Knight risks are of ...... kinds

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2

3

4

many

According to Keynes interest is a payment for

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consumer's preference

producer's preference

liquidity preference

state bank's preference

Marginal revenue products (MRP) curve falls when units of labour

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Remain constant

Decrease

Increase

None of the three

Every factor of production gets reward equal to its

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cost

marginal product

price

increasing return

In economic capital refers to

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money

high quality goods

trade mark

machinery and factories

The rent which is paid in the short run due to perfectly inelastic supply of a factor is known as.

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Deffertial rent

Economic rent

Quasi rent

Scarcity rent

Interest is paid because

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capital is scarce

capital is productive

capital is attractive

a and b of above

Marginal land

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is uncultivable land

gets low rent

gets no rent

cannot be sold

The following affect rent EXCEPT

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better location

fertility of land

cleverness of landlords

scarcity of land

This is not a function of the entrepreneur

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supervise

innovate

lend money

prepare plan

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Economics Ics Part 1 English Medium Chapter 17 Online Test MCQs With Answers

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