Question # 1

Every factor of production gets reward equal to its

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cost

marginal product

price

increasing return

The following affect rent EXCEPT

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better location

fertility of land

cleverness of landlords

scarcity of land

Profits arise because an entrepreneur

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prepares plan

innovates

lends money

a and b of above

Interest is paid because

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capital is scarce

capital is productive

capital is attractive

a and b of above

This is not a function of the entrepreneur

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supervise

innovate

lend money

prepare plan

Net rent is also called.

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Different rent

Quasi rent

Scarcity rent

Economic rent

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

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Remain constant

Decrease

Increase

None of the three

Money wages are also called

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Nominal Wages

Real wages

Gross wages

Net wages

Who introduced the concept of Quasi rent.

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Hicks

Alfred Marshall

Hobson

Robbins

Money wages are also called

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Nominal Wages

Real wages

Gross wages

Net 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

Profits

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are like wages

are like interest

always depend upon chance

none of the above is true

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

Rent is calculated from

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most superior land

most inferior land

marginal land

uncultivable land

He said interest is payment for use of money

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Adam Smith

Ricardo

Keynes

Marshall

One of the following is not an assumption of the Ricardian theory of rent.

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Lands are cultivated in sequence

All lands are homogeneous

All units of labour are identical

There are original and industuctible powers of soils

Professor Knight is famous for his theory of

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rent

profit

population

wages

Gov. of Pakistan introduced labour policy for the first time in.

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1955

1950

1948

1959

In economic capital refers to

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money

high quality goods

trade mark

machinery and factories

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

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