Question # 1

Money wages are also called

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Nominal Wages

Real wages

Gross wages

Net wages

These are kinds of rent EXCEPT

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differential rent

scarcity rent

mobility rent

location rent

Who introduced the concept of Quasi rent.

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Hicks

Alfred Marshall

Hobson

Robbins

Profits arise

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only in monopoly

because of uncertainty

shortage of goods

like interest

Interest is paid because

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capital is scarce

capital is productive

capital is attractive

a and b of above

The wage which is paid in cash is known as.

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Real wage

Nominal wage

Excess wage

Low wage

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

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1955

1950

1948

1959

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

Marginal land

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is uncultivable land

gets low rent

gets no rent

cannot be sold

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

If the supply of land is assumed to be perfectly inelastic which of the following rent will it yield.

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Scarcity rent

Differential rent

Quasi rent

Scarcity rent

The following affect rent EXCEPT

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better location

fertility of land

cleverness of landlords

scarcity of land

According to Keynes interest is a payment for

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consumer's preference

producer's preference

liquidity preference

state bank's preference

Some economists say that profit earner is a kind of

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rent receiver

interest receiver

wage earner

govt. officer

He said interest is payment for use of money

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Adam Smith

Ricardo

Keynes

Marshall

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

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Remain constant

Decrease

Increase

None of the three

Professor Knight is famous for his theory of

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rent

profit

population

wages

According to Ricardo rents are high because prices of produce of land are

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high

low

constant

none of the above

This is capital

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money

forests

machinery

trademarks

Quasi rent

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is permanent

is temporary

arises in long run only

means high rent

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