Question # 1

Gross profit does NOT include

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rent of his own land

interest of his own capital

pure profit

taxes

For an individual farmer, rent paid by him

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is part of cost and affects price of his product

does not enter into price of his product

is unjustified

cannot be determined

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

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1955

1950

1948

1959

The following affect rent EXCEPT

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better location

fertility of land

cleverness of landlords

scarcity of land

Every factor of production gets reward equal to its

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cost

marginal product

price

increasing return

He put forward the theory of profit

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Keynes

Adam Smith

Knight

Anyson

Rent is calculated from

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most superior land

most inferior land

marginal land

uncultivable land

Money wages are also called

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Nominal Wages

Real wages

Gross wages

Net wages

Net rent is also called.

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Different rent

Quasi rent

Scarcity rent

Economic rent

Profits

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are lower in the long run than in the short run

can be negative

are less in perfect competition than in monopoly

all of the above

The concept of differential rent is given by.

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Marshall

David Ricardo

Hobson

Robbins

According to Keynes interest is a payment for

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use of durable goods

use of capital

use of money

use of land

Gross profit includes

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monopoly profit

pure profit

windfall profit

all of the above

Marginal land

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is uncultivable land

gets low rent

gets no rent

cannot be sold

This is not a function of the entrepreneur

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supervise

innovate

lend money

prepare plan

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

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Remain constant

Decrease

Increase

None of the three

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

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2

3

4

many

This is capital

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money

forests

machinery

trademarks

Interest is paid because

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capital is scarce

capital is productive

capital is attractive

a and b of above

Profits

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are like wages

are like interest

always depend upon chance

none of the above is true

Profits

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are residual payment

are pre-detemined

are fixed by contract

are always higher than wages

Professor Knight is famous for his theory of

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rent

profit

population

wages

Money wages are also called

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Nominal Wages

Real wages

Gross wages

Net wages

He said interest is payment for use of money

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Adam Smith

Ricardo

Keynes

Marshall

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

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