Question # 1

In economic capital refers to

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money

high quality goods

trade mark

machinery and factories

Professor Knight is famous for his theory of

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rent

profit

population

wages

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

Profits

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are residual payment

are pre-detemined

are fixed by contract

are always higher than wages

He put forward the theory of profit

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Keynes

Adam Smith

Knight

Anyson

Gross profit does NOT include

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rent of his own land

interest of his own capital

pure profit

taxes

Money wages are also called

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Nominal Wages

Real wages

Gross wages

Net wages

Risks in the business arise because of

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introduction of the new products

uncertain policy of rival firms

changes in tastes

all the above

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

Marginal land

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is uncultivable land

gets low rent

gets no rent

cannot be sold

Profits arise

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only in monopoly

because of uncertainty

shortage of goods

like interest

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

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high

low

constant

none of the above

He presented a theory of rent

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Malthus

Allama Iqbal

Ricardo

Marshall

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

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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

This is not a function of the entrepreneur

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supervise

innovate

lend money

prepare plan

The wage which is paid in cash is known as.

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Real wage

Nominal wage

Excess wage

Low wage

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

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Remain constant

Decrease

Increase

None of the three

Who introduced the concept of Quasi rent.

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Hicks

Alfred Marshall

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

Quasi rent

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is permanent

is temporary

arises in long run only

means high rent

According to Keynes interest is a payment for

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consumer's preference

producer's preference

liquidity preference

state bank's preference

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

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