Question # 1

Profits

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are necessary

are unnecessary

can never be negative

are illegal

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

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high

low

constant

none of the above

In economic capital refers to

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money

high quality goods

trade mark

machinery and factories

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

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1955

1950

1948

1959

Every factor of production gets reward equal to its

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cost

marginal product

price

increasing return

This is capital

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money

forests

machinery

trademarks

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

Money wages are also called

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Nominal Wages

Real wages

Gross wages

Net wages

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

Rent is calculated from

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most superior land

most inferior land

marginal land

uncultivable land

This is not a function of the entrepreneur

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supervise

innovate

lend money

prepare plan

The borrower has to pay interest because of

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His poverty

productivity of capital

greediness of capitalist

scarcity of capital

The concept of differential rent is given by.

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Marshall

David Ricardo

Hobson

Robbins

Some economists say that profit earner is a kind of

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rent receiver

interest receiver

wage earner

govt. officer

Marginal land

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is uncultivable land

gets low rent

gets no rent

cannot be sold

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

Money wages are also called

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Nominal Wages

Real wages

Gross wages

Net wages

Gross profit includes

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monopoly profit

pure profit

windfall profit

all of the above

Profits

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are residual payment

are pre-detemined

are fixed by contract

are always higher than wages

The following affect rent EXCEPT

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better location

fertility of land

cleverness of landlords

scarcity of land

Gross profit does NOT include

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rent of his own land

interest of his own capital

pure profit

taxes

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

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Remain constant

Decrease

Increase

None of the three

Profits

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are like wages

are like interest

always depend upon chance

none of the above is true

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

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