Economics MCQS with Answers 1st Year Chapter 16

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Economics MCQS with Answers 1st Year


The reward of their services cannot be fixed
profit earner
interest receiver
wage earner
rent receiver

If marginal product of labour rises because of new technology
wages will rise
may raise or fall
wages will be unaffected
wages will fall

Why should employ units of a factor to a point where
MP is equal to price of the factor
MP is positive
MP is negative
MP is rising

A producer will employ workers up to the point where its MRP becomes
equal to profit
ARP
current wage rate
negative

The supply of land is fixed whereas its Demand is increase day by day, the rent Produced in this way is:
Scarcity rent
Economic rent
Differential rent
Quasi rent

Since marginal land does not yield rent therefore:
None of the three
Rent is not a part of price
Rent is a part of piece
Rent determines price

Every factor of production gets reward equal to
value of average product
value of total product
value of marginal product
total revenue

He cannot be unemployed
mikman
beggar
policeman
bank officer

Who is unemployed
housewife
a peer who lives on gifts from mureeds
college student
a freshly graduated engineer who is searching for a job

The minimum wage is an example of
equilibrium wage
efficiency of labour
price floor
price ceiling

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