Economics MCQS with Answers 1st Year
A firm maximizes profit of
TRP = wages
MRP = ARP
MRP is rising
MRP = wage rate
In which form the largest percentage of national income is earned
rental income
interest income
proprietor’s income
employees’ income
Under marginal productivity theory, reward for labour is determined by
marginal product
owner
government
labour
Increasing the minimum wage for workers will
result in scarcity of workers
decreases the MP of those workers
cause substitution of capital for labour
solve the unemployment problem
Trade Unions in Pakistan are unable to get an increase in wage rates because of :
Minimum wage law
Lack of Natural resources
Low labour efficiency
Capital intensive projects
In factor market, which statement is true
profit is determined by luck
wages are determined by MP
Rent is fixed by landlords
interest rate is determined by Govt.
One of the following NOT a assumption of the marginal productivity theory
low price of factor
units of factor are homogeneous
perfect competition
mobility of factor
Sometimes the supply curve of labour bends
downward
firstly upward and then downward
upward
backward
The main object of trade unions is to:
Get jobs for the employed persons
Strength the bargaining position of labour
Get recreational facilities
Get free meals
Minimum wage rate of labour is fixed by :
Trade unions
Government
Labourers
Entrepreneurs
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