Economics MCQS with Answers 1st Year Chapter 16

Google Ads1

Economics MCQS with Answers 1st Year


Under perfect competition, demand for a factor is its
TRP curve
MRP curve
ARP curve
TR – TC

Marginal land or no rent land is the land which:
Covers the cost of productions only
None of the three
Both a & b
Determines rent of the superiorlands

The purchasing power of money alongwith the fringe benefits for a labour will detemine his/her:
Real wage
Nominal wage
Gross wage
Net wage

Quasi rent is a:
Long-run phenomenon
Short-run phenomenon
Short and long run phenoomenon
None of the three

Quasi rent can be obtained if:
There is difference in the fertility of land
Supply of factor other than land, is temporarily fixed
The government legislate on it
Trade unions protest for it

Fixing of minimum wage
raises demand for labour
causes unemployment
raises profits
is welcomed by employers
Google Ads