Economics Ics Part 1 English Medium Online Test With Answers

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Economics Ics Part 1 English Medium Online Test

Sr. # Questions Answers Choice
1 Profits are residual payment are pre-detemined are fixed by contract are always higher than wages
2 Professor Knight is famous for his theory of rent profit population wages
3 The borrower has to pay interest because of His poverty productivity of capital greediness of capitalist scarcity of capital
4 He said interest is payment for use of money Adam Smith Ricardo Keynes Marshall
5 In economic capital refers to money high quality goods trade mark machinery and factories
6 According to Keynes interest is a payment for use of durable goods use of capital use of money use of land
7 Every factor of production gets reward equal to its cost marginal product price increasing return
8 With decrease in price of bonds, rate of interest decreases increases does not change none of the above
9 Interest is paid because capital is scarce capital is productive capital is attractive a and b of above
10 According to Keynes interest is a payment for consumer's preference producer's preference liquidity preference state bank's preference
11 This is capital money forests machinery trademarks
12 Rent is calculated from most superior land most inferior land marginal land uncultivable land
13 Marginal land is uncultivable land gets low rent gets no rent cannot be sold
14 Quasi rent is permanent is temporary arises in long run only means high rent
15 According to Ricardo rents are high because prices of produce of land are high low constant none of the above
16 These are kinds of rent EXCEPT differential rent scarcity rent mobility rent location rent
17 The following affect rent EXCEPT better location fertility of land cleverness of landlords scarcity of land
18 He presented a theory of rent Malthus Allama Iqbal Ricardo Marshall
19 For an individual farmer, rent paid by him is part of cost and affects price of his product does not enter into price of his product is unjustified cannot be determined
20 He cannot be unemployed policeman beggar mikman bank officer
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