Question # 1

The purchasing power of money alongwith the fringe benefits for a labour will detemine his/her:

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Nominal wage

Gross wage

Real wage

Net wage

If marginal product of labour rises because of new technology

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wages will rise

wages will fall

wages will be unaffected

may raise or fall

Quasi rent is a:

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Short-run phenomenon

Long-run phenomenon

Short and long run phenoomenon

None of the three

In factor market, which statement is true

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wages are determined by MP

Rent is fixed by landlords

interest rate is determined by Govt.

profit is determined by luck

Fixing of minimum wage

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raises demand for labour

raises profits

causes unemployment

is welcomed by employers

Long-run supply curve of labour is.

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Negatively stoped

Positively sloped

Parallel to the horizontal axis

Parallel to vertical axis

One of the cause of low wage rate in Pakistan is:

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Population explosion

Labour policy

Lack of monility of labour

Lack of natural resources

A firm maximizes profit of

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MRP = wage rate

MRP = ARP

MRP is rising

TRP = wages

With an increase in the supply of labour wage rate will:

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Fall

Increase

Remain constant

None of the three

The main object of trade unions is to:

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Strength the bargaining position of labour

Get jobs for the employed persons

Get recreational facilities

Get free meals

Increasing the minimum wage for workers will

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solve the unemployment problem

result in scarcity of workers

cause substitution of capital for labour

decreases the MP of those workers

The supply of labour is based on the trade off between leisure and

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wealth

work

wages

price of product

A producer will employ workers up to the point where its MRP becomes

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ARP

current wage rate

negative

equal to profit

Trade Unions in Pakistan are unable to get an increase in wage rates because of :

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Minimum wage law

Low labour efficiency

Capital intensive projects

Lack of Natural resources

The reward of their services cannot be fixed

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wage earner

rent receiver

interest receiver

profit earner

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

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Differential rent

Scarcity rent

Quasi rent

Economic rent

Under marginal productivity theory, reward for labour is determined by

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owner

government

labour

marginal product

Under perfect competition, demand for a factor is its

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MRP curve

ARP curve

TRP curve

TR - TC

Quasi rent can be obtained if:

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Supply of factor other than land, is temporarily fixed

There is difference in the fertility of land

The government legislate on it

Trade unions protest for it

Marginal land or no rent land is the land which:

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Covers the cost of productions only

Determines rent of the superiorlands

Both a & b

None of the three

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