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

Fixing of minimum wage

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raises demand for labour

raises profits

causes unemployment

is welcomed by employers

If the rate of inflation goes up, the real wags of labourers will :

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Increase

Decrease

Remain the same

Noe of the three

Since marginal land does not yield rent therefore:

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Rent is a part of piece

Rent is not a part of price

Rent determines price

None of the three

Every factor of production gets reward equal to

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value of average product

value of marginal product

value of total product

total revenue

Under perfect competition, demand for a factor is its

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MRP curve

ARP curve

TRP curve

TR - TC

Sometimes the supply curve of labour bends

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downward

upward

backward

firstly upward and then downward

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

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

Standard of living of workers depends upon their

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nominal wages

real wages

average product

govt. policy

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

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

Minimum wage rate of labour is fixed by :

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Government

Trade unions

Entrepreneurs

Labourers

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

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

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

He cannot be unemployed

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policeman

beggar

mikman

bank officer

The minimum wage is an example of

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price floor

price ceiling

equilibrium wage

efficiency of labour

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