Question # 1

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

Long-run supply curve of labour is.

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Negatively stoped

Positively sloped

Parallel to the horizontal axis

Parallel to vertical axis

Under marginal productivity theory, reward for labour is determined by

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owner

government

labour

marginal product

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

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wealth

work

wages

price of product

Quasi rent is a:

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Short-run phenomenon

Long-run phenomenon

Short and long run phenoomenon

None of the three

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

Why should employ units of a factor to a point where

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MP is negative

MP is equal to price of the factor

MP is positive

MP is rising

Minimum wage rate of labour is fixed by :

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Government

Trade unions

Entrepreneurs

Labourers

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

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

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Fall

Increase

Remain constant

None of the three

A firm maximizes profit of

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MRP = wage rate

MRP = ARP

MRP is rising

TRP = wages

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

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

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

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

He cannot be unemployed

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policeman

beggar

mikman

bank officer

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Economics Ics Part 1 English Medium Chapter 16 Online Test MCQs With Answers

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