Question # 1

The concept of differential rent is given by.

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Marshall

David Ricardo

Hobson

Robbins

Profits

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are residual payment

are pre-detemined

are fixed by contract

are always higher than wages

Profits

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are necessary

are unnecessary

can never be negative

are illegal

According to Ricardo rents are high because prices of produce of land are

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high

low

constant

none of the above

Profits arise

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only in monopoly

because of uncertainty

shortage of goods

like interest

This is not a function of the entrepreneur

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supervise

innovate

lend money

prepare plan

Gross profit does NOT include

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rent of his own land

interest of his own capital

pure profit

taxes

Every factor of production gets reward equal to its

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cost

marginal product

price

increasing return

For an individual farmer, rent paid by him

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is part of cost and affects price of his product

does not enter into price of his product

is unjustified

cannot be determined

Quasi rent

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is permanent

is temporary

arises in long run only

means high rent

Some economists say that profit earner is a kind of

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rent receiver

interest receiver

wage earner

govt. officer

This is capital

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money

forests

machinery

trademarks

Money wages are also called

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Nominal Wages

Real wages

Gross wages

Net wages

According to Prof. Knight risks are of ...... kinds

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2

3

4

many

One of the following is not an assumption of the Ricardian theory of rent.

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Lands are cultivated in sequence

All lands are homogeneous

All units of labour are identical

There are original and industuctible powers of soils

Profits

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are lower in the long run than in the short run

can be negative

are less in perfect competition than in monopoly

all of the above

Money wages are also called

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Nominal Wages

Real wages

Gross wages

Net wages

These are kinds of rent EXCEPT

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differential rent

scarcity rent

mobility rent

location rent

He presented a theory of rent

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Malthus

Allama Iqbal

Ricardo

Marshall

The borrower has to pay interest because of

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His poverty

productivity of capital

greediness of capitalist

scarcity of capital

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Economics Ics Part 1 English Medium Chapter 17 Online Test MCQs With Answers

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