Question # 1

Profits arise

Choose an answer

only in monopoly

because of uncertainty

shortage of goods

like interest

The rent which is paid in the short run due to perfectly inelastic supply of a factor is known as.

Choose an answer

Deffertial rent

Economic rent

Quasi rent

Scarcity rent

Professor Knight is famous for his theory of

Choose an answer

rent

profit

population

wages

Marginal revenue products (MRP) curve falls when units of labour

Choose an answer

Remain constant

Decrease

Increase

None of the three

Net rent is also called.

Choose an answer

Different rent

Quasi rent

Scarcity rent

Economic rent

Some economists say that profit earner is a kind of

Choose an answer

rent receiver

interest receiver

wage earner

govt. officer

He said interest is payment for use of money

Choose an answer

Adam Smith

Ricardo

Keynes

Marshall

Money wages are also called

Choose an answer

Nominal Wages

Real wages

Gross wages

Net wages

Who introduced the concept of Quasi rent.

Choose an answer

Hicks

Alfred Marshall

Hobson

Robbins

According to Keynes interest is a payment for

Choose an answer

consumer's preference

producer's preference

liquidity preference

state bank's preference

The borrower has to pay interest because of

Choose an answer

His poverty

productivity of capital

greediness of capitalist

scarcity of capital

Profits

Choose an answer

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

Profits

Choose an answer

are necessary

are unnecessary

can never be negative

are illegal

Quasi rent

Choose an answer

is permanent

is temporary

arises in long run only

means high rent

The concept of differential rent is given by.

Choose an answer

Marshall

David Ricardo

Hobson

Robbins

This is not a function of the entrepreneur

Choose an answer

supervise

innovate

lend money

prepare plan

If the supply of land is assumed to be perfectly inelastic which of the following rent will it yield.

Choose an answer

Scarcity rent

Differential rent

Quasi rent

Scarcity rent

Rent is calculated from

Choose an answer

most superior land

most inferior land

marginal land

uncultivable land

These are kinds of rent EXCEPT

Choose an answer

differential rent

scarcity rent

mobility rent

location rent

Gross profit includes

Choose an answer

monopoly profit

pure profit

windfall profit

all of the above

He put forward the theory of profit

Choose an answer

Keynes

Adam Smith

Knight

Anyson

For an individual farmer, rent paid by him

Choose an answer

is part of cost and affects price of his product

does not enter into price of his product

is unjustified

cannot be determined

Profits arise because an entrepreneur

Choose an answer

prepares plan

innovates

lends money

a and b of above

He presented a theory of rent

Choose an answer

Malthus

Allama Iqbal

Ricardo

Marshall

More Classes

Other Links

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

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer