Question # 1

He said interest is payment for use of money

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Adam Smith

Ricardo

Keynes

Marshall

Who introduced the concept of Quasi rent.

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Hicks

Alfred Marshall

Hobson

Robbins

The concept of differential rent is given by.

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Marshall

David Ricardo

Hobson

Robbins

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

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Remain constant

Decrease

Increase

None of the three

Marginal land

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is uncultivable land

gets low rent

gets no rent

cannot be sold

Money wages are also called

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Nominal Wages

Real wages

Gross wages

Net wages

Risks in the business arise because of

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introduction of the new products

uncertain policy of rival firms

changes in tastes

all the above

The concept of quasi rent was given by.

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Ricardo

Adam smith

Alfred Marshall

Robbins

Some economists say that profit earner is a kind of

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rent receiver

interest receiver

wage earner

govt. officer

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

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Deffertial rent

Economic rent

Quasi rent

Scarcity rent

According to Keynes interest is a payment for

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use of durable goods

use of capital

use of money

use of land

Profits

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are necessary

are unnecessary

can never be negative

are illegal

Profits

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are like wages

are like interest

always depend upon chance

none of the above is true

Gross profit includes

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monopoly profit

pure profit

windfall profit

all of the above

He presented a theory of rent

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Malthus

Allama Iqbal

Ricardo

Marshall

According to Keynes interest is a payment for

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consumer's preference

producer's preference

liquidity preference

state bank's preference

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

Money wages are also called

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Nominal Wages

Real wages

Gross wages

Net wages

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

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

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Scarcity rent

Differential rent

Quasi rent

Scarcity rent

This is capital

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money

forests

machinery

trademarks

Rent is calculated from

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most superior land

most inferior land

marginal land

uncultivable land

Net rent is also called.

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Different rent

Quasi rent

Scarcity rent

Economic rent

The following affect rent EXCEPT

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better location

fertility of land

cleverness of landlords

scarcity of land

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

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