Wages Rent Interest and Profit 01 Mcqs Preparation Online

1. Doctors get higher wages than clerks because:

A. Doctors are in short supply

B. Doctors are organised in trade unions

C. People fear doctor's displeasure

D. Doctors have more respect in society

2. The minimum wage is an example of:

A. Price ceiling

B. Equilibrium wage

C. Efficiency of labour

D. Price floor

3. Under Marginal productivity Theory, reward for labour is determined by:

A. Government

B. Marginal product

C. Owner

D. Labour

4. In which form the largest percentage of national income is earned:

A. Employees' wages

B. Interest income

C. Rental income

D. Proprietor's income

5. Who is unemployed:

A. Housewife

B. A freshly graduated engineer who is searching for a job

C. College student

D. A peer who lives on gifts from mureeds

6. Standard of living of workers depends upon their:

A. Real wages

B. Average product

C. Govt. policy

D. Nominal wages

7. Union leaders are in a better position to bargain for higher wages if demand for labour is:

A. Very large

B. Permanent

C. Inelastic

D. Elastic

8. Sometimes the supply curve of labour ends:

A. Firstly upward and then downward

B. Upward

C. Backward

D. Downward

9. A firm maximizes profit if:

A. MRP is rising

B. None of these

C. MRP = ARP

D. MRP = Wage rate

10. The economist Ricardo argued that prices were _____ because land rents were _______

A. Low, High

B. Low, Low

C. High, High

D. High, Low

Wages Rent Interest and Profit 01 Mcqs Preparation Online

Leave a Reply Cancel reply