CSS :: Wages Rent Interest and Profit

1.  Union leaders are in a better position to bargain for higher wages if demand for labour is:
A. Elastic B. Inelastic
C. Very large D. Permanent

2.  Sometimes the supply curve of labour ends:
A. Downward B. Upward
C. Backward D. Firstly upward and then downward

3.  In which form the largest percentage of national income is earned:
A. Interest income B. Proprietor's income
C. Employees' wages D. Rental income

4.  The minimum wage is an example of:
A. Price floor B. Price ceiling
C. Equilibrium wage D. Efficiency of labour

5.  A firm maximizes profit if:
A. MRP = Wage rate B. MRP = ARP
C. MRP is rising D. None of these

6.  Who is unemployed:
A. Housewife B. College student
C. A peer who lives on gifts from mureeds D. A freshly graduated engineer who is searching for a job

7.  Standard of living of workers depends upon their:
A. Nominal wages B. Real wages
C. Average product D. Govt. policy

8.  Doctors get higher wages than clerks because:
A. Doctors are in short supply B. Doctors have more respect in society
C. Doctors are organised in trade unions D. People fear doctor's displeasure

9.  Under Marginal productivity Theory, reward for labour is determined by:
A. Owner B. Government
C. Labour D. Marginal product

10.  The economist Ricardo argued that prices were _____ because land rents were _______
A. High, High B. Low, High
C. High, Low D. Low, Low

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