CSS :: Wages Rent Interest and Profit
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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 |
Answer: Option B
Explanation:
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2. |
Sometimes the supply curve of labour ends: |
A. |
Downward |
B. |
Upward |
C. |
Backward |
D. |
Firstly upward and then downward |
Answer: Option C
Explanation:
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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 |
Answer: Option C
Explanation:
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4. |
The minimum wage is an example of: |
A. |
Price floor |
B. |
Price ceiling |
C. |
Equilibrium wage |
D. |
Efficiency of labour |
Answer: Option A
Explanation:
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5. |
A firm maximizes profit if: |
A. |
MRP = Wage rate |
B. |
MRP = ARP |
C. |
MRP is rising |
D. |
None of these |
Answer: Option A
Explanation:
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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 |
Answer: Option D
Explanation:
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7. |
Standard of living of workers depends upon their: |
A. |
Nominal wages |
B. |
Real wages |
C. |
Average product |
D. |
Govt. policy |
Answer: Option B
Explanation:
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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 |
Answer: Option A
Explanation:
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9. |
Under Marginal productivity Theory, reward for labour is determined by: |
A. |
Owner |
B. |
Government |
C. |
Labour |
D. |
Marginal product |
Answer: Option D
Explanation:
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10. |
The economist Ricardo argued that prices were _____ because land rents were _______ |
A. |
High, High |
B. |
Low, High |
C. |
High, Low |
D. |
Low, Low |
Answer: Option C
Explanation:
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