Microeconomics 2 solved MCQs

1 of 8

Set 2 »

1. Of ‘real wages’ and ‘money wages’

a. The former is a wider concept than the latter

B. The latter is a wider concept than the former

c. Both concept mean the same thing

d. All of the above

discuss

a.The former is a wider concept than the latter

2. The concept of Quasi-rent mean

a. The rent to the workers

B. The rent shared by the Landlord and workers

c. The interest paid to the entrepreneur

d. The return to a factor of production which is fixed in supply in the short period

discuss

d.The return to a factor of production which is fixed in supply in the short period

3. The return to a factor of production which is fixed in supply in the shortperiod is called

a. Scarcity rent

B. Economic rent

c. Quasi-rent

d. Contractual rent

discuss

c.Quasi-rent

4. The marginal productivity theory of distribution was firstly formulated inits complete form by

a. Adam Smith

B. J. S. Mill

c. J. B. Clark

d. David Ricardo

discuss

c.J. B. Clark

5. The ‘iron law of wages’ is

a. The wage-fund theory

B. The marginal productivity theory of wages

c. Collective bargaining

d. The subsistence theory of wages

discuss

d.The subsistence theory of wages

6. According to Prof Knight, profit is the reward for

a. Innovation

B. Capital

c. Foreseeable risks

d. Uncertainty bearing

discuss

d.Uncertainty bearing

7. The uncertainty-bearing theory of profit was propounded by

a. F. H. Knight

B. F. B. Hawley

c. P. A. Samuelson

d. Joseph Schumpeter

discuss

a.F. H. Knight

8. Which of the following is not included in the assumptions of Clark’smarginal productivity of distribution

a. Perfect competition

B. Constant population

c. Constant amount of capital

d. Labour is heterogeneous

discuss

d.Labour is heterogeneous

9. Marginal productivity theory is also called

a. Real theory

B. Classical theory

c. Monetary theory

d. None of the above

discuss

a.Real theory

10. Subsistence theory of wages was used by

a. Karl Marx

B. Robinson

c. J. S. Mill

d. David Ricardo

discuss

d.David Ricardo

11. Profit is also known as

a. Contractual rent

B. Residual income

c. Net income

d. None of the above

discuss

b.Residual income

12. Changes in the rate of interest affect the amount of money held for

a. transaction motive

B. precautionary motive

c. speculative motive

d. normal motive

discuss

c.speculative motive

13. The marginal productivity theory of distribution is associated with

a. Adam Smith

B. Lionel Robbins

c. J. B. Clark

d. Bergson

discuss

c.J. B. Clark

14. Who has contributed the modem theory of interest rate determination?

a. Paul A. Samuelson

B. Gunnar Myrdal

c. Knut Wicksell

d. J.R. Hicks

discuss

d.J.R. Hicks

15. Whose name is associated with the “Uncertainty-bearing theory of profit”?

a. J. Schumpeter

B. F.H. Knight

c. J.B. Clark

d. F.W. Watker

discuss

b.F.H. Knight

16. Who has sought to measure Consumer’s Surplus with the help of indifference curve technique?

a. Edgeworth

B. Alfred Marshall

c. J.R. Hick

d. Pareto

discuss

c.J.R. Hick

17. Which among the following is NOT an assumption of Pareto optimality?

a. Every consumer wishes to maximize his level of satisfaction.

B. All the factors of production are used in the production of every commodity.

c. Conditions of perfect competition exist making all the factors of production perfectly mobile

d. The concept of utility is cardinal and cardinal utility function of every consumer is given.

discuss

d.The concept of utility is cardinal and cardinal utility function of every consumer is given.

18. When a firm’s average revenue is equal to its average cost, it gets ________.

a. Sub normal profit

B. Normal profit

c. Abnormal profit

d. Super profit

discuss

b.Normal profit

19. Given the price, if the cost of production increases because of higher priceof raw materials, the supply

a. Decrease

B. Increase

c. Remains the same

d. Any of the above

discuss

a.Decrease

20. Under __________________, price is determined by the interaction of totaldemand and total supply in the market.

a. Perfect competition

B. Monopoly

c. Imperfect competition

d. Monopolistic Competition

discuss

a.Perfect competition

21. Standard of living of workers depends upon their

a. Nominal wages

B. Real wages

c. Average product

d. Govt. policy

discuss

b.Real wages

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

a. Owner

B. Labour

c. Government

d. Marginal Product

discuss

d.Marginal Product

23. The economist Ricardo argued that prices were _ because land rents were ___

a. High, High

B. Low, Low

c. Low, High

d. High, Low

discuss

d.High, Low

24. As for the cost of production of an individual farmer, the rent paid by him

a. Enters into the price of his product

B. None of these

c. Does not enter into price of his product

d. Is unjustified

discuss

a.Enters into the price of his product

25. He presented a theory of rent

a. Malthus

B. Prof. Knight

c. Ricardo

d. Marshall

discuss

c.Ricardo

Set 2 »

Question and answers in Microeconomics 2,

Microeconomics 2 Multiple choice questions and answers,

Important MCQ of Microeconomics 2,

Solved MCQs for Microeconomics 2,

Microeconomics 2 MCQ with answers PDF download

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Microeconomics 2 solved MCQs

1. Of ‘real wages’ and ‘money wages’

2. The concept of Quasi-rent mean

3. The return to a factor of production which is fixed in supply in the shortperiod is called

4. The marginal productivity theory of distribution was firstly formulated inits complete form by

5. The ‘iron law of wages’ is

6. According to Prof Knight, profit is the reward for

7. The uncertainty-bearing theory of profit was propounded by

8. Which of the following is not included in the assumptions of Clark’smarginal productivity of distribution

9. Marginal productivity theory is also called

10. Subsistence theory of wages was used by

11. Profit is also known as

12. Changes in the rate of interest affect the amount of money held for

13. The marginal productivity theory of distribution is associated with

14. Who has contributed the modem theory of interest rate determination?

15. Whose name is associated with the “Uncertainty-bearing theory of profit”?

16. Who has sought to measure Consumer’s Surplus with the help of indifference curve technique?

17. Which among the following is NOT an assumption of Pareto optimality?

18. When a firm’s average revenue is equal to its average cost, it gets ________.

19. Given the price, if the cost of production increases because of higher priceof raw materials, the supply

20. Under __________________, price is determined by the interaction of totaldemand and total supply in the market.

21. Standard of living of workers depends upon their

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

23. The economist Ricardo argued that prices were _ because land rents were ___

24. As for the cost of production of an individual farmer, the rent paid by him

25. He presented a theory of rent

Tags

Question and answers in Microeconomics 2,

Microeconomics 2 Multiple choice questions and answers,

Important MCQ of Microeconomics 2,

Solved MCQs for Microeconomics 2,

Microeconomics 2 MCQ with answers PDF download

Topic wise solved MCQ's

Solved MCQ's for Related Topics

Jump to set ->

Check your understanding of
Microeconomics 2

Microeconomics 2 [set-1] solved mcqs PDF download

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Microeconomics 2 solved MCQs

1. Of ‘real wages’ and ‘money wages’

2. The concept of Quasi-rent mean

3. The return to a factor of production which is fixed in supply in the shortperiod is called

4. The marginal productivity theory of distribution was firstly formulated inits complete form by

5. The ‘iron law of wages’ is

6. According to Prof Knight, profit is the reward for

7. The uncertainty-bearing theory of profit was propounded by

8. Which of the following is not included in the assumptions of Clark’smarginal productivity of distribution

9. Marginal productivity theory is also called

10. Subsistence theory of wages was used by

11. Profit is also known as

12. Changes in the rate of interest affect the amount of money held for

13. The marginal productivity theory of distribution is associated with

14. Who has contributed the modem theory of interest rate determination?

15. Whose name is associated with the “Uncertainty-bearing theory of profit”?

16. Who has sought to measure Consumer’s Surplus with the help of indifference curve technique?

17. Which among the following is NOT an assumption of Pareto optimality?

18. When a firm’s average revenue is equal to its average cost, it gets ________.

19. Given the price, if the cost of production increases because of higher priceof raw materials, the supply

20. Under __________________, price is determined by the interaction of totaldemand and total supply in the market.

21. Standard of living of workers depends upon their

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

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

24. As for the cost of production of an individual farmer, the rent paid by him

25. He presented a theory of rent

Tags

Question and answers in Microeconomics 2,

Microeconomics 2 Multiple choice questions and answers,

Important MCQ of Microeconomics 2,

Solved MCQs for Microeconomics 2,

Microeconomics 2 MCQ with answers PDF download

Topic wise solved MCQ's

Solved MCQ's for Related Topics

Jump to set ->

Check your understanding of Microeconomics 2

Microeconomics 2 [set-1] solved mcqs PDF download

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23. The economist Ricardo argued that prices were _ because land rents were ___

Check your understanding of
Microeconomics 2