Q : Which of the following statements is correct?
(A) Most workers will work for less than their reservation wage
(B) The reservation wage is the maximum amount of any firm will pay for a worker
(C) Economic rent is the difference between the market wage and the reservation wage
(D) Economic rent is the amount one must pay to enter a desirable labour market
With which form of economy is the term ‘Laissez-Faire’ associated?
(A) Capitalist Economy
(B) Socialist Economy
(C) Mixed Economy
(D) Command Economy
Who among the following promotes social justice?
(A) Herald Laski
(B) John Keynes
(C) John Rowles
(D) All of the above
The Relationship between the rate of interest and consumption level was firstly estimated by–
(A) Amartya Sen
(B) Milton Freedman
(C) Irwing Fischer
(D) James Duezan Berry
The Surplus earned by a factor other thus land in the short period is referred as –
(A) Economic Rent
(B) Net Rent
(C) Quasi-Rent
(D) Super-Normal Rent
Explain: -The Surplus earned by a factor other than land in the short period is referred as quasi-rent.
Labour Intensive Technique would get chosen in a–
(A) Labour Surplus Economy
(B) Capital Surplus Economy
(C) Developed Economy
(D) Developing Economy
Expl:- Labour Intensive Technique will be chosen in Labour Surplus Economy because in such economy labour cost is low.
According to whom second chamber is unnecessary & bad?
(A) Monkahour
(B) Bentham
(C) Seale
(D) Loosky
Which among the following is not true about the work of Human Resource and Development (HRD)–
(A) Caste – System
(B) Youth and Sport
(C) Education
(D) Child Development
The Views of eminent economist Robert Malthus on Population is–
(A) Pessimistic
(B) Optimistic
(C) Both (a) and (b)
(D) None of the above
The Malthusian theory explained that the human population grows more rapidly than the food supply until famines, war or disease reduces the population. He believed that the human population has risen over the past three centuries.
Amartya Sen was awarded the Noble Prize for his contribution to–
(A) Monetary Economics
(B) Welfare Economics
(C) Econometrics
(D) Development Economics
Explain: -For Welfare Economics and Social Choice Theory, Amartya Sen, in 1998 was awarded the Noble Prize. Welfare economics is a branch of economics that uses microeconomic techniques to evaluate well-being (welfare) at the aggregate (economy-wide) level. ... The field of welfare economics is associated with two fundamental theorems.
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