Minimum payment to factor of production is called (1) Quasi Rent (2) Rent (3) Wages (4) Transfer Payment

Minimum payment to factor of production is called (1) Quasi Rent (2) Rent (3) Wages (4) Transfer Payment
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Transfer Payment
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Minimum payment to factor of production is called - (1) Quasi Rent (2) Rent (3) Wages (4) Transfer Payment

Description : Minimum payment to factor of production is called - (1) Quasi Rent (2) Rent (3) Wages (4) Transfer Payment

Last Answer : (4) Transfer Payment Explanation: In economics, factors of production are the inputs to the production process. There are three basic factors of production: land, labour, capital. The payment for use and ... to keep a factor of production in its present use. It is also known as opportunity cost.

Surplus earned by a factor other than land in the short period of referred to as- (1) economic rent (2) net rent (3) quasi-rent (4) super-normal rent

Description : Surplus earned by a factor other than land in the short period of referred to as- (1) economic rent (2) net rent (3) quasi-rent (4) super-normal rent

Last Answer : (3) quasi-rent Explanation: Quasi-rent is the surplus which is received in the short period because of demand exceeding the supply by the man made factors besides land. It is an analytical term ... opportunity cost is defined as the current income minus the income available in the next best use.

Surplus earned by a factor other than land in the short period of referred to as (1) economic rent (2) net rent (3) quasi-rent (4) super-normal rent

Description : Surplus earned by a factor other than land in the short period of referred to as (1) economic rent (2) net rent (3) quasi-rent (4) super-normal rent

Last Answer : quasi-rent

Cost of production of the producer is given by: (1) sum of wages paid to labourers. (2) sum of wages and interest paid on capital. (3) sum of wages, interest, rent and supernormal profit. (4) sum of wages, interest, rent and normal profit.

Description : Cost of production of the producer is given by: (1) sum of wages paid to labourers. (2) sum of wages and interest paid on capital. (3) sum of wages, interest, rent and supernormal profit. (4) sum of wages, interest, rent and normal profit.

Last Answer : (4) sum of wages, interest, rent and normal profit. Explanation: The following elements are included in the cost of production: (1) Purchase of raw machinery, (2) Installation of plant and machinery ... also added, (k) The normal profit of the entrepreneur is also included In the cost of production.

Cost of production of the producer is given by: (1) sum of wages paid to labourers. (2) sum of wages and interest paid on capital. (3) sum of wages, interest, rent and supernormal profit. (4) sum of wages, interest, rent and normal profit.

Description : Cost of production of the producer is given by: (1) sum of wages paid to labourers. (2) sum of wages and interest paid on capital. (3) sum of wages, interest, rent and supernormal profit. (4) sum of wages, interest, rent and normal profit.

Last Answer : sum of wages, interest, rent and normal profit.

Quasi rent is a ______ phenomenon. (1) medium term (2) long term (3) short term (4) no time

Description : Quasi rent is a ______ phenomenon. (1) medium term (2) long term (3) short term (4) no time

Last Answer : (3) short term Explanation: Quasirent is a term in economics that describes certain types of returns to firms. It differs from pure economic rent in that it is a temporary phenomenon. It ... run, such as the granting of patents or other legal protections for intellectual property by governments.

Quasi-Rent arises from (a) Land (b) Labour (c) Capital (d) Factors whose supply in the short run is inelastic.

Description : Quasi-Rent arises from (a) Land (b) Labour (c) Capital (d) Factors whose supply in the short run is inelastic.

Last Answer : (c) Capital

Given competitive conditions, a firm in the long run earn (a) Quasi-rent (b) Pure-rent (c) Normal profit (d) Economic profit

Description : Given competitive conditions, a firm in the long run earn (a) Quasi-rent (b) Pure-rent (c) Normal profit (d) Economic profit

Last Answer : (c) Normal profit

Quasi rent is a_________ phenomenon. (1) medium term (2) long term (3) short term (4) no time

Description : Quasi rent is a_________ phenomenon. (1) medium term (2) long term (3) short term (4) no time

Last Answer : short term

Rent is a factor payment paid to - (1) land (2) restaurant (3) building (4) factory

Description : Rent is a factor payment paid to - (1) land (2) restaurant (3) building (4) factory

Last Answer : (1) land Explanation: Factor Payments refer to payments made to scarce resources, or the factors of production (labour, capital, land, and entrepreneurship), in return for productive services. Wages ... of capital rent is the services for land, and profit is the factor payment to entrepreneurship.

Rent is a factor payment paid to (1) land (2) restaurant (3) building (4) factory

Description : Rent is a factor payment paid to (1) land (2) restaurant (3) building (4) factory

Last Answer : land

Which of the following are not fixed costs? (1) Rent on land (2) Municipal taxes (3) Wages paid to workers (4) Insurance charges

Description : Which of the following are not fixed costs? (1) Rent on land (2) Municipal taxes (3) Wages paid to workers (4) Insurance charges

Last Answer : (3) Wages paid to workers Explanation: In economics, fixed costs are business expenses that are not dependent on the level of goods or services produced by the business. They tend to be time-related, such ... paid in wages, can often be varied, so this type of labour cost is a variable cost.

Which of the following are not fixed costs? (1) Rent on land (2) Municipal taxes (3) Wages paid to workers (4) Insurance charges

Description : Which of the following are not fixed costs? (1) Rent on land (2) Municipal taxes (3) Wages paid to workers (4) Insurance charges

Last Answer :  Wages paid to workers

Which of these is/are not included in net domestic product at factor cost. (a) Wages or compensation of employees ; (b) Rent, interest, profits or operating surplus; (c) Mixed income ; (d) None

Description : Which of these is/are not included in net domestic product at factor cost. (a) Wages or compensation of employees ; (b) Rent, interest, profits or operating surplus; (c) Mixed income ; (d) None

Last Answer : (d) None

Transfer payments include : (1) Gifts received from a friend (2) rent free accommodation by the employer (3) net factor income from abroad (4) Employee's contribution to social security

Description : Transfer payments include : (1) Gifts received from a friend (2) rent free accommodation by the employer (3) net factor income from abroad (4) Employee's contribution to social security

Last Answer : (4) Employee's contribution to social security Explanation: A transfer payment is a oneway payment of money for which no money, good, or service is received in exchange. Governments ... payments include welfare (financial aid), social security, and government making subsidies for certain businesses

Transfer payments include : (1) Gifts received from a friend (2) rent free accommodation by the employer (3) net factor income from abroad (4) Employee's contribution to social security

Description : Transfer payments include : (1) Gifts received from a friend (2) rent free accommodation by the employer (3) net factor income from abroad (4) Employee's contribution to social security 

Last Answer : Employee's contribution to social security 

The Minimum Wages Act was first passed in India in the year: (1) 1947 (2) 1948 (3) 1950 (4) 1951

Description : The Minimum Wages Act was first passed in India in the year: (1) 1947 (2) 1948 (3) 1950 (4) 1951

Last Answer : (2) 1948 Explanation: The Minimum Wages Act, 1948 was enacted to safeguard the interests of workers, mostly in the unorganized sector by providing for the fixation of minimum wages in certain specified ... the employers to pay their workers the minimum wages fixed under the Act from time to time.

When was the Minimum Wages Act enacted in India? (1) 1936 (2) 1948 (3) 1951 (4) 1956

Description : When was the Minimum Wages Act enacted in India? (1) 1936 (2) 1948 (3) 1951 (4) 1956

Last Answer : (2) 1948 Explanation: The Minimum Wages Act, 1948 was enacted to safeguard the interests of workers, mostly in the unorganized sector by providing for the fixation of minimum wages in ... payment of minimum wages to workers in respect of 'scheduled employments' under their respective jurisdictions.

When was the Minimum Wages Act enacted in India ? (1) 1936 (2) 1948 (3) 1951 (4) 1956

Description : When was the Minimum Wages Act enacted in India ? (1) 1936 (2) 1948 (3) 1951 (4) 1956 

Last Answer : 1948

Any factor of production can earn economic-rent, when its supply will be - (1) Perfectly elastic (2) Perfectly inelastic (3) Elastic in nature (4) All of the above

Description : Any factor of production can earn economic-rent, when its supply will be - (1) Perfectly elastic (2) Perfectly inelastic (3) Elastic in nature (4) All of the above

Last Answer : (2) Perfectly inelastic Explanation: Economic rent is the revenue that can be earned from the land or other natural resource for which there is a fixed supply - as economists like to say, the supply ... inelastic, the amount of its supply does not depend on any income that the resource can produce.

Any factor of production can earn economic-rent, when its supply will be (1) Perfectly elastic (2) Perfectly inelastic (3) Elastic in nature (4) All of the above

Description : Any factor of production can earn economic-rent, when its supply will be (1) Perfectly elastic (2) Perfectly inelastic (3) Elastic in nature (4) All of the above

Last Answer : Perfectly inelastic

Enterpreneurial ability is a special kind of labour that - (1) is hired out to firms at high wages (2) organizes the process of production (3) produces new capital goods to earn interest (4) manages to avoid losses by continual innovation

Description : Enterpreneurial ability is a special kind of labour that - (1) is hired out to firms at high wages (2) organizes the process of production (3) produces new capital goods to earn interest (4) manages to avoid losses by continual innovation

Last Answer : (2) organizes the process of production Explanation: In economics, factors of production are the inputs to the production process. Factors of production' may also refer specifically to the 'primary factors', ... the other factors of production, land, labor, and capital, in order to make a profit.

Production function relates - (1) Cost to output (2) Cost to input (3) Wages to profit (4) Inputs to output

Description : Production function relates - (1) Cost to output (2) Cost to input (3) Wages to profit (4) Inputs to output

Last Answer : (4) Inputs to output Explanation: Production function specifies the output of a firm, an industry, or an entire economy for all combinations of inputs. The relationship of output to inputs is ... relates physical inputs to physical outputs, and prices and costs are not reflected in the function.

The main advantage of specialization results from (a) The economies of large scale production (b) The specializing country behaves like a monopoly © Smaller production runs resulting in lower unit costs. (d) High wages paid to foreign workers.

Description : The main advantage of specialization results from (a) The economies of large scale production (b) The specializing country behaves like a monopoly © Smaller production runs resulting in lower unit costs. (d) High wages paid to foreign workers.

Last Answer : (a) The economies of large scale production

Production function relates (1) Cost to output (2) Cost to input (3) Wages to profit (4) Inputs to output

Description : Production function relates (1) Cost to output (2) Cost to input (3) Wages to profit (4) Inputs to output

Last Answer : Inputs to output

Enterpreneurial ability is a special kind of labour that (1) is hired out to firms at high wages (2) organizes the process of production (3) produces new capital goods to earn interest (4) manages to avoid losses by continual innovation

Description : Enterpreneurial ability is a special kind of labour that (1) is hired out to firms at high wages (2) organizes the process of production (3) produces new capital goods to earn interest (4) manages to avoid losses by continual innovation

Last Answer : organizes the process of production

Economic rent refers to - (1) Payment made for the use of labour (2) Payment made for the use of capital (3) Payment made for the use of organisation (4) Payment made for the use of land

Description : Economic rent refers to - (1) Payment made for the use of labour (2) Payment made for the use of capital (3) Payment made for the use of organisation (4) Payment made for the use of land

Last Answer : (4) Payment made for the use of land Explanation: Rent refers to that part of payment by a tenant which is made only for the use of land, i.e., free gift of nature. The payment made by ... rent'. Economic rent is also called surplus because it emerges without any effort on the part of a landlord.

Economic rent refers to (1) Payment made for the use of labour (2) Payment made for the use of capital (3) Payment made for the use of organisation (4) Payment made for the use of land

Description : Economic rent refers to (1) Payment made for the use of labour (2) Payment made for the use of capital (3) Payment made for the use of organisation (4) Payment made for the use of land

Last Answer : Payment made for the use of land

Which of these is an example of a transfer payment? (a) Profit ; (b) Retirement pension ; (c) Rent ; (d) Transportation and freight charges

Description : Which of these is an example of a transfer payment? (a) Profit ; (b) Retirement pension ; (c) Rent ; (d) Transportation and freight charges

Last Answer : ; (b) Retirement pension ;

Termination due to non-payment of wages

Description : Hello, please advise. My employer has had financial problems for a long time, he is going into insolvency, but he has not submitted it yet. However, he has not yet paid us the full December ... unemployment benefits. I have been working for the company for 5 years. Thank you for your answer.

Last Answer : I would contact UP directly. He will give the best advice there

Discrimination in wages is sometimes made by (a) Assigning less tasks for women (b) Assigning low-waged tasks to women (c) Accusing women to be inefficient (d) Delaying in payment

Description : Discrimination in wages is sometimes made by (a) Assigning less tasks for women (b) Assigning low-waged tasks to women (c) Accusing women to be inefficient (d) Delaying in payment

Last Answer : (b) Assigning low-waged tasks to women

Which of the following is not a financial service under the Insolvency and Bankruptcy Code, 2016? a) Accepting of deposits b) Effecting contracts of insurance c) Payment of wages to employees d) Establishing an investment scheme

Description : Which of the following is not a financial service under the Insolvency and Bankruptcy Code, 2016? a) Accepting of deposits b) Effecting contracts of insurance c) Payment of wages to employees d) Establishing an investment scheme

Last Answer : c) Payment of wages to employees

Do you have to have a judgement to garnish wages Someone owes me rent, but I don't want to go to court to collect.?

Description : Do you have to have a judgement to garnish wages Someone owes me rent, but I don't want to go to court to collect.?

Last Answer : You can not have a judgement to garnish wages since you are not a major company, you will need to go to court to collect.

Rent, interest on fixed capital, depreciation of building, taxes and wages of the permanent labourers constitute

Description : Rent, interest on fixed capital, depreciation of building, taxes and wages of the permanent labourers constitute

Last Answer : Ans. Fixed Costs

‘Normal Profit’ means (a) Profit earned by the marginal firm in a normal year. (b) Minimum amount needed to keep a firm in the same business. (c) The payment made to marginal firm for its ability. (d) Surplus profit earned by the least efficient firm

Description : ‘Normal Profit’ means (a) Profit earned by the marginal firm in a normal year. (b) Minimum amount needed to keep a firm in the same business. (c) The payment made to marginal firm for its ability. (d) Surplus profit earned by the least efficient firm

Last Answer : (c) The payment made to marginal firm for its ability.

Economic rent does not arise when the supply of a factor unit is - (1) Perfectly inelastic (2) Perfectly elastic (3) Relatively elastic (4) Relatively inelastic

Description : Economic rent does not arise when the supply of a factor unit is - (1) Perfectly inelastic (2) Perfectly elastic (3) Relatively elastic (4) Relatively inelastic

Last Answer : (2) Perfectly elastic Explanation: Economic rent in the sense of surplus over transfer earnings arise when the supply of the factor units is less than perfectly elastic or not perfectly elastic. When ... , at a given price or remuneration, the entrepreneur can engage any number of factor units.

According to Modern Theory of Rent, rent accrues to - (1) capital only (2) any factor (3) labour only (4) land only

Description : According to Modern Theory of Rent, rent accrues to - (1) capital only (2) any factor (3) labour only (4) land only

Last Answer : (2) any factor Explanation: Modern theory of rent does not confine itself to the reward of only land as a factor of production as was the case in the classical Ricardian theory of rent. Rent in ... can arise in respect of any other factor of production. i.e., labour, capital and entrepreneurship.

Why is rent earned by land even in the long run? (1) Land has original and indestructible power (2) Land is a man made factor (3) Its supply is inelastic in the short run (4) Its supply is inelastic in the long run

Description : Why is rent earned by land even in the long run? (1) Land has original and indestructible power (2) Land is a man made factor (3) Its supply is inelastic in the short run (4) Its supply is inelastic in the long run

Last Answer : (4) Its supply is inelastic in the long run Explanation: Rent accrues to land which is fixed in supply even in the longer run. It is permanent. In contrast to it is a quasi rent, introduced by Marshall, which is inelastic in the short run, but elastic in the longer run.

According to Modern Theory of Rent, rent accrues to (1) capital only (2) any factor (3) labour only (4) land only

Description : According to Modern Theory of Rent, rent accrues to (1) capital only (2) any factor (3) labour only (4) land only

Last Answer : any factor

Economic rent does not arise when the supply of a factor unit is (1) Perfectly inelastic (2) Perfectly elastic (3) Relatively elastic (4) Relatively inelastic

Description : Economic rent does not arise when the supply of a factor unit is (1) Perfectly inelastic (2) Perfectly elastic (3) Relatively elastic (4) Relatively inelastic

Last Answer : Perfectly elastic

Why is rent earned by land even in the long run ? (1) Land has original and indestructible power (2) Land is a man made factor (3) Its supply is inelastic in the short run (4) Its supply is inelastic in the long run

Description : Why is rent earned by land even in the long run ? (1) Land has original and indestructible power (2) Land is a man made factor (3) Its supply is inelastic in the short run (4) Its supply is inelastic in the long run

Last Answer : Its supply is inelastic in the long run

If we add……………. to national income we get NDP (a) Depreciation ; (b) Net foreign factor income ; (c) Indirect-tax ; (d) Transfer payment

Description : If we add……………. to national income we get NDP (a) Depreciation ; (b) Net foreign factor income ; (c) Indirect-tax ; (d) Transfer payment

Last Answer : (b) Net foreign factor income ;

Can someone please explain to me, in laymans terms, the difference between "real wages" and "money-wages"?

Description : Can someone please explain to me, in laymans terms, the difference between "real wages" and "money-wages"?

Last Answer : ** Disclaimer: I'm not an economist! The way I see it used is like this: If I get paid $20 per hour, this is the nominal wage. The real wage is the purchasing power of that $20. In ... real wages . While nominal wages have increased since the 70s, Real wages have not for much of the workforce.

What's a good way of understanding the Iron Law of Wages?

Description : What's a good way of understanding the Iron Law of Wages?

Last Answer : The short answer is that the law states: There is a minimum wage that workers can be paid and still do the work they need to do. This is called the subsistence wage. Over time, competition among workers for ... true. I hope this was helpful; let me know what you think, or if you have any questions.

Which of the following can be used for checking inflation temporarily? (1) Increase in wages (2) Decrease in money supply (3) Decrease in taxes (4) None of these

Description : Which of the following can be used for checking inflation temporarily? (1) Increase in wages (2) Decrease in money supply (3) Decrease in taxes (4) None of these

Last Answer : (2) Decrease in money supply Explanation: An open market operation (also known as OMO) is an activity by a central bank to buy or sell government bonds on the open market. India ... those in the other developed countries. Economists claim that an increase in money supply alone constitutes inflation.

Given the money wages, if the price level in an economy increases, then the real wages will - (1) increase (2) decrease (3) remain constant (4) become flexible

Description : Given the money wages, if the price level in an economy increases, then the real wages will - (1) increase (2) decrease (3) remain constant (4) become flexible

Last Answer : (2) decrease Explanation: If workers receive a higher nominal wage and the price level does not change, then the real purchasing power of their wages is higher and they are inclined to increase the quantity of labor supplied.

8. If worker A earns more in wages than worker B, it could be because: a. The product made by worker A sells for a higher price than that made byworker Bb. Worker A uses more capital per worker than worker Bc. Worker A has more natural ability than worker Bd. All of the above

Description : 8. If worker A earns more in wages than worker B, it could be because: a. The product made by worker A sells for a higher price than that made worker B b. Worker A uses more capital per worker than worker B c. Worker A has more natural ability than worker B d. All of the above

Last Answer : d. All of the above

4. The demand for labor slopes down and to the right because of a. the law of demand b. the iron law of wages c. the law of diminishing marginal returns d. economies of scale

Description : 4. The demand for labor slopes down and to the right because of a. the law of demand b. the iron law of wages c. the law of diminishing marginal returns d. economies of scale

Last Answer : c. labor is a large percent of the total cost of production