Question : Any factor of production can earn economic rent when the supply is:
Option 1: perfectly elastic
Option 2: perfectly inelastic
Option 3: elastic in nature
Option 4: all of the above
Correct Answer: perfectly inelastic
Solution : The correct answer is perfectly inelastic.
Where supply is fully inelastic, any factor of production can generate economic rent. Economic rent is the remuneration received by a component of production that exceeds its potential cost. The value of the next best alternative use of the component of production is referred to as the opportunity cost. When a factor of production's supply is perfectly inelastic, the quantity provided does not fluctuate in response to price fluctuations. This signifies that the factor of production is limited and difficult to replace.
Application | Eligibility | Selection Process | Result | Cutoff | Admit Card | Preparation Tips
Question : Surplus earned by a factor other than land in a short period is referred to as:
Option 1: economic rent
Option 2: net rent
Option 3: quasi-rent
Option 4: super-normal rent
Question : Which of the following is not a factor which should be kept in mind when planning meals for a family?
Option 1: Environment
Option 2: Nutritional need
Option 3: Economic factor
Option 4: Season
Question : Which of the following best indicates the economic growth of a nation?
Option 1: Agriculture income
Option 2: Per capita income
Option 3: Gross industrial production
Option 4: Inflation
Question : Which of the following identities is correct regarding Gross National Product (GNP)?
Option 1: GNP = GDP (Gross Domestic Product) + Factor income earned by the domestic factors of production employed in the rest of the world + Factor income earned by the factors of production of the rest of the world employed in the domestic economy.
Option 2: GNP = GDP – Factor income earned by the domestic factors of production employed in the rest of the world – Factor income earned by the factors of production of the rest of the world employed in the domestic economy.
Option 3: GNP = GDP + Factor income earned by the domestic factors of production employed in the rest of the world – Factor income earned by the factors of production of the rest of the world employed in the domestic economy.
Option 4: GNP = GDP – Factor income earned by the domestic factors of production employed in the rest of the world + Factor income earned by the factors of production of the rest of the world employed in the domestic economy.
Question : Which of the following procedures treats spinal stenosis (stricture)?
Option 1: Laminoplasty
Option 2: Corpectomy
Option 3: Foraminotomy
Option 4: All of the above
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile