Question : The minimum payment to a factor of production is called:
Option 1: quasi-rent
Option 2: rent
Option 3: wages
Option 4: transfer payment
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Correct Answer: transfer payment
Solution : The correct answer is transfer payment.
Transfer income is the minimal payment to a component of production. Transfer revenue is the bare minimum required to retain a factor of production in its current usage. It is also known as the potential cost of the production factor.
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Question : Rent is a factor payment paid to
Option 1: land
Option 2: restaurant
Option 3: building
Option 4: factory
Question : Quasi-rent is a __________ phenomenon.
Option 1: medium-term
Option 2: long-term
Option 3: short-term
Option 4: no time
Question : When was the Minimum Wages Act enacted in India?
Option 1: 1936
Option 2: 1948
Option 3: 1951
Option 4: 1956
Question : The GDP estimation method measuring the aggregate value of factor payments is called ______.
Option 1: product method
Option 2: Value added method
Option 3: expenditure method
Option 4: income method
Question : Indian Constitution is
Option 1: Federal
Option 2: Quasi-federal
Option 3: Unitary
Option 4: Presidential
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