Important Questions on Wages (Economics) for all Competitive Exams

Important Questions on Wages (Economics)

Important Questions on Wages (Economics)/ Top Ten question on Wages (Economics) / MCQ’s on Wages (Economics) / Questions asked in previous  year exams on Wages (Economics)

Important Questions on Wages (Economics) : ‘Wages ‘is one of the main topics in the Economics subject and it is of utmost importance for all those candidates who are preparing for the Government Competitive Exams like UPSC, IAS, PSC, NDA, SSC, CTET/ PSPET/ PTET etc.

Important Questions on Wages (Economics)

Wages:Price paid for the use of labour is called wages in economics. It refers to all those mental and physical activities to earn income. It includes different types of payments e.g. wages paid per hour, per day, monthly salary etc. Nominal /money wages and real wages are the basic two types of wages. Nominal wages means money value and real wages means purchasing power of money. According to marginal productivity theory of wages, labourers get wages equal to their marginal productivity. But according to modern theory, wages are determined at the equilibrium point of demand and Supply of labourers.

Important Questions on Wages (Economics)

1. Wages Paid in Monetary/ Nominal term is called….
(a) Money wages
(b) Real wages
(c) Daily wages
(d) Monthly wages

2. If price level or prices of goods and services increases, the real wages will be:
(a) Increasing
(b) Decreasing
(c) Constant
(d) None of these

3. What is marginal productivity of laboures?
(a) Addition made to total revenue by employing one more unit of labour
(b) Addition made to total revenue by employing one more unit of Capital
(c) Addition made to total revenue by employing one more unit of land
(d) None of these

4. According to marginal productivity theory of wages. Supply of labourers is:
(a) Variable
(b) Fixed
(c) Constant
(d) Infinite

5. A firm will get super-normal profit if…
(a) AR > AW
(b) AR = AW
(c) AR < Aw
(d) All of the above

6. According to modern theory of wages determination, demand for labourers depends on :
(a) Demand for the commodities
(b) Price of other factor of production
(c) Bath (a) and (d)
(d) None of these

7. There is a __________ relationship between supply of labour and wage rate.
(a) Direct
(b) Inverse
(c) Same
(d) Parallel

8. Supply of labour is affected by:
(a) Substitution effect
(b) Income effect
(c) Bath (a) and (d)
(d) Diminishing effect

9. Marginal productivity theory of labour is subject to :
(a) Law of diminishing returns
(b) Law of increasing returns
(c) Law of constant returns
(d) All of the above

10. If a worker is working less hours at works then his real wages will be:
(a) Moose
(b) Less
(c) Constant
(d) Moderate

 

 

Competitive Exams Coaching :
Education World is providing comprehensive, expert and high level coaching for All Competitive Exams . Highly qualified faculty of each subject of Competitive Exams i.e Maths , Reasoning, English, General awareness, Economics, Geography etc. is available at Education World .

Faculty members provide coaching using latest techniques along with that there is excellence study material prepared by highly qualified and experience staff. Regular practice tests for All Competitive Exams are also conducted. As per the need of students doubt clearance classes are also provided to All Competitive Exams students.

The tricks and shortcut methods being taught in Education World are very helpful to the students to crack Competitive Exams. Besides this, Individual attention is paid to each and every student. The students are provided with assignments and worksheets as their pattern.

As the mission of Education World is to impart value based education to one and all at affordable cost. So very low fee is charged from the students. The infrastructure of Education World is ultra modern and the faculty members are also using projector methods for teaching the students.
The vision of Education World is to shape up future leaders in all spheres of life. Education World has given uncountable selections since its inception w.e.f 26 May 2014 along with producing toppers in various competitive exams and education world will keep doing good work for the society in the coming years.

 


1. a
2. b
3. a
4. b
5. a
6. c
7. a
8. c
9. a
10. a

View Answers

 

 

Online Test Series for Bank/SSC 

Click here for Punjab State Jobs

Click here for more Government Jobs

Quote of the Day

Previous year Question Papers for all competitive exams

Click here for General Study Material 

Click here to view some Achievements of Education World  

English Study Material

Quantitative Aptitude Study Material

Reasoning Study Material

G.K  Material for all competitive exams

Follow us on Facebook

Leave a Reply

Your email address will not be published. Required fields are marked *