Concept and Theory of Rent Online Test

Which of the following shows the relation between rent and price? I. Rent determines price II. Price determines rent III. No relation between rent and price
I
II
III
I and II
II and III
Which principle is related to the concept of Quasi rent?
Free gift of nature
Long period duration
Half Rent
Short term Inelasticity of Supply
Scarcity rent
What does the Modern Theory of Rent state? I. Actual Earning II. Transfer Earning III. Difference between Actual Earning and Transfer Earning
I
II
III
I and II
I and III
According to the Ricardian Theory of Rent, Transfer earnings of land are:
Zero
Negative
Positive
Less than 1
Equal to rent
The Economic Rent earned by any factor is highest when its Elasticity of Supply is:
Infinity
Between 0 and 1
Less than 1
Equal to 1
Zero
Quasi Rent is:
Price + AVC
Price – AVC
Price + AFC
Price – AFC
Price – AVC – AFC
Which of the following determines Secondary Cost?
Rent
Interest
Wages
Profit
Quasi Rent
The concept of Quasi Rent means:
Interest paid to shopkeepers
Interest paid to landlords
Wages to workers
Rent shared by landlords and workers
Return to factor of production which has fixed supply in the short period
What amount of Rent is earned by non-specific factors which can be put to numerous uses?
Small amount of Rent
Large amount of Rent
Very small amount of Rent
No Rent
All Rent
Which of the following theories states that Rent arises on all factors?
Classical Theory
Modern Theory
Classical Theory
Neo-Classical Theory
Physiocrats Theory
Description:

In Microeconomics, the study of Factor Markets and Theory of Distribution, begins with the concept of Rent. Here is a 7 minute short Revision test on Multiple Choice questions relating to Rent, Ricardian Theory of Rent, Modern Theory of Economic Rent and Quasi-Rent. This test is a must for any student of AP Microeconomics.

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EnglishteachersVinodita Sankhyan Namrata Arora
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