Exam 1: Economic Concepts and Theories

The uncertainty-bearing theory of profit was propounded by

Profit is also known as

Subsistence theory of wages was used by

Under Marginal productivity Theory, reward for labour is determined by

The return to a factor of production which is fixed in supply in the short period is called

Which of the following is not included in the assumptions of Clark's marginal productivity of distribution

Standard of living of workers depends upon their

The economist Ricardo argued that prices were _____ because land rents were _______

When a firm's average revenue is equal to its average cost, it gets ________.

Under __________________, price is determined by the interaction of total demand and total supply in the market.

According to Prof Knight, profit is the reward for

The marginal productivity theory of distribution was firstly formulated in its complete form by

Which among the following is NOT an assumption of Pareto optimality?

Of 'real wages' and 'money wages'

As for the cost of production of an individual farmer, the rent paid by him

The marginal productivity theory of distribution is associated with

Whose name is associated with the "Uncertainty-bearing theory of profit"?

Marginal productivity theory is also called

He presented a theory of rent

Changes in the rate of interest affect the amount of money held for