Economic rent is the payment to a factor of production: MCQ with Answer and Explanation

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Economic rent is the payment to a factor of production:

A. above its transfer earnings

B. below its transfer earnings

C. equal to zero

D. equal to its transfer earnings

Answer: Option A

Solution (By JKSSB Mock Tests)

Economic rent is the surplus paid to a factor over and above its transfer earnings.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

Which of the following is a feature of Indian agriculture?

A. High productivity

B. Predominance of small and marginal holdings

C. High capital intensity

D. Low dependence on monsoon

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Correct Answer: Option B

Explanation:
Indian agriculture is characterised by predominance of small and marginal land holdings, dependence on monsoon, low productivity and labour intensity.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Atal Innovation Mission' is part of:

A. SEBI

B. Make in India

C. NITI Aayog

D. Ministry of Finance

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Correct Answer: Option C

Explanation:
Atal Innovation Mission is a NITI Aayog initiative.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Tax Deducted at Source' on salary is deducted by:

A. employee

B. RBI

C. Income Tax Department

D. employer

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Correct Answer: Option D

Explanation:
Employer deducts TDS on salary.

This question belongs to: Economy GK Economy Set 1

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