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. below its transfer earnings

B. equal to zero

C. equal to its transfer earnings

D. above its transfer earnings

Answer: Option D

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

The primary objective of the Reserve Bank of India's monetary policy is to:

A. manage government expenditure

B. eliminate fiscal deficit

C. maintain price stability while keeping in mind the objective of growth

D. maximize exports

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Correct Answer: Option C

Explanation:
The RBI's monetary policy aims primarily to maintain price stability while supporting economic growth.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Net National Product at factor cost' is also known as:

A. Disposable Income

B. Personal Income

C. National Income

D. Gross Domestic Product

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Correct Answer: Option C

Explanation:
National Income is NNP at factor cost.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'National Payments Corporation of India' operates which of the following?

A. NSE

B. BSE

C. UPI and RuPay

D. IRDAI

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Correct Answer: Option C

Explanation:
NPCI operates retail payment systems such as UPI, RuPay, NACH and IMPS.

This question belongs to: Economy GK Economy Set 1

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