Marginal revenue product of labour is calculated as: MCQ with Answer and Explanation

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Marginal revenue product of labour is calculated as:

A. AP of labour divided by wage

B. marginal cost divided by output

C. total product multiplied by wage

D. MP of labour multiplied by marginal revenue

Answer: Option D

Solution (By JKSSB Mock Tests)

Marginal revenue product of labour equals marginal product of labour multiplied by marginal revenue.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Yojana Aayog' is the Hindi name for:

A. NITI Aayog

B. Planning Commission

C. Finance Commission

D. GST Council

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Correct Answer: Option B

Explanation:
The Planning Commission was known as Yojana Aayog in Hindi.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Periodic Labour Force Survey' was started in which year?

A. 2019

B. 2017

C. 2015

D. 2018

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Correct Answer: Option B

Explanation:
PLFS was launched in 2017.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax' on a transaction is payable by the:

A. buyer always

B. government

C. GST Council

D. supplier, except under reverse charge

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Correct Answer: Option D

Explanation:
Generally the supplier pays GST, but under reverse charge the recipient pays.

This question belongs to: Economy GK Economy Set 1

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