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. marginal cost divided by output

B. MP of labour multiplied by marginal revenue

C. AP of labour divided by wage

D. total product multiplied by wage

Answer: Option B

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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Practice More Economy Set 1 Questions

Question #1

The 'United Nations Educational, Scientific and Cultural Organization' is headquartered in:

A. Rome

B. Paris

C. New York

D. Geneva

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Correct Answer: Option B

Explanation:
UNESCO is headquartered in Paris.

This question belongs to: Economy GK Economy Set 1

Question #2

Under a floating exchange rate system, a fall in the external value of a currency due to market forces is called:

A. appreciation

B. depreciation

C. devaluation

D. revaluation

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Correct Answer: Option B

Explanation:
A market-driven fall in the external value of a currency is called depreciation.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Financial Literacy' in India is promoted by RBI through:

A. import duties

B. financial education initiatives and awareness campaigns

C. tax collection

D. stock exchanges

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Correct Answer: Option B

Explanation:
RBI promotes financial literacy through various campaigns and initiatives.

This question belongs to: Economy GK Economy Set 1

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