The concept of 'Economic Rent' in classical economics refers to:
A. Profit of the entrepreneur
B. Payment for the use of land arising from its scarcity
C. Payment for the use of capital only
D. Wages of labour
Answer: Option B
Solution (By JKSSB Mock Tests)
In classical economics, economic rent is the payment made for the use of land (or other resources in fixed supply) that arises due to its scarcity and differential fertility.
Explanation:
Fiscal consolidation refers to policies and measures undertaken to reduce the fiscal deficit and put public finances on a sustainable path.
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