The people whose income is obtained from the work of their physical and mental skills are called
Labours
Land owners
Feudalist
Children
Individual choices and decisions as to work or not to work determine the
demand for labour
supply of labour
demand for consumption
supply for capital
The need for labour on the part of employers determines the
supply of consumption
The rent paid by the farmer goes to the owner of the land who is called
land lord
tenent
producer
consumer
If TR is equal to total costs then Profits will be
Zero
More then one
Less than one
Negative
The price paid for capital is called
rent
interest
wages
profit
If the businessman has enough money to run business, and has some money left over it is called
entrepreneurship
The price of labour is called
Wage
Profit
Rent
Interest
Which one of the following character who does not own any other factors of production other than himself ?
labourer
landlord
entrepreneur
Minimum Wages Act was passed in
1947
1946
1945
1948