The theory of factor prices are popularly known as __________.

(a)

Theory of distribution

(b)

Theory of interest

(c)

Theory of profit

(d)

All the above

Wages are divided into ___________ types.

(a)

One

(b)

Two

(c)

Three

(d)

Four

The wage fund theory was first propounded by Adam Smith, but the credit goes to __________.

(a)

Alfred Marshall

(b)

J.B. Say

(c)

J.S. Mill

(d)

David Ricardo

___________ is the surplus of income over expenses on production.

(a)

Interest

(b)

Wages

(c)

Profit

(d)

Rent

The Law of Diminishing Returns operates in __________.

(a)

Industry

(b)

Production

(c)

Both

(d)

Agriculture