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Wages of the workers are normally, the proportionality derived from their efficiency. But the concept of efficiency of labour is itself vague such as amount of physical output, output per man hour or output per man shift. But output is not the function of man alone. There are other factors which affect the output. Which among the following is/are not the factor(s) that would affect the output directly?<br>1. Physical condition of work<br>2. Nature of machinery<br>3. Technical process<br>4. Quality of raw material<br>5. System of management<br>6. Role of fellow workers<br>7. Competitors in the market

Correct Answer: 6 and 7

Which of the following statements are true/ false?
1. With the decrease in wages, the opportunity cost of leisure decreases.
2. An income effect is associated with lower wages.
3. The market demand curve for a particular type of labour is the horizontal summation of the marginal revenue product of labour curves of every firm in the market for that type of labour.
4. The market supply of labour is the number of workers of a particular type and skill level who are willing to supply their labour to firm at different wages.

Which of the following statement(s) about the 'labour market' is/are true?
1. Like a commodity market, the relationship between a buyer and a seller in a labour market is temporary.
2. There is a diversity of wage rates in a labour market even for similar nature of work.
3. Monopoly in the labour market is extremely rare.
4. Monopsony referring to the buyer's control is more in the labour market.

When labour is plotted on X-axis and capital is plotted on Y-axis and an isoquant is prepared, then which of the following statement(s) is/arefalse?
1. Marginal rate of technical substitution of labour for capital is equal to the slope of the iso-quant.
2. Marginal rate of technical substitution of labour for capital is equal to change in the units of capital divided by the change in the units of labour.
3. Marginal rate of technical substitution of labour for capital is the ratio of marginal productivity of capital to marginal productivity of labour.

Which of the following statements are true/false?
1. Piece rate system is easy to calculate the wages under this method as it provides certainty of the amount of wage payment to the employee.
2. In time wage system, there is fixed wage because the wages are dependent on the units of pieces produced.
3. Time wage system is based on the fact that the workers are paid on the basis of amount of time they spend on the doing the particular job.
4. Piece rate system is based on the fact that workers are paid the wages on the basis of quantity and quality of work performed by them.

Read the following passage carefully and choose the most appropriate answer to the question out of the four alternatives.
Most economists in the United States seem captivated by the spell of the free market. Consequently, nothing seems good or normal that does notaccord with the requirements of the free market. A price that is determined by the seller or, for that matter (for that matter: so far as that isconcerned), established by anyone other than the aggregate of consumers seems pernicious. Accordingly, it requires a major act of will to thinkof price-fixing (the determination of prices by the seller) as both "normal" and having a valuable economic function. In fact, price-fixing is normalin all industrialized societies because the industrial system itself provides, as an effortless consequence of its own development, the price-fixingthat it requires. Modern industrial planning requires and rewards great size. Hence, a comparatively small number of large firms will be competingfor the same group of consumers. That each large firm will act with consideration of its own needs and thus avoid selling its products for morethan its competitors charge is commonly recognized by advocates of free-market economic theories. But each large firm will also act with fullconsideration of the needs that it has in common with the other large firms competing for the same customers. Selling a commodity at a price that is not more than that charged by competitors is -

Each of the following problem has a question and two statements which are labeled 1. and. Use the data given in 1. and 2. to decide whether the statements are sufficient to answer the question.Select one of the following . a.Statements (1) ALONE is sufficient,but (2) ALONE is not sufficient. b.Statements (2) ALONE is sufficient,but (1) ALONE is not sufficient. c. Both statement TOGETHER are sufficient but statement alone is sufficient .Car X traveled from city A to city B in 30 minutes.What was the average speed of car X? (1) Half the distance of the trip was covered at 50 miles per hour, and the other half of the distance was covered at 60 miles per hour.(2) Car X traveled 30 miles during the trip.

Which of the following statements relating to 'role' is/are true and false?
1 The system of various roles that the individual carries and performs is 'role set'.
2. The system of various roles of which an individuals role is a part in 'role space'.
3. Self role integration, proactivity, creativity and conformation are ingredients of the role making dimension of role efficacy.
4. Role stress is caused by both role space conflict and role set conflict.

Read the following.
Unions demand high wages to counter inflationary pressures on the economic conditions of the working class. Higher wages enhance the purchasing power of the workers, there by raising inflation.
Which of the following inferences are wrong?
1. Unions have the sole purpose of improving the economic conditions of workers.
2. Enhanced wages increase the purchasing power of workers.
3. Inflation and purchasing power are negatively correlated.
4. Inflation drives unions to go for demanding higher wages.

Consider the following for Equal Remuneration Act, 1976.
1. The employer needs to pay his workers equal pay irrespective of their genders for performing the same work or work of a similar nature.
2. Only labour officer has the right of hearing for deciding complaints with regard to claims arising out of non-payment of wages at equal rates to men and women workers for the same work or work of a similar nature.
3. The employer cannot discriminate between men and women workers while recruiting them for the same work or work of a similar nature.
Which of the following statement given above is/are correct?

A factory employs skilled workers, unskilled workers and clerks in the proportion 8 : 5 : 1, and the wages of a skilled worker, an unskilled worker and a clerk are in the ratio 5 : 2 : 3. When 20 unskilled workers are employed, the total daily wages of all amount to Rs 318. Total wages paid to each category of workers are