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A cantilever of length is subjected to a bending moment at its free end. b. a field that applies economic theory and the tools of decision science. Thus, the theory of functional distribution is called the theory of factor pricing. This theory was first developed by the economist David Ricardo; it was called The ricardian theory of rent. Ricardo defined rent as "that portion of produced of the earth which is paid to the landlord for the use of the original and indestructible powers of the soil". This activity contains 20 questions. C. Rankine’s theory. Introduction to Micro Economics MCQ, which are covered in this chapter, relate to the topic, Introduction to Micro Economics. University. Module. Rent (d) Wages. ANS: A. Q No: 15. Maximum shear stress theory for the failure of a material at the elastic limit, is known. Multiple Choice Questions for Production Costs. Consider the following statements: Economic Development's is a. continuous process. 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Given below are essential MCQs on the Cost concept to analyze your understanding of the topic. speculative demand for money. This document is highly rated by CA Foundation students and has been viewed 14921 times. View Answer. Short run cost. The Ricardian theory of rent follows from the views of classical writers about the … Professionals, Teachers, Students and Kids Trivia Quizzes to test your knowledge on the subject. Rent is maximum on the best quality land, the amount of rent decreasing as successively worse grades of land are taken in simply due to a rise in cost of production. Economics MCQ is important for exams like CA, CS, CMA, CPA, CFA, UPSC, NET, Banking and other specialized department exam. MULTIPLE CHOICE QUESTIONS CONSUMPTION 1. The answers are also given for your reference. Managerial economics is. (A) Value in use (B) Value in exchange (C) Both of above (D) None of above Ans : (A-Value in use) 20. 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