A. Social product was the outcome of labour utilised
B. Level of wages could be arbitrarily fixed
C. Level of wages could not be changed by labour unions
D. Level of wages could not be changed by the Government
E. Level of wages was linked with employment capacity of economy.
Related Mcqs:
- Which one of the following has been wrongly listed as a feature of model of development offered by neo-classical thinkers?
A. Development is a gradual and continuous process
B. The process of development has harmonious and cumulative nature
C. They are quite optimistic about the possibilities of continued economic progress
D. None of the above - Which one of the following classical thinkers based the development theory on the prinicple of population?
A. Malthus
B. Adam Smith
C. J.S Mill
D. All the above - According to classical thinkers which one was not a measuring yard for development:
A. Land
B. Labour
C. Capital
D. Education - The neo-classical thinkers about development believe that existing social order:
A. Should be destroyed
B. Should be preserved
C. Should be modified to certain extent
D. Was not conducive for the utilisation of existing resources - The classical thinkers envisaged development:
A. With the assistance of the government
B. Without interference by the government
C. Under the guidance of the government
D. Though the combination of all the above methods - Which one of the following criticism levelled against the classical theory of development is not correct?
A. It underestimated the possibility of technological progress
B. It failed to adequately analyze the problem of maintaining aggregate demand
C. It attached too much importance to the role of technology in development
D. None of the above - The neo-classical thinkers:
A. Reiterated their faith in the people that wages are determined by supply and demand
B. Asserted that the wages are determined by the productivity of the last worker employed
C. Asserted that the wages of workers had consistently increased
D. None of the above - According to the classical theory of development, the development of a country depends on: ___________?
A. Land, labour and capital
B. Labour, capital and technology
C. Technology and capital
D. Labour and technology - Which of following thinkers built up theory of development around theory wages and rent?
A. Marx
B. Ricardo
C. Adam Smith
D. None of the above - Which one of the following put forth classical theory of development?
A. Ricardo
B. Keynes
C. Marx
D. Marshall
