Characteristics and Institutions of Developing Countries
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- Characteristics and Institutions of Developing Countrieseconomics-mcqs › characteristics-and-institutions-of-developing-countries
- Published
- 2 Jun 2019
- Last updated
- 28 May 2026
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What does the term 'economic rent' refer to?
Multiple choice question for Characteristics and Institutions of Developing Countries. Select an option, then review the explanation below.
Explanation
Economic rent refers to the payments that exceed the minimum necessary to attract resources into the market. It is the surplus payment made beyond what is required to employ a factor of production.
More Characteristics and Institutions of Developing Countries MCQs
Practice related questions from the same subject.
- 1.What characteristic sets a dual economy apart from other types of economies?
- 2.What defines a dual economy in a country?
- 3.What is the ratio between the population density of developing nations and the total population of developed nations?
- 4.In low-income nations, how much surplus does the typical farming household generate?
- 5.If the real income of Developing Island rises from $120,000 in 2005 to $160,000 in 2006, and its population grows from 1,000 to 1,100 during that time, approximately how much did the real income per person increase?