Question : The minimum payment to a factor of production is called:
Option 1: quasi-rent
Option 2: rent
Option 3: wages
Option 4: transfer payment
Correct Answer: transfer payment
Solution : The correct answer is transfer payment .
Transfer income is the minimal payment to a component of production. Transfer revenue is the bare minimum required to retain a factor of production in its current usage. It is also known as the potential cost of the production factor.
Related Questions
Know More about
Staff Selection Commission Multi Tasking ...
Application | Cutoff | Selection Process | Preparation Tips | Eligibility | Exam Pattern | Admit Card
Get Updates BrochureYour Staff Selection Commission Multi Tasking Staff Exam brochure has been successfully mailed to your registered email id “”.