{"id":44563,"date":"2024-04-15T21:45:31","date_gmt":"2024-04-15T21:45:31","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=44563"},"modified":"2024-04-15T21:45:31","modified_gmt":"2024-04-15T21:45:31","slug":"match-the-following-theories-of-profit-with-their-propounders-theory-propounder-a-profit-as-rent-of-ability-1-f-b-hawley-b-dynamic-theory-of-profit-2-joseph","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/match-the-following-theories-of-profit-with-their-propounders-theory-propounder-a-profit-as-rent-of-ability-1-f-b-hawley-b-dynamic-theory-of-profit-2-joseph\/","title":{"rendered":"Match the following theories of profit with their propounders Theory Propounder a. Profit as Rent of Ability 1. F. B. Hawley b. Dynamic Theory of Profit 2. Joseph"},"content":{"rendered":"<p>\r\n    <!-- Check if it's an AMP page -->\r\n            <!-- Non-AMP version -->\r\n        <div class=\"mcq-container\" data-quiz-id=\"quizState_6a97908129fdd\">\r\n                                            <div class=\"option\" data-option-key=\"option1\" data-is-correct=\"false\">\r\n                    Schumpeter c. Risk Theory of Profit 3. J.                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option2\" data-is-correct=\"false\">\r\n                    Hawley b. Dynamic Theory of Profit 2. Joseph A. Schumpeter c. Risk Theory of Profit 3. J. B. Clark d. Innovation Theory of Profit 4. F. A. Walker A. a-4, b-2, c-3, d-1 B. a-1, b-2, c-3, d-4                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option3\" data-is-correct=\"true\">\r\n                    a-4, b-3, c-1, d-2                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option4\" data-is-correct=\"false\">\r\n                    a-3, b-1, c-2, d-4                <\/div>\r\n                            \r\n            <!-- Feedback messages for non-AMP -->\r\n            <div class=\"feedback\" data-feedback=\"wrong\">Answer is Right!<\/div>\r\n            <div class=\"feedback\" data-feedback=\"right\">Answer is Wrong!<\/div>\r\n        <\/div>\r\n\r\n        <script>\r\n        document.addEventListener('DOMContentLoaded', function () {\r\n            var containers = document.querySelectorAll('.mcq-container');\r\n\r\n            containers.forEach(function(container) {\r\n                var options = container.querySelectorAll('.option');\r\n                var feedbackSelect = container.querySelector('[data-feedback=\"select\"]');\r\n                var feedbackWrong = container.querySelector('[data-feedback=\"wrong\"]');\r\n                var feedbackRight = container.querySelector('[data-feedback=\"right\"]');\r\n\r\n                options.forEach(function(option) {\r\n                    option.addEventListener('click', function() {\r\n                        var selectedOption = option.getAttribute('data-option-key');\r\n                        var isCorrect = option.getAttribute('data-is-correct') === 'true';\r\n\r\n                        \/\/ Remove previous selections\r\n                        options.forEach(function(opt) {\r\n                            opt.classList.remove('correct', 'incorrect');\r\n                        });\r\n\r\n                        \/\/ Add the correct\/incorrect class\r\n                        if (isCorrect) {\r\n                            option.classList.add('correct');\r\n                            feedbackRight.hidden = false;\r\n                            feedbackWrong.hidden = true;\r\n                        } else {\r\n                            option.classList.add('incorrect');\r\n                            feedbackRight.hidden = true;\r\n                            feedbackWrong.hidden = false;\r\n                        }\r\n\r\n                        \/\/ Hide select feedback\r\n                        feedbackSelect.hidden = true;\r\n                    });\r\n                });\r\n            });\r\n        });\r\n        <\/script>\r\n    \r\n    <!--more--><\/p>\n<p>The correct answer is C.<\/p>\n<p>a. Profit as Rent of Ability (4) &#8211; F. A. Walker<\/p>\n<p>Walker argued that profit is a form of rent, which is a payment for the use of scarce resources. He believed that entrepreneurs are <div class=\"telegram-channel-container\">\r\n        <a href=\"https:\/\/t.me\/pscnotes2025\" target=\"_blank\" class=\"telegram-channel-button\">\r\n            <span class=\"telegram-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 496 512\">\r\n                    <path fill=\"white\" d=\"M248,8C111,8,0,119,0,256s111,248,248,248s248-111,248-248S385,8,248,8z M362,177L320,367c-3,14-10,18-20,14l-56-41l-27,26 c-3,3-5,5-10,5l4-63L323,196c5-5-1-7-8-3l-98,62l-42-13c-9-3-10-9,2-14l162-63C351,160,365,164,362,177z\"\/>\r\n                <\/svg>\r\n            <\/span>\r\n            Join Our Telegram Channel\r\n        <\/a>\r\n    <\/div> a scarce resource, and that they are therefore entitled to a share of the profits that their businesses generate.<\/p>\n<p>b. Dynamic Theory of Profit (2) &#8211; Joseph A. Schumpeter<\/p>\n<p>Schumpeter argued that profit is a reward for innovation. He believed that entrepreneurs are the ones who drive economic progress by introducing new products, new processes, and new ways of doing business. He argued that these innovations create new wealth, and that the entrepreneurs who introduce them are entitled to a share of that wealth.<\/p>\n<p>c. Risk Theory of Profit (3) &#8211; J. B. Clark<\/p>\n<p>Clark argued that profit is a reward for risk-taking. He believed that entrepreneurs are the ones who take on the risk of starting and running businesses. He argued that this risk <div class=\"youtube-subscribe-container\">\r\n        <a href=\"https:\/\/www.youtube.com\/channel\/UCNHT8lW-JmLC68rjBfZhdkg?sub_confirmation=1\" target=\"_blank\" class=\"youtube-subscribe-button\">\r\n            <span class=\"youtube-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 576 512\">\r\n                    <path d=\"M549.7 124.1c-6.3-23.7-24.8-42.3-48.3-48.6C458.8 64 288 64 288 64S117.2 64 74.6 75.5c-23.5 6.3-42 24.9-48.3 48.6-11.4 42.9-11.4 132.3-11.4 132.3s0 89.4 11.4 132.3c6.3 23.7 24.8 41.5 48.3 47.8C117.2 448 288 448 288 448s170.8 0 213.4-11.5c23.5-6.3 42-24.2 48.3-47.8 11.4-42.9 11.4-132.3 11.4-132.3s0-89.4-11.4-132.3zm-317.5 213.5V175.2l142.7 81.2-142.7 81.2z\"\/>\r\n                <\/svg>\r\n            <\/span>\r\n            Subscribe on YouTube\r\n        <\/a>\r\n    <\/div> is a real cost, and that entrepreneurs are therefore entitled to a share of the profits that their businesses generate.<\/p>\n<p>d. Innovation Theory of Profit (1) &#8211; F. B. Hawley<\/p>\n<p>Hawley argued that profit is a reward for organizing and managing resources. He believed that entrepreneurs are the ones who bring together the factors of production and organize them into productive businesses. He argued that this is a valuable service, and that entrepreneurs are therefore entitled to a share of the profits that their businesses generate.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Join Our Telegram Channel Subscribe on YouTube<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Match the following theories of profit with their propounders Theory Propounder a. Profit as Rent of Ability 1. 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