Theories of Employment and Income Important Questions

12th Standard EM

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Economics

Time : 01:00:00 Hrs
Total Marks : 50
    5 x 1 = 5
  1. According to Keynes, which type of unemployment prevails in capitalist economy ?

    (a)

    Full employment

    (b)

    Voluntary unemployment

    (c)

    Involuntary unemployment

    (d)

    Under employment

  2. The core of the classical theory of employment is____________

    (a)

    Law of Diminishing Return

    (b)

    Law of Demand

    (c)

    Law of Markets

    (d)

    Law of Consumption

  3. Keynes attributes unemployment to__________

    (a)

    A lack of effective supply

    (b)

    A lock of effective demand

    (c)

    A lack of both

    (d)

    None of the above

  4. Full employment as "that level of employment at which any further increase in spending would resort in an inflationary spiral of wages and prices" who quote this above concept.

    (a)

    J,M. Keynes

    (b)

    Lerner

    (c)

    J,B. Say

    (d)

    All the above

  5. Rate of interest is a stock

    (a)

    Socialism

    (b)

    Keynesianism

    (c)

    Classicism

    (d)

    All the above

  6. 5 x 1 = 5
  7. AD

  8. (1)

    The general theory of employment interest and money'

  9. Aggregate Supply

  10. (2)

    Aggregate Supply Function

  11. ED

  12. (3)

    C + S + T + RF = Aggregate income generated in the economy

  13. ASF

  14. (4)

    C + I + G + (X-M)

  15. Keynes' book

  16. (5)

    Y = C + I= Output = Employment

    5 x 2 = 10
  17. List out the assumptions of Say’s law.

  18. What are the components of aggregate supply ?

  19. Give short note on Cyclical unemployment?

  20. What are the four components of aggregate demand?

  21. Write the formula for aggregate supply?

  22. 5 x 3 = 15
  23. Explain about aggregate supply with the help of diagram.

  24. Write any five differences between classism and Keynesianism.

  25. Explain the classical theory about unemployment?

  26. Write a short note on effective demand?

  27. Give the factors on which the aggregate demand depends.

  28. 3 x 5 = 15
  29. Explain the differences between classical theory and Keynes theory.

  30. Draw the diagram for Aggregate supply curves diagram.

  31. State the ‘Full Employment’ in The Classical view.

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