Theories of Employment and Income Book Back Questions

12th Standard EM

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Economics

Time : 00:45:00 Hrs
Total Marks : 30
    5 x 1 = 5
  1. Every able bodied person who is willing to work at the prevailing wage rate is employed called as ___________

    (a)

    Full employment

    (b)

    Under employment

    (c)

    Unemployment

    (d)

    Employment opportunity

  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. _________ Flexibility brings equality between saving and investment

    (a)

    Demand

    (b)

    Supply

    (c)

    Capital

    (d)

    Interest

  4. ________ theory is a turning point in the development of modern economic theory.

    (a)

    Keynes’

    (b)

    Say’s

    (c)

    Classical

    (d)

    Employmen

  5. The basic concept used in Keynes Theory of Employment and Income is__________

    (a)

    Aggregate demand

    (b)

    Aggregate supply

    (c)

    Effective demand

    (d)

    Marginal Propensity Consume

  6. 3 x 2 = 6
  7. List out the assumptions of Say’s law.

  8. What is effective demand ?

  9. What are the components of aggregate supply ?

  10. 3 x 3 = 9
  11. According to classical theory of employment, how wage reduction solve the problem of unemployment diagramatically explain.

  12. What do you mean by aggregate demand ? Mention its components

  13. Write any five differences between classism and Keynesianism.

  14. 2 x 5 = 10
  15. Describe the types of unemployment

  16. Explain the differences between classical theory and Keynes theory.

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