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12th Standard Economics Theories of Employment and Income English Medium Free Online Test One Mark Questions with Answer Key 2020 - 2021

12th Standard

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Economics

Time : 00:20:00 Hrs
Total Marks : 20

    Answer all the questions

    20 x 1 = 20
  1. 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

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

    (a)

    Keynes’

    (b)

    Say’s

    (c)

    Classical

    (d)

    Employmen

  3. The component of aggregate demand is__________

    (a)

    Personal demand

    (b)

    Government expenditure

    (c)

    Only export

    (d)

    Only import

  4. Keynes theory pursues to replace laissez faire by ___________

    (a)

    No government intervention

    (b)

    Maximum intervention

    (c)

    State intervention in certain situation

    (d)

    Private sector intervention

  5. Say’s law stressed the operation of________ in the economy

    (a)

    Induced price mechanism

    (b)

    Automatic price mechanism

    (c)

    Induced demand

    (d)

    Induced investment

  6. 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

  7. 'Demand creates its own supply' - who said this.

    (a)

    Socialism

    (b)

    Keynesianism

    (c)

    Classicism

    (d)

    Both 'b' and 'c'

  8. Every economy in the world aims at attaining the level of _________

    (a)

    Full employment

    (b)

    Unemployment

    (c)

    Seasonal unemployment

    (d)

    Educated unemployment

  9. Effective demand equals to ____________

    (a)

    National income

    (b)

    Gross income

    (c)

    Total income

    (d)

    Net income

  10. Capital stock and technological knowledge are given in the ______________

    (a)

    medium run

    (b)

    long run

    (c)

    short run

    (d)

    none of the above

  11. J.B. Say is a __________ economist.

    (a)

    French

    (b)

    British

    (c)

    Dutch

    (d)

    Indian

  12. Keynesian theory is based on _____________ equilibrium.

    (a)

    Very short - run equilibrium

    (b)

    Short run - equilibrium

    (c)

    Long run - equilibrium

    (d)

    Very long run - equilibrium

  13. ___________ was set up in July 1982.

    (a)

    ARDC

    (b)

    NABARD

    (c)

    ICICI

    (d)

    Indian Bank

  14. Keynes book, "The General Theory of Employment, interest and Money" published in ___________.

    (a)

    1932

    (b)

    1930

    (c)

    1933

    (d)

    1936

  15. Which of the following economies have the unemployment is purely temporary or cyclical or frictional?

    (a)

    Developed Economies

    (b)

    Underdeveloped economies

    (c)

    Developing economics

    (d)

    None of the above

  16. Identify the odd one

    (a)

    David Ricardo

    (b)

    J. M. Keynes

    (c)

    J. S. Mill

    (d)

    J. B. Say

  17. Find the odd one with the context of aggregate demand

    (a)

    Consumption demand

    (b)

    Investment demand

    (c)

    Government expenditure

    (d)

    interest is equilibrating factor

  18. Which of the following is not an assumption of classical theory?

    (a)

    Price flexibility

    (b)

    Unemployment

    (c)

    Say’s law

    (d)

    Neutrality of money

  19. In classical theory of employment, there is the possibility of:

    (a)

    Voluntary unemployment

    (b)

    No unemployment

    (c)

    Involuntary unemployment

    (d)

    Disguised unemployment

  20. In classical theory which of the following is found in the economy

    (a)

    Unemployment

    (b)

    Involuntary unemployment

    (c)

    Less than full employment

    (d)

    Full employment

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