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12th Standard Economics - Theories of Employment and Income Model Question Paper Oct-01 , 2019

Theories of Employment and Income 

12th Standard Economics - Theories of Employment and Income Model Question Paper

Theories of Employment and Income Model Question Paper

12th Standard

    Reg.No. :
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Economics

Time : 02:00:00 Hrs
Total Marks : 50
    6 x 1 = 6

  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. J.B. Say is a ___________

    (a)

    Neo Classical Economist

    (b)

    Classical Economist

    (c)

    Modern Economist

    (d)

    New Economist

  3. 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

  4. _________ Flexibility brings equality between saving and investment

    (a)

    Demand

    (b)

    Supply

    (c)

    Capital

    (d)

    Interest

  5. According to classical theory, rate of interest is a reward for __________

    (a)

    Investment

    (b)

    Demand

    (c)

    Capital

    (d)

    Saving

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

    (a)

    Induced price mechanism

    (b)

    Automatic price mechanism

    (c)

    Induced demand

    (d)

    Induced investment

    7. 5 x 1 = 5

  7. Full employment

    8. (1)

    C + I + G + (X-M)

  8. Cyclical Unemployment

    9. (2)

    Lerner

  9. ED

    10. (3)

    The general theory of employment interest and money

  10. Keynes' book

    11. (4)

    Caused by deficiency of effective demand

  11. MEC

    12. (5)

    Rate of interest
    2 x 2 = 4

  12. Assertion: Disguised unemployment occurs when more people are working than what is actually required.
    Reason: In Disguised unemployment Marginal Productivity of labour is zero or less or negative.
    Codes:
    (a) Both A and R are true and R is the Correct explanation of A
    (b) Both A and R are true but R is not the correct explanation of A
    (c) A is the true but R is false
    (d) A is false but R is true

  13. Assertion: "The General Theory of employment, interest and money published in 1936.
    Reason: A highly significant work that marked a turning point in the development of modern economic theory.
    Codes:
    (a) Both A and R are true and R is the Correct explanation of A
    (b) Both A and R are true but R is not the correct explanation of A
    (c) A is the true but R is false
    (d) A is false but R is true

    14. 2 x 2 = 4

  14. "Supply creates its own demand" - who enunciated this proposition.
    (a) J.S. Mill
    (b) J.M. Keynes
    (c) David Ricardo
    (d) J.B. Sa

  15. Classicism:
    (a) Capitalism is well and good.
    (b) Macro approach to national problems.
    (c) Champions of Laissez - faire policy.
    (d) Long run equilibrium

    16. 3 x 2 = 6

  16. What is the main feature of rural unemployment ?

  17. Give reasons for labour retrenchment at present situation.

  18. What is effective demand?

    19. 5 x 3 = 15

  19. According to classical theory of employment, how wage reduction solve the problem of unemployment diagramatically explain.

  20. Explain Keynes’ theory in the form of flow chart.

  21. Explain about aggregate supply with the help of diagram.

  22. Write any five differences between classism and Keynesianism.

  23. Explain the classical theory about unemployment?

    24. 2 x 5 = 10

  24. Critically explain Say’s law of market

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

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