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12th Standard English Medium Economics Subject Theories of Employment and Income Creative 5 Mark Questions with Solution

Published on: 23/06/2021

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Std: 12th Standard - Economics

chapter: - Creative Questions

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Questions:

Generic 5

5 x 5 = 25

State the ‘Full Employment’ in The Classical view.

In each of the following scenarios, classify the individual as frictionally, structurally, or cyclically unemployed. Explain your classification.
(a) There has been a general economic slow down. Because of weak demand, Kumar has lost his portering job at the railway station.
(b) Sathish, a newly qualified dental graduate, is looking for a place to set up practice.
(c) Latha is thrown out of work by the introduction of a more mechanized production process.
(d) Devi, a computer programmer with a large bank, quit her job two months ago in search of a better-paid programming position. She is still looking.

Comparison of Classicism and Keynesianism.

Draw the diagram for Aggregate supply curves diagram.

Draw the diagram ADF.

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Answers Key:

Generic 5

5 x 5 = 25

i. The classical economists always believed in the existence of full employment in the economy.
ii. To them full employment was a normal situation and any deviation from this was regarded as something abnormal.
iii. According to Pigou, the greatest exponent of the classical view, the tendency of the economic system was to automatically provide full employment in the labour market.
iv. Full employment exists “when everybody who at the running rate of wages wishes to be employed”.
v. Those who are not prepared to work at the existing wage rate are not unemployed in the Pigovian sense because they are voluntarily unemployed.
vi. There is, however, no possibility of involuntary unemployment in the sense that people are prepared to work but they do not find work

(a) Kumar is cyclically unemployed. He has lost his job as a result of the general economic recession.
(b) Sathish is frictionally unemployed. Job openings exist for him. It is merely a case of tracking down a position.
(c) Latha is structurally unemployed. Unemployment due to technological change in an industry is classified as structural.
(d) Devi, is frictionally unemployed. Job openings exist for her.

S.No	Keynesianism	Classicism
1.	Short-run equilibrium	Long-run equilibrium
2.	Saving is a vice	Saving is a social virtue
3.	The function of money is a medium of exchange on the one side and a store of value on the other side.	The function of money is to act as a medium of exchange
4.	Macro approach to national problems	Micro foundation to macro problems
5.	State intervention is advocated	Champions of Laissez-fair policy
6.	Applicable to all situations - full employment and less than full employment.	Applicable only to the full employment situation
7.	Capitalism has inherent contradictions	Capitalism is well and good
8.	Budgeting should be adjusted to the requirements of economy.	Balanced budget
9.	The equality between saving and investment is advanced through changes in income.	The equality between saving and investment is achieved through chances of rate of interest.
10.	Rate of interest is determined by the demand for and supply of money.	Rate of interest is determined by saving and investment.
11.	Rate of interest is a flow.	Rate of interest is a stock.
12.	Demand creates its own supply.	Supply creates its own demand.
13.	Rate of interest is a reward for parting with liquidity.	Rate of interest is a reward for saving.