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12th Economics Monthly Test - 1 ( Theories of Employment and Income )

St. Britto Hr. Sec. School - Madurai

12th Economics Monthly Test - 1 ( Theories of Employment and Income )-Aug 2020

Time : 2.30 Hours

Part - A

Multiple Choice Question - Answer All Question

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

Aggregate demand
Aggregate supply
Effective demand
Marginal Propensity Consume

Keynesian theory is based on _____________ equilibrium.

Very short - run equilibrium
Short run - equilibrium
Long run - equilibrium
Very long run - equilibrium

Which of the following economies largely structural unemployment which is due to slow rate of capital formation?

Developing economies
Underdeveloped economies
Developed economies
None of the above

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

Developed Economies
Underdeveloped economies
Developing economics
None of the above

Which of the following are true of disguised unemployment?
I. It represents potential savings.
II. The marginal productivity of labour is zero or extremely low.
III. It is due to the existence of joint family system.
IV. It is confined to the rural areas.

II and IV
III and IV
I, II and III
I, II, III and IV

___________ price is the total amount of money.

Aggregate supply
Aggregate demand
Aggregate income
Aggregate price

J.B. Say is a __________ economist.

French
British
Dutch
Indian

Supply creates its own ____________

demand
production
money
sales

Based on Keynesianism __________ is vice.

Saving
Production
Consumption
None of these

Mohan used to work as an autoworker, and due to the decline of the Indain auto industry, is now unemployed and thinking about retraining as a bicycle assembler. What type of unemployment is he experiencing?

frictional unemployment
structural unemployment
cyclical unemployment
natural unemployment

Interest flexibility brings equality between __________

Income and consumption
Saving and investment
Demand and supply
Labour and capital

Every able bodied person who is willing to work at the prevailing wage rate but not employed is called _____________

Full employment
Under employment
Unemployment
Employment opportunity

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.

J,M. Keynes
Lerner
J,B. Say
All the above

Supply creates its own demand “is a law of:

Investment
Inflation
Consumption
Market

Say's law of market is the core of the __________ theory of employment.

classical
economical
environmental
proportional

Part - B

Generic 2 - Answer All Question

What is Technical Unemployment?

Define full employment.

Write any two types of unemployment?
Give short note on frictional unemployment

Draw the diagram of effective demand

What is Say's law of market?

Give reasons for labour retrenchment at present situation.

Comment : “Self-Adjustment not Possible”

What are the assumptions of Say's Law of Market?

Write a note on “wage-price rigidity” Keynes.

What is the main criticism of Keynes on Classicals?

What are the two factors depend on MEC?

What is Aggregate supply?

Write the formula for aggregate supply?

Write a short note about Keynes theory?

Give reasons for labour retrenchment at present situation

Part - C

Generic 3 - Answer All Question

Explain the classical theory about unemployment?

Explain about aggregate supply with the help of diagram.

Explain the following in short
(i)   Seasonal unemployment
(ii)   Frictional unemployment
(iii)   Educated unemployment

Aggregate Demand Function (ADF) – Explain

Write the criticism of Say's Law.

Explain about aggregate supply with the help of diagram.
Explain the following in short
(i) Seasonal unemployment
(ii) Frictional unemployment
(iii) Educated unemployment

Explain how it might be possible for the unemployment rate to decline even though the number of unemployed is growing

Distinguish between Fictional and Structural unemployment.

Give the factors on which the aggregate demand depends.

What are the economic costs of unemployment?

Part - D

Generic 5 - Answer All Question

Comparison of Classicism and Keynesianism

Draw the diagram for Aggregate supply curves diagram.

Describe the types of unemployment
Describe the types of unemployment.

List out all assumption of say's law of market?

Critically explain Say’s law of market

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