Theory Of Employment — Practice Quiz
Telangana Open School (TOSS) · Class 12 · Economics
Try a 4-question quiz on Theory Of Employment for Telangana Open School (TOSS) Class 12 Economics: tap an answer to check it and see why.
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Quick Quiz: Theory Of Employment
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What is the main idea of Say's Law of Markets?
According to classical economists, what is the normal condition of employment in an economy?
Which economist is associated with the wage cut policy?
In the classical theory, what ensures equilibrium between savings and investment?
Sample Questions
What does aggregate supply depend on primarily?
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Level of employment
Aggregate supply increases as more people are employed and produce more goods.
Which of the following is a key assumption of classical theory?
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Perfect competition in markets
Classical theory assumes perfect competition in both labor and product markets.
What does the term 'effective demand' refer to?
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Aggregate demand equal to aggregate supply
Effective demand occurs when the amount entrepreneurs expect to receive (AD) equals what they must receive (AS).
Who developed the concept of effective demand?
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John Maynard Keynes
Keynes introduced the concept of effective demand in his General Theory.
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