S.Y B.COM
SEMESTER - 3
MACRO ECONOMIC THEORY
(MET)
MCQs: UNIT - 2
1. Say's law originally worked in ____________ economy.
A. money using
B. barter
C. both
D. none
2. According to classical economist saving is equal to investment, if there is no equality between them so _________ brings equality between them.
A. interest rate
B. price
C. demand for goods
D. supply of moneys
3. "No over production, no under production" means ___________.
A. supply = demand
B. income = expense
C. supply = output
D. no lack of income
4. Due to fall in rate of interest _____________.
A. saving also falls
B. investment also falls
C. invest rises
D. both (a) & (c)
5. If there is increase in R.O.I then there is change in saving in ___________.
A. same direction
B. opposite direction
C. no direction
D. can't say
6. Supply of labour depends on
A. wage rate
B. marginal disutility of labour
C. policy of producer
D. both (a) & (b)
7. There _________ relation between real wage rate & supply of labour.
A. positive
B. negative
C. none
D. inverse
8. Labour market equilibrium decides _________ in economy.
A. employment
B. output
C. money
D. both (a) & (b)
9. Labour market equilibrium is also called as _________.
A. classical theory of employment
B. wage cut theory
C. both (a) & (b)
D. none
10. If there is increase in wage rate, producer will __________ demand for labour
A. reduce
B. increase
C. none
D. make no change
11. Problem of unemployment can be solved _________ by classical economists.
A. providing equal wage
B. providing equal job
C. reducing wage
D. none
12. "Effective demand" theory was developed by
A. Robbins
B. Smith
C. Marshall
D. Keynes
13. Effective demand includes _________.
A. consumption demand
B. investment demand
C. production demand
D. both (a) & (b)
14. Which is the main statement of say's law of market?
A. DD creates its own SS
B. SS creates its own production
C. SS creates its own D
D. none
15. ADF means ________.
A. minimum sales proceed
B. expected sales proceed
C. excepted cost
D. minimum cost
16. ADF is also called
A. ADP
B. revenue
C. both (a) & (b)
D. none
17. ASF is considered as
A. minimum sales proceed
B. maximum sales proceed
C. minimum revenue
D. maximum revenue
18. ASF is known as ________.
A. ASP
B. ADP
C. none
D. both
19. There is _________ relation between ADF & DD for labour.
A. direct relation
B. inverse
C. none
D. can't say
20. Effective DD shows
A. full employment level in economy
B. full output level
C. level of employment only
D. all
21. Unemployment can be solved by _________ according to Keynes.
A. effective income
B. effective supply
C. effective demand
D. gainful employment
22. To reduce unemployment level or to achieve full employment level what should be done according to effective demand theory?
A. to reduce ASF
B. to increase ADF
C. to reduce tax
D. to start new project
23. Keynes deals in ______.
A. long run theory
B. short run theory
C. none
D. both
24. What are the postulates of classical theory?
A. full employment
B. economy always in equilibrium
C. laissez fair system
D. all of these
25. Who among the following is not considered classical economists?
A. Pro. Lionel Robbins
B. Adam Smith
C. J.M.Keynes
D. both (a) & (c)
26. Who has given theory of "Say's law of market
A. J.M.Keynes
B. K.B.Say
C. J.B.Say
D. R.B.Say
27. Who has given theory "Wage cut"
A. Adam Smith
B. Keynes
C. Robbins
D. A.C.Pigou
28. Laissez fair system means
A. no government intervention
B. no monopoly
C. FOP are mobile
D. all of these
29. Economy is in equilibrium when
A. total income of economy = total expenditure of economy
B. aggregate income or economy aggregate expense of economy
C. Y=E
D. all of these
30. If Saving investment then to make them equal what should be done?
A. to increase rate of interest
B. to reduce rate of interest
C. to increase bank charges
D. to reduce wages
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