Commerce Exam > Commerce Notes > Crash Course of Macro Economics -Class 12 > MCQs - Determination Of Equi. level of Income, Output and Employment
MCQs - Determination Of Equi. level of Income, Output and Employment | Crash Course of Macro Economics -Class 12 - Commerce PDF Download
Q.1 As per Keynesian Economics, the equilibrium level of income is determined at a level where
(a) Ex-ante savings = ex-ante investments
(b) Ex- post saving = ex-post investments
(c) Both (a) and (b)
(d) Neither (a) nor (b)
Ans: A
Q.2 As per Keynesian Economics, the equilibrium level of income is determined at a level where
(a) Aggregate Demand is more than 450 line
(b) Aggregate demand is less than 450 line
(c) Aggregate Demand – curve intersects 450 line
(d) All of the above
Ans: C
Q.3 In case of equilibrium below the full employment condition
(a) AS > AD & resources are fully utilized
(b) AD > AS & resources are not fully utilized
(c) AD = AS but resources area not fully utilized
(d) None of the above.
Ans: B
Q.4 Problem of unemployment is the problem of
(a) Voluntary unemployment
(b) Involuntary employment
(c) Involuntary unemployment
(d) One of the above
Ans: C
Q.5 Fiscal policy is maintained by
(a) NITI Aayog
(b) Supreme Court of India
(c) Government of India
(d) Reserve Bank of India
Ans: C
Q.6 Since AS = C + S and AD = C + I , the equilibrium will be established where C + S = C + I, or where:
(a) S = I
(b) S > I
(c) S < I
(d) all of these
Ans: A
Q.7 Equilibrium level of income/output and employment is viewed from which of the following approaches?
(a) AS = AD approach
(b) S = I approach
(c) Both (a) and (b)
(d) None
Ans: C
Q.8 Keynes discusses equilibrium level of output, using the concept of :
(a) autonomous investment
(b) induced investment
(c) both (a) and (b)
(d) none of these
Ans: A
Q.9 --------- refers to actual saving in an economy during a year
(a) APS
(b) Ex-ante saving
(c) Ex-post saving
(d) MPS
Ans: C
Q.10 According to Keynes, the main cause of unemployment is
(a) Lack of saving
(b) Lack of investment
(c) Deficiency in aggregate demand
(d) Deficiency in aggregate supply
Ans: C
Q.11 Alternative approach to AD = AS approach is :
(a) C = 1
(b) C = S
(c) S = 1
(d) None of the above
Ans: C
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FAQs on MCQs - Determination Of Equi. level of Income, Output and Employment - Crash Course of Macro Economics -Class 12 - Commerce
| 1. What is the equilibrium level of income, output, and employment? |  |
Ans. The equilibrium level of income, output, and employment refers to the point at which aggregate demand equals aggregate supply in an economy. It represents a state of balance where there is no tendency for the economy to deviate from this level.
| 2. How is the equilibrium level of income, output, and employment determined? | |
Ans. The equilibrium level is determined by the intersection of the aggregate demand (AD) and aggregate supply (AS) curves. At this point, the total spending in the economy matches the total production and employment, resulting in a stable equilibrium.
| 3. What factors can cause a shift in the equilibrium level of income, output, and employment? | |
Ans. Several factors can cause a shift in the equilibrium level, including changes in government spending, taxation, consumer confidence, interest rates, and international trade. These factors can affect aggregate demand and supply, causing the equilibrium level to shift.
| 4. What are the implications of an equilibrium level of income, output, and employment below the full employment level? | |
Ans. If the equilibrium level is below the full employment level, it indicates a state of recession or unemployment in the economy. This implies that there is unused productive capacity and resources, leading to a decline in income and output.
| 5. How does the concept of the multiplier effect relate to the determination of the equilibrium level of income, output, and employment? | |
Ans. The multiplier effect refers to the phenomenon where an initial change in spending leads to a more significant change in income and output. It plays a crucial role in determining the equilibrium level as it amplifies the impact of changes in aggregate demand. Higher multipliers can lead to a larger shift in the equilibrium level.
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