Commerce Exam > Commerce Notes > Economics Class 12 > Worksheet: Determination of Income and Employment- 2
Worksheet: Determination of Income and Employment- 2 | Economics Class 12 - Commerce PDF Download
| Table of contents |
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| Multiple Choice Questions |
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| True and False Questions |
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| Match the Following |
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| Very Short Answer Questions |
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| Short Answer Questions |
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Multiple Choice Questions
Q1: Which of the following is an example of a flow variable in the context of national income accounting?
(a) Total savings in an economy
(b) Stock of capital goods
(c) Government debt
(d) National debt
Q2: In the circular flow of income, which of the following represents withdrawals from the income flow?
(a) Government spending
(b) Investment by firms
(c) Imports
(d) Exports
Q3: Which of the following is a tool used by the government to control inflation?
(a) Increase in government spending
(b) Decrease in interest rates
(c) Increase in taxes
(d) Decrease in money supply
Q4: What does the term 'Gross Domestic Product (GDP)' represent?
(a) Total value of all goods and services produced within a country in a specific period
(b) Total value of all goods and services produced and consumed within a country in a specific period
(c) Total value of all goods and services produced within a country and exported to other countries
(d) Total value of all goods and services imported by a country
Q5: Which of the following is a component of aggregate demand?
(a) Government expenditure
(b) Imports
(c) Savings
(d) Taxes
True and False Questions
Q1: An increase in exports leads to a decrease in a country's GDP.
Q2: Frictional unemployment occurs when individuals are unemployed due to mismatch between their skills and available job opportunities.
Q3: The Phillips curve illustrates the relationship between inflation and unemployment, showing an inverse relationship between the two.
Q4: Investment is considered an injection into the circular flow of income.
Q5: The multiplier effect refers to the initial change in spending leading to a larger change in national income.
Match the Following
Q1: Match the following terms with their correct definitions:
Very Short Answer Questions
Q1: Define Disposable Income.
Q2: Explain the concept of Aggregate Demand.
Q3: What is meant by the Propensity to Consume?
Q4: Differentiate between Autonomous Consumption and Induced Consumption.
Q5: Define the Marginal Propensity to Consume (MPC).
Short Answer Questions
Q1: Explain the components of Aggregate Demand in the context of Indian Economy.
Q2: Describe the concept of Multiplier with an example. How does it help in understanding the relationship between an initial change in investment and the final change in income?
Q3: Discuss the factors that determine the Marginal Propensity to Consume. How does MPC influence the overall consumption in an economy?
Q4: Explain the relationship between Average Propensity to Consume (APC) and Marginal Propensity to Consume (MPC).
Q5: Illustrate the concept of Aggregate Supply. What factors influence the Aggregate Supply in an economy?
You can access the solutions to this worksheet here.
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FAQs on Worksheet: Determination of Income and Employment- 2 - Economics Class 12 - Commerce
| 1. What is the significance of determining income and employment in an economy? |  |
Ans. Determining income and employment is crucial as it helps to understand the economic health of a country. It indicates how resources are allocated, the standard of living, and the overall productivity. Accurate data on income and employment can guide policymakers in making informed decisions to stimulate economic growth and address unemployment.
| 2. What factors influence income levels in an economy? | |
Ans. Several factors influence income levels, including education, skill levels, work experience, industry demand, economic conditions, and government policies. Higher education and specialized skills often lead to higher income, while economic downturns can reduce income levels across sectors.
| 3. How does employment affect the overall economy? | |
Ans. Employment directly affects the overall economy by influencing consumer spending, production levels, and economic growth. Higher employment levels typically lead to increased disposable income, resulting in more spending on goods and services, which in turn stimulates production and economic activity.
| 4. What are the different types of unemployment, and how do they affect income? | |
Ans. The main types of unemployment are cyclical, structural, frictional, and seasonal. Each type affects income differently. For instance, cyclical unemployment can lead to reduced income levels during economic downturns, while structural unemployment may affect income due to skill mismatches in the labor market.
| 5. How can policymakers address income inequality in the context of employment? | |
Ans. Policymakers can address income inequality by implementing targeted education and training programs, increasing the minimum wage, and promoting fair labor practices. Additionally, investing in job creation and supporting small businesses can help improve employment opportunities for lower-income individuals, thereby reducing income inequality.
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