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12th Standard English Medium Economics Subject Theories of Employment and Income Book Back 2 Mark Questions with Solution updated Book back Questions

Published on: 13/05/2022

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Std: 12th Standard - Economics

chapter: - Book back Questions

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Questions:

Generic 2

5 x 2 = 10

What are the components of aggregate supply ?

List out the assumptions of Say’s law.

Give reasons for labour retrenchment at present situation.

Give short note on frictional unemployment.

What is the main feature of rural unemployment ?

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Answers Key:

Generic 2

5 x 2 = 10

(i) Aggregate (desired) consumption expenditure (C)
(ii) Aggregate (desired) private savings (S)
(iii) Net tax payments (T)
(iv) Personal (desired) transfer payments to the foreigners (Rf)
AS = C + S + T + Rf

1. No single buyer or seller can affect the price.
2. Full employment
3. People are motivated by self interest Market forces determine everything right.
4. Perfect competition exists in labour and product market.
5. There is wage price flexibility.
6. Money acts as medium of exchange.
7. Long run analysis.
8. No overproduction or unemployment.

(i) Invention and innovations lead to the adoption of new techniques.
(ii) So existing workers are retrenched.
(iii) This is called technological unemployment.
(iv) It is due to the use of labour saving devices.

(i) It arises due to imbalance between supply of labour and demand for labour.
(ii) It is because of immobility of labour, lack of necessary skills, breakdown of machinery, shortage of raw materials.
(iii) The persons who lose jobs and in search of jobs are also included.

The major feature of rural unemployment is the existence of unemployment in the form of disguised unemployment and seasonal unemployment.