ECO BA 2

Which of the following is not a classical economist

• Ricardo

• J.M.Keynes

• Adam Smith

• Karl Marx

Full Employment is not a normal feature of capitalist economy

• True

• False

Full Employment means

• demand of labour = supply of labour

• Absence of Involuntary unemployment

• when all the people in the economy are employed

• none

According to Classicals Saving is a function of Income

• True

• False

The classical theory of employment suggested -------- in the money wages to increase employment. fill in the blank

What is the relation between supply of labour and real wages

• direct

• indirect

According to Classicals , Money is used as a store of value

• True

• False

According to Classicals , in short period Production is a function of

• land

• labour

• capital

• entrepreneurship

Supply creates its own demand was given by---

Real wages = Money Wages / price into 100

• true

• false