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19. In the Fisher's extended equation of exchange M V represents: (A) Credit money (B) Primary money (C) Both primary and credit money (D) General price level 20. In Fisher's transaction velocity model, one of the following is not an assumption: (A) Velocity of circulation of money is constant (B) The volume of transactions is constant (C) Full employment (D) P is considered as an active factor 21. The cash balance equation M - KPO was given by: (A) Keynes (B) Pigou (C) Robertson D) Marshall 22. "Supply creates its own demand "is a law of: (A) Investment (B) Inflation (C) Consumption (D) Market 23. In the equation MV+ M V - PT, 'M *denotes: (A) Velocity of money (B) Money in circulation (C) Bank deposit (D) None of these 24. I classical demand for money, the relationship between money supply and price level is: (A) Proportional (B) Non-proportional (C) Neither proportional nor non-proportional (D) None of these 25. As per classical theory saving is: (A) An increasing function of rate of interest (B) Decreasing function of rate of interest (C) Decreasing function of level of income (D) None of these 26. The Cambridge version of the quantity theory of money was developed by: (A) Fisher (B) Alfred Marshall (C) Pigou (D) Keynes 27. In classical system which of the following keeps the economy at full employment: (A) Level of saving (B) Increase in money supply (C) Adjustment in investment (D) Adjustment in money wages 28. In Fisher's equation of exchange MV-PT, the variation of which produces a proportional change in price: (A) M (B) (C) P (D) T 29. According to classical economists, variations in savings are due to: (A) Level of investment (B) Rate of interest (C) Level of employment (D) None of the above8. Equation of exchange is converted into the quantity theory of money by assuming the following variables as constants: (A) V and T (B) M and V (C) M and P (D) V and P 9 Which of the following is not an obstacle to full employment in classical theory? (A) Excess of saving over investment (B) Liquidity trap (C) Price rigidity (D) Wage Flexibility 10. Fisher's Equation of quantity theory states that : (A) P varies directly with income (B) P varies directly with M (C) P and M are constants (D) None of the above 11. The classical economists believed that the demand for labour is a function of: (A) Total money wages (B) Money wage rate (C) Total real wages (D) Real wage rate 12. In classical theory of employment, there is the possibility of: (A) Voluntary unemployment (B) No unemployment (C) Involuntary unemployment "D) Disguised unemployment 13. The idea that a general cut in wages will finally lead to a state of full employment was suggested by : (A) Keynes (B) Marshall (C) J.B.Say (D) A.C.Pigou 14. Say's law of market says: (A) Supply creates its own demand (B) Demand creates supply (C) Income generates demand (D) Savings create demand 15. The aggregate production function implied under classical theory is : (A) Long run (B) Short run (C) No time element (D) None of the above 16. In the Cambridge equation of M = kPR, the value of k is: (A) M/V (B) 1/V (C) V in Fisher's equation (D) None of these 17. As a result of an increase in capital, ceteris paribus, ------ the marginal productivity of labour: (A) Remains constant (B) Increase (C) decreases (D) none of these 18. In the classical theory, one of the following is an important assumption: (A) Wages and prices are inflexible (B) There is full employment (C) Agents are price setters (D) Adjustment is through quantity1. Excess demand for money, according to Say's law in the Economy: (A) Is greater (B) Is very less (C) Is equal to zero (D) There is no relationship between excess demand for money and Say's Law 2. Which of the following is not an assumption of classical theory? (A) Price flexibility (B) Unemployment (C) Say's law (D) Neutrality of money 3. In classical theory the equality between saving and investment is brought about by: (A) Rate of interest (B) Income (C) Consumption (D) Multiplier 4. The normal condition of a capitalist economy in classical theory is: (A) Underemployment (B) Full employment (C) General unemployment (D) Frictional unemployment 5. Equation of exchange is associated with: (A) Pigou (B) J.B.Say (C) Marshall (D) Irving Fisher 6. The theory explaining the direct relationship between the price level and quantity of money is known as : (A) Quantity theory of money (B) Say's law of markets (C) Real theory of interest (D) None of these 7. In classical theory the level of employment is a function of: (A) Price level (B) Money wage rate (C) Quantity of money (D) Real wage rate