The concept of 'Effective Demand' was introduced by:
A. Monetarists
B. Supply-side economists
C. Classical economists
D. John Maynard Keynes
Answer: Option D
Solution (By JKSSB Mock Tests)
Keynes introduced the concept of effective demand, which is the level of aggregate demand that is equal to aggregate supply and determines the level of employment and output.
Explanation:
Indian agriculture is characterised by predominance of small and marginal land holdings, dependence on monsoon, low productivity and labour intensity.
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