Classical theory is based on the assumption of:

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(d) All of the above. Questions 2. Fill in the blanks: ……………………. refers to highest rate of return over cost expected from marginal or additional unit of a capital asset. Deflationary gap is the measurement of ……………………. demand. Deficit demand indicates ……………………. gap. In case of excess demand bank rate ……………………. Multiplier can also ……………………. in opposite direction. The point at which aggregate demand and aggregate supply are equal is known as ……………………. Unemployment is the result of ……………………. Propensity to consume shows relation between ……………………. and distributed income. Marginal efficiency of capital Deficit Deflationary gap Increase Work Effective demand Deficit Consumption

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