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Questions and Answers
Who spearheaded a revolution in economic thinking during the Great Depression?
Who spearheaded a revolution in economic thinking during the Great Depression?
- John Maynard Keynes (correct)
- Milton Friedman
- Karl Marx
- Adam Smith
What is the central tenet of the school of thought mentioned in the text?
What is the central tenet of the school of thought mentioned in the text?
- Government intervention can stabilize the economy (correct)
- Economic collapses are inevitable
- Free markets always provide full employment
- Money has no significant role in the economy
What was the prevailing idea about free markets before the revolution in economic thinking?
What was the prevailing idea about free markets before the revolution in economic thinking?
- Free markets lead to economic collapses
- Free markets would automatically provide full employment (correct)
- Workers should demand higher wages for full employment
- Government intervention is necessary for economic stability
What was the main assertion of Keynes's theory?
What was the main assertion of Keynes's theory?
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What did existing economic theory fail to do during the Great Depression?
What did existing economic theory fail to do during the Great Depression?
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