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Questions and Answers
Who is considered the founder of macroeconomics?
Who is considered the founder of macroeconomics?
- Adam Smith
- Milton Friedman
- John Maynard Keynes (correct)
- Karl Marx
What is the main reason neoclassical 'laissez-faire' proved ineffective during the crisis?
What is the main reason neoclassical 'laissez-faire' proved ineffective during the crisis?
- Insufficient demand (correct)
- High inflation
- Excessive government intervention
- Low interest rates
What is the difference between a recession and a depression?
What is the difference between a recession and a depression?
- Depression is caused by fiscal policy while recession is caused by monetary policy
- Recession is a state of economic growth while depression is a state of economic decline
- Depression is a state of high inflation and unemployment
- Depression is a more severe form of recession (correct)
What is stagflation?
What is stagflation?
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What do short-term fluctuations in price levels (P) and national income (Y) represent?
What do short-term fluctuations in price levels (P) and national income (Y) represent?
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