Macroeconomics and Keynes
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Macroeconomics and Keynes

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Questions and Answers

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?

  • Insufficient demand (correct)
  • High inflation
  • Excessive government intervention
  • Low interest rates

    • 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?

    <p>A state of simultaneous high inflation and unemployment</p> Signup and view all the answers

    What do short-term fluctuations in price levels (P) and national income (Y) represent?

    <p>Business cycles</p> Signup and view all the answers

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