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The Keynesian Economics Quiz

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Questions and Answers

According to John Maynard Keynes, what is the main cause of unemployment?

Lack of competition

Lack of central planning

Lack of government intervention

Lack of spending (correct)

During recessions, why does demand decrease?

People have more money to spend

People choose not to spend

People spend on non-essential items

People have less money to spend (correct)

What is Friedrich A. Hayek's view on central planning?

It is essential for economic growth

It is beneficial for making economic decisions

It is not good at making economic decisions (correct)

It leads to healthy markets

According to Milton Friedman, why wouldn't government fine-tuning work?

The economy is too simple Signup and view all the answers

What role does John Maynard Keynes suggest the government should play in economic management?

Major role Signup and view all the answers

What does Keynes propose the government should do during a market downturn?

Borrow money and spend it Signup and view all the answers

What does Hayek believe is the result of less government intervention?

More freedom Signup and view all the answers

What is the main criticism of government fine-tuning according to Friedman?

The economy is too complex Signup and view all the answers

What is the main purpose of government borrowing and spending in Keynesian economics?

To create government-sponsored jobs Signup and view all the answers

What is the view of Hayek and Friedman on the role of government in economic decision-making?

Government should have no role Signup and view all the answers