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Questions and Answers
What was the main plank of Keynes's theory?
What was the main plank of Keynes's theory?
- Aggregate demand (correct)
- Laissez-faire policy
- Monetary policy
- Supply-side economics
Who spearheaded a revolution in economic thinking during the Great Depression?
Who spearheaded a revolution in economic thinking during the Great Depression?
- Milton Friedman
- Karl Marx
- Adam Smith
- John Maynard Keynes (correct)
What was the prevailing idea that Keynes's theory overturned?
What was the prevailing idea that Keynes's theory overturned?
- Monetary policy has no impact on the economy
- Free markets would automatically provide full employment (correct)
- Aggregate demand is irrelevant
- Government intervention is unnecessary in the economy
During which period was existing economic theory unable to explain the causes of severe worldwide economic collapse?
During which period was existing economic theory unable to explain the causes of severe worldwide economic collapse?
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What did Keynes assert was crucial in stabilizing the economy?
What did Keynes assert was crucial in stabilizing the economy?
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