Which economist most likely would have agreed with the US government's intervention during an economic crisis in 2008?
  • free enterprise
  • Keynes said government was the key to solving economic issues, while Smith believed government should take a hands-off approach.
  • They work in their own self-interest.
  • John Maynard Keynes
Milton Friedman argued that consumers are more likely to alter their behavior based on
  • They work in their own self-interest.
  • long-term changes in the economy.
  • free enterprise
  • increase demand.
Why did Friedrich Hayek call expansionary spending dangerous?
  • monetarism.
  • He felt it could lead to inflation and poor decisions by consumers.
  • long-term changes in the economy.
  • Prices and output would rise, and the equilibrium point will change.
What is likely to happen if a new aggregate demand curve moves to the right? (graph of Keynes's theory of aggregate demand)
  • They work in their own self-interest.
  • Keynes said government was the key to solving economic issues, while Smith believed government should take a hands-off approach.
  • Prices and output would rise, and the equilibrium point will change.
  • John Maynard Keynes
John Maynard Keynes believed that governments should increase spending in order to
  • John Maynard Keynes
  • free enterprise
  • long-term changes in the economy.
  • increase demand.
Which best summarizes the philosophical difference between economists John Maynard Keynes and Adam Smith?
  • Prices and output would rise, and the equilibrium point will change.
  • They work in their own self-interest.
  • Keynes said government was the key to solving economic issues, while Smith believed government should take a hands-off approach.
  • John Maynard Keynes
Milton Friedman led a new economic school of thought called
  • monetarism.
  • free enterprise
  • long-term changes in the economy.
  • increase demand.
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