5.4 Economic Policy: Influential Theories

Question 1

According to the information presented about Country Y, the classical economic concept of can be seen.

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the invisible hand

Question 2

The economic events of Country Y demonstrate the idea of laissez faire because the government intervene in economic events.

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did not

Question 3

Keynes recommended that the government taxes during economic contraction.

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lower

Question 4

During the Great Depression, Keynes promoted actions to encourage economic recovery.

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expansionary

Question 5

Use the drop-down menus to complete the sentences.

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✔ the invisible hand; According to the information presented about Country Y, the classical economic concept of can be seen.: the invisible hand; The economic events of Country Y demonstrate the idea of laissez faire because the government intervene in economic events.: did not

Question 6

did✔ did not

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✔ did not

Question 7

Use the drop-down menus to complete each sentence.

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price changes; Hayek is best known for his contribution to the understanding of .: price changes; Hayek disagreed with Keynes about expansionary policy because it could cause and influence consumer decisions.: inflation; Hayek disagreed with Keynes about expansionary policy because it could cause and influence consumer decisions.: negatively; Unlike Keynes, Hayek believed that consumer actions be accurately displayed on a supply and demand curve.: could not

Question 8

Keynes was an avid believer in intervention to help solve economic issues.

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government

Question 9

Hayek is best known for his contribution to the understanding of .

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price changes

Question 10

Milton Friedman helped to establish the economic theory of monetarism.Which statement best describes the idea of monetarism?

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Monetary policy is the best way to influence economic growth.

5.4 Economic Policy: Influential Theories Answers

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