5.4 Economic Policy: Influential Theories Answers
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Milton Friedman argued that consumers are more likely to alter their behavior based on
A
changes in the unemployment rate.B
short-term changes in the economy.C
long-term changes in the economy.D
changes in the inflation rate.22
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The graph shows Keynes's theory of aggregate demand.
A
Prices and output would drop, and the equilibrium point will stay the same.B
Prices would rise, and output would drop in the short run.C
Prices and output would rise, and the equilibrium point will change.D
Prices would rise, and output would drop in the long run.23
The graph shows how individuals affect economic growth.
A
They work in their own self-interest.B
They work as part of a unified group.C
They work to influence the money supply.D
They work to influence the economy.24
Which best summarizes the philosophical difference between economists John Maynard Keynes and Adam Smith?
A
Keynes said government was the key to solving economic issues, while Smith believed government should take a hands-off approach.B
Smith said government was the key to solving economic issues, while Keynes believed government should take a hands-off approach.C
Smith believed in an "invisible hand" with which government pushes the economy, while Keynes did not agree with this idea.D
Keynes believed in an "invisible hand" with which consumers push the economy, while Smith did not agree with this idea.25
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A
producersB
consumersC
governmentD
pricesDid you find these answers helpful?
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