Economic Policy: Influential Theories Answers
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How did Adam Smith’s economic ideas help the United States establish a free enterprise system? Check all that apply.
A
They led to freedom of choice for consumers and producers.B
They led to fixed prices for consumers and producers.C
They led to open competition for consumers.D
They led to individual ownership of property.E
They led to more government spending and increased demand.F
They led to limited choice and communal ownership of property.22
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Monetarism plays a role in economic growth by
A
expanding government intervention.B
influencing the supply of goods.C
expanding government spending.D
influencing the supply of money.23
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.24
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.25
Friedrich Hayek believed that
A
behaviors could be easily predicted.B
individuals could not influence the economy.C
the economy is simply explained through behaviors.D
the economy is too complicated to apply aggregates.Did you find these answers helpful?
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