Check for Understanding: Schools of Thought

Check for Understanding: Schools of Thought

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Question 1 of 5

1. Question
Classical economists believe in:
- Active government intervention
- Minimal government intervention
- Government control of all economic activities
- Centralized planning
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Question 2 of 5

2. Question
The concept of the “Invisible Hand” in classical economics refers to:
- Government regulations guiding market activities.
- The self-regulating mechanism of market forces.
- The role of labor in producing goods and services.
- Centralized planning and resource allocation.
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Question 3 of 5

3. Question
Classical economists emphasize the importance of savings and capital accumulation because they believe that:
- Government subsidies drive economic growth.
- Consumer spending leads to increased employment.
- Foreign trade improves national wealth.
- Increased productivity and economic progress result from capital investment.
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Question 4 of 5

4. Question
What is the multiplier effect in Keynesian Economics?
- The impact of changes in aggregate demand on prices
- The responsiveness of wages and prices to changes in supply and demand
- The idea that an initial increase in spending can lead to a larger overall increase in national income and output
- The role of government in managing interest rates
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Question 5 of 5

5. Question
Keynesian Economics faced challenges and critiques during the 1970s, particularly due to:
- Excessive government spending and interventions
- Declining aggregate demand
- Market deregulation
- High inflation and stagnant economic growth
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