Please enter something
Home Page Social Science Economics Economic Policy: Influential Theories - Flashcards

Economic Policy: Influential Theories – Flashcards

Darren Farr
7 July 2022
15 test answers
slide 1 of 15
question
Milton Friedman argued that consumers are more likely to alter their behavior based on
answer
long-term changes in the economy
1 of 15

Unlock all answers in this set

Unlock answers 15
question
Milton Friedman argued that consumers are more likely to alter their behavior based on
answer
long-term changes in the economy
question
Classical economics played an important role in helping the United States establish
answer
free enterprise
question
Friedrich Hayek believed that people change their demand behaviors
answer
as prices increase
question
An economic thinker who influenced early economists was
answer
Adam Smith
question
Expansionary monetary policy is used when a government
answer
increases its money supply to boost the economy
Unlock the answer
question
The General Theory of Employment, Interest and Money was written by
answer
John Maynard Keynes
Unlock the answer
question
John Maynard Keynes believed that governments should increase spending in order to
answer
increase demand
Unlock the answer
question
Milton Friedman led a new economic school of thought called
answer
monetarism
Unlock the answer
question
Monetarism plays a role in economic growth by
answer
influencing the supply of money.
Unlock the answer
question
According to Milton Friedman, fiscal __________ policy is the best way to influence the economy's aggregate demand
answer
monetary
Unlock the answer
question
Summarize the philosophical difference between economists John Maynard Keynes and Adam Smith?
answer
Keynes said government was the key to solving economic issues, while Smith believed government should take a hands-off approach.
Unlock the answer
question
classical economics
answer
a group of early economic theories that focus on the establishment of economic freedoms
Unlock the answer
question
coordinate
answer
to work together to meet a goal
Unlock the answer
question
laissez faire
answer
the belief that governments should not be involved in economic affairs
Unlock the answer
question
monetarism:
answer
an economic theory that promotes stability through influencing the money supply
Unlock the answer
Get an explanation on any task
Get unstuck with the help of our AI assistant in seconds
New
Get unstuck with AI assistant right now
  • Enter your topic/question
  • Receive an explanation
Pro tips to get quality response
  • Ask one question at a time
  • Enter a specific assignment topic
  • Aim at least 500 characters
Question
What is the right structure for an essay
Answer
A paragraph is a related group of sentences that develops one main idea. Each paragraph in the body of the essay should contain:
  • a topic sentence that states the main or controlling idea
  • supporting sentences to explain and develop the point you’re making
  • evidence from your reading or an example from the subject area that supports your point
  • analysis of the implication/significance/impact of the evidence finished off with a critical conclusion you have drawn from the evidence.