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Chapter 11: Problem 13

John Maynard Keynes is most closely associated with the ( \(\mathrm{O5})\) a) American Revolution b) French Revolution c) Great Depression d) Russian Revolution

Short Answer

Expert verified
John Maynard Keynes is most closely associated with the \( \mathrm{(c) \; Great \; Depression} \).

Step by step solution

01

Identify who John Maynard Keynes is

John Maynard Keynes was a British economist who lived from 1883 to 1946. He is best known for his economic theories on the causes of prolonged unemployment and his advocacy for government intervention to stimulate demand and pull an economy out of recession or depression.
02

Determine Keynes' connection to the American Revolution

The American Revolution occurred from 1775 to 1783. Since John Maynard Keynes was born in 1883, around 100 years after the American Revolution, he could not have been closely associated with this event.
03

Determine Keynes' connection to the French Revolution

The French Revolution took place from 1789 to 1799. Similar to the case of the American Revolution, John Maynard Keynes was born well after the French Revolution, and thus, could not have been closely associated with it.
04

Determine Keynes' connection to the Great Depression

The Great Depression was a severe worldwide economic depression that lasted from 1929 to 1939. During this time, John Maynard Keynes developed his economic theories and published his most famous work, "The General Theory of Employment, Interest, and Money" in 1936. Keynes' ideas greatly influenced economic policy, especially with regards to government intervention during economic downturns. Therefore, he had a significant connection to the Great Depression.
05

Determine Keynes' connection to the Russian Revolution

The Russian Revolution occurred in 1917, when John Maynard Keynes was alive. However, his ideas and theories primarily focused on economics, and he did not have a direct or close association with the political revolution in Russia.
06

Select the correct answer

Based on the connections of John Maynard Keynes to each event, the correct answer is: \(\mathrm{(c) \; Great \; Depression}\)

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Most popular questions from this chapter

Our economy is definitely at equilibrium in each case except when ( \(\mathrm{O} 4)\) a) saving equals investment b) aggregate demand equals aggregate supply c) the amount people are willing to spend equals the amount that producers are producing d) equilibrium GDP equals full-employment GDP

Which statement best describes the classical theory of employment? (LO2) a) We will always have a great deal of unemployment. b) We will usually have a great deal of unemployment. c) We will occasionally have some unemployment, but our economy will automatically move back toward full employment. d) We never have any unemployment.

To end a bad recession, we need to (LO7) a) go to war b) spend a lot of money c) balance the federal budget

Keynes and the classical economists would agree tha (LO 6) a) our economy is always at equilibrium or tending toward equilibrium b) our economy is never at or tending toward equilibrium c) the prime mover of our economy is aggregate suppl- d) the prime mover of our economy is aggregate demand

Which of the following is the most accurate statement about meeting our current economic needs? (LO2, 7) a) John Maynard Keynes, rather than Jean Baptiste Say, is providing the economic answers we need. b) Say, rather than Keynes, is providing the economic answers we need. c) Neither Keynes nor Say is providing the economic answers we need. d) Together, Keynes and Say are providing the economic answers we need.
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