Larry Summers, a Chief Economic Adviser to President Obama, Stated
Larry Summers, a chief economic adviser to President Obama, stated that as a result of using Keynesian policies in 2008 and 2009,
A)US government policy moved in a strongly activist direction.
B)the US has shifted from worrying about an economic depression to thinking about what kind of expansion the country will have.
C)the US has shifted from rescuing the economy to economic recovery.
D)All of the above are correct.
Economist Joseph Schumpeter coined the phrase "creative destruction" to describe the process by which
A)the government destroys the failing markets that caused an economic crisis.
B)innovation and enterpreneurial initiative have great power to drive economic growth.
C)economists destroy long-held beliefs about how markets function.
D)free markets need government intervention to create economic growth.
"If all economists were laid end to end, they would not reach a conclusion." Who made this whimsical observation?
B)George Bernard Shaw
C)John Maynard Keynes
President Ronald Reagan once joked that a Trivial Pursuit game designed for economists would
A)have no questions but hundreds of answers.
B)have 100 questions and 3,000 answers.
C)have 1,000 questions but no answers.
D)never produce a winner.