Classical Macroeconomic Theory Was Discredited and Gave Way to the First

question 157

Multiple Choice

Classical macroeconomic theory was discredited and gave way to the first Keynesian approach as a result of

• A)the collapse of the gold standard at the outset of World War I.
• B)the Great Depression of the 1930s.
• C)the wage-price controls of World War II.
• D)the rapid inflation of the late 1960s.
• E)the switch from fixed to flexible exchange rates in the early 1970s.

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Definitions:

Structural

Relating to the physical or organizational arrangement or construction of something.

High Involvement Systems

Organizational strategies designed to include employees in decision-making processes, enhancing commitment, and improving performance.

Narrow Jobs

Positions characterized by a highly specialized or limited set of tasks and responsibilities, requiring specific skills or knowledge.

Structural Variables

Aspects of an organization's setup, such as its hierarchy, departmentalization, and distribution of authority, that influence its functioning and culture.