Keynes Believed That

question 197

Multiple Choice

Keynes believed that

• A) the internal structure of the economy is extremely competitive and that wage-price flexibility exists.
• B) monopolistic elements in the economy prevent immediate and sharp price declines in response to falling demand.
• C) even though there are monopolistic elements in the economy,wage-price flexibility exists.
• D) in spite of the competitiveness of the economy,wage-price flexibility does not exist.

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Definitions:

Widowed

Refers to the status of a person whose spouse has died and who has not remarried.

Instrumental Activity

Tasks that allow an individual to live independently, such as managing finances, handling transportation, or performing household chores.

Daily Living

The activities or tasks that an individual performs every day to maintain their personal and domestic life.

Managing Money

The process of budgeting, saving, investing, spending, or otherwise overseeing the capital usage of an individual or group.