What Is the Essential Difference Between Keynesian and Neoclassical Views

question 13

Multiple Choice

What is the essential difference between Keynesian and neoclassical views of macroeconomy?

• A)The Keynesian view is that the economy is capable of automatically adjusting to economic changes because of the flexibility of wages,prices,and interest rates,while the neoclassical view is that the economy could get stuck in a recessionary gap because of their inflexibility.
• B)The neoclassical view is that the economy can automatically adjust to economic changes because of the flexibility of wages,prices,and interest rates,while the Keynesian view is that the economy could get stuck in a recessionary gap because of their inflexibility.
• C)While both views agree on the automatic adjustment ability of the economy,the Keynesian view sees wages as flexible,but the neoclassical view does not.
• D)While both views agree on the automatic adjustment ability of the economy,the neoclassical view sees wages as flexible,but the Keynesians do not.

Recognize the importance of resiliency in individuals, families, groups, and communities.

Understand the principles and practice of supervision in social work.

Grasp the concept of evidence-based practice and its significance in social work.

Comprehend the curriculum requirement and fields of practice in social work education.

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Definitions:

Monopolistically Competitive

A market structure characterized by many firms selling products that are similar but not identical, allowing for competitive pricing and differentiation.

Advertising

A means of communication with the users of a product or service, aimed at promoting or selling a product, service, or idea.

Policymakers

Individuals or groups responsible for making decisions and laws that guide the direction of governmental, organizational, or institutional actions.

Competitive

A market condition characterized by multiple sellers and buyers, where no single entity can dictate prices or terms, fostering efficiency and innovation.