The Keynesian revolution acknowledged_________________ ?
Correct answer: B. that the market was inherently unstable
- A. that the masses were being exploited
- B. that the market was inherently unstable
- C. the need for the intervention of the owners of the means of production
- D. that industrial workers were becoming the new bourgeoisie
Explanation
The Keynesian revolution challenged the belief that markets automatically maintain full employment, emphasizing that aggregate demand can be insufficient and the economy unstable. It therefore supported a role for government stabilization policy.
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The economy is studied as a whole through national income, gross domestic product, inflation, unemployment, economic growth and business cycles. Coverage includes aggregate demand and supply, consumption and investment, money and banking, fiscal and monetary policy, exchange rates and balance of payments, which distinguishes macroeconomics from the study of individual markets.
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