political economy

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“political economy”

 

 

(TCO 7) Radicals use the term “political economy” instead of _____ to describe their critique of capitalism and the inequitable distribution of wealth among nations.

Marxism

laissez-faire

public choice

Keynesian

Question 2

3 / 3 pts

(TCO 7) How do Keynesian economic policies differ from the traditional laissez-faire policies developed by Adam Smith?

Laissez-faire policies advocate for “cutthroat” capitalism, and Keynesian policies seek to spread wealth equally among a nation’s citizens.

Keynesian economics advocates for increased government control of economics, and traditional laissez-faire argues for a hands-free approach.

Smithian policies advocate for increased spending and stimuli for government-run businesses, and Keynesian economics argues for a hands-free approach.

The more liberal Smithian economies distribute wealth more evenly among society, and Keynesian economics tends to distribute wealth among the top 1%.

“political economy”

Question 3

3 / 3 pts

(TCO 7) During the 1970s, critics developed this new term to describe inflation with stagnant economic growth.

Growth Slope

Quagmire

Stagflation

Recession

Question 4

3 / 3 pts

(TCO 7) Between 1965 and 1973, the percentage of Americans living below the poverty line _____.

doubled

greatly decreased

slightly increased

rapidly increased

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