Fiscal Policy: Overview, Tools & Types


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question 1 of 3

Who founded the Keynesian school?

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1. How would you best summarize the Classical School?

2. How would you best summarize the Keynesian school?

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About This Quiz & Worksheet

Following the Great Depression, American economists demanded that the federal government take on a stronger role in growing the economy. Whenever the government attempts to augment market shortfalls, this action is known as fiscal policy. To be successful on this quiz, you will need an understanding of basic economics and policy.

Quiz & Worksheet Goals

To prove you understand this topic, you will be quizzed on the following:

  • The founder of Keynesian economic theory
  • How to best to characterize Classical economic theory
  • Key tenets of the Keynesian school

Skills Practiced

  • Critical thinking - apply relevant concepts to examine information about fiscal policy and the different schools of thought that shape it
  • Distinguishing differences - compare and contrast Keynesian and Classical schools of economic thought
  • Knowledge application - use your knowledge to answer questions about how fiscal policy affects economic output

Additional Learning

To learn more on this topic, please refer to the accompanying lesson titled Fiscal Policy: Overview, Tools & Types. The lesson covers:

  • Adam Smith's contribution to economic theory
  • How government spending and tax rate cuts impact the economy according to Keynesian thought
  • The various programs that were the result of increased federal spending, like TVA, CCC, and WPA