Fiscal Policy: The Keynesian Revolution

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

What is fiscal policy?

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1. Which of the following statements best describes the use of fiscal policy during a recession?

2. The most appropriate countercyclical policy, or stabilization policy, in times of unemployment, according to Classical economists, is for the government to do which of the following?

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About This Quiz & Worksheet

This quiz and worksheet combo can help gauge your knowledge of stabilization policy and why it's used for different economies. Topics you will need to be familiar with in order to pass the quiz include fiscal policy and the Keynesian Revolution.

Quiz & Worksheet Goals

This quiz/worksheet combo can help you assess your knowledge of the following:

  • Definition of fiscal policy
  • Countercyclical policies
  • Keynesian economists' views on recessions
  • Recommended approaches to a slow economy or high inflation

Skills Practiced

This quiz and worksheet can help you practice the following skills:

  • Knowledge application - use your knowledge to answer questions about recessions
  • Information recall - access the knowledge you have gained regarding fiscal policy
  • Critical thinking - apply relevant concepts to examine information about countercyclical policies in a different light

Additional Learning

To learn more about fiscal policies, review the accompanying lesson titled Fiscal Policy: The Keynesian Revolution. This lesson covers the following objectives:

  • Identify the contributions made by John Maynard Keynes
  • Define the business cycle
  • Learn about properties of the stabilization policy
  • Understand important events that led up to the Keynesian Revolution
  • Compare and contrast expansionary and contractionary fiscal policies
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