Economics · Macroeconomics
According to John Maynard Keynes, which core idea of classical economic theory failed to hold true during the Great Depression?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1No competitive markets existed for factor inputs and outputs.
- 2The economy was self-regulating and always maintained full employment.✓
- 3People spent their entire income on goods and services.
- 4There was always an equilibrium level of employment and output.
Correct answer
The economy was self-regulating and always maintained full employment.
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