The John Keynes Trivia Bonanza

1.
Around 1936 there was an extremely high unemployment rate. What was this known as?

The Great General Decline

The Great Depression

Economic downside

World War Period

The correct answer is "The Great Depression." The Great Depression refers to the severe economic downturn that occurred worldwide in the 1930s. It was characterized by high unemployment rates, widespread poverty, and a significant decline in industrial production and trade. The Great Depression is considered one of the most devastating economic crises in history, with its effects lasting for many years and impacting millions of people around the world.

Explanation

The correct answer is "The Great Depression." The Great Depression refers to the severe economic downturn that occurred worldwide in the 1930s. It was characterized by high unemployment rates, widespread poverty, and a significant decline in industrial production and trade. The Great Depression is considered one of the most devastating economic crises in history, with its effects lasting for many years and impacting millions of people around the world.

2. What was to happen as a result of 'deferred savings'?

War bonds would not be cashed after the war

The cash received would help stimulate citizens spending on goods

The cash received would help people lose their jobs

War bonds would be thrown away

Deferred savings refers to the practice of individuals saving money during a specific period of time with the intention of spending it at a later date. In the context of war bonds, deferred savings would mean that the cash received from the bonds would be saved by citizens instead of being spent immediately. This would result in a decrease in citizens' spending on goods, as the money would be set aside for future use. Therefore, the correct answer is that the cash received would help stimulate citizens' spending on goods, as it implies that the money would be used for immediate consumption rather than being saved.

Explanation

Deferred savings refers to the practice of individuals saving money during a specific period of time with the intention of spending it at a later date. In the context of war bonds, deferred savings would mean that the cash received from the bonds would be saved by citizens instead of being spent immediately. This would result in a decrease in citizens' spending on goods, as the money would be set aside for future use. Therefore, the correct answer is that the cash received would help stimulate citizens' spending on goods, as it implies that the money would be used for immediate consumption rather than being saved.

3. What Treaty did Keynes disagree with and why?

Treaty of Versailles - he believed it would ruin Germany's economy

Treaty of Japan - he believed the Japanese would deceive them

Treaty of Versailles - he believed it would better Germany's economy

Treaty of Germany - he believed that Germany would be too powerful

Keynes disagreed with the Treaty of Versailles because he believed it would ruin Germany's economy. The treaty imposed heavy reparations on Germany, which Keynes argued would lead to economic hardship and hinder the country's ability to recover. He believed that the harsh terms of the treaty would create economic instability and social unrest in Germany, ultimately undermining peace and stability in Europe.

Explanation

Keynes disagreed with the Treaty of Versailles because he believed it would ruin Germany's economy. The treaty imposed heavy reparations on Germany, which Keynes argued would lead to economic hardship and hinder the country's ability to recover. He believed that the harsh terms of the treaty would create economic instability and social unrest in Germany, ultimately undermining peace and stability in Europe.

4. Keynes states that the depression is a problem of which of the following?

Helping the enemy too much

Not enough votes for woman's rights

Too much financing

Too little investing

Keynes argues that the depression is a problem of too little investing. He believes that during a depression, there is a lack of confidence and optimism among businesses and individuals, leading to a decrease in investment. This lack of investment further exacerbates the economic downturn as it reduces consumption, production, and employment. Keynes suggests that increasing investment through government intervention and stimulating aggregate demand can help revive the economy and overcome the depression.

Explanation

Keynes argues that the depression is a problem of too little investing. He believes that during a depression, there is a lack of confidence and optimism among businesses and individuals, leading to a decrease in investment. This lack of investment further exacerbates the economic downturn as it reduces consumption, production, and employment. Keynes suggests that increasing investment through government intervention and stimulating aggregate demand can help revive the economy and overcome the depression.

5. In order for goods to be purchased and money to be circulated, Governments should take control of what?

Money laundering

Interest rates

Unemployment rates

International communism

Governments should take control of interest rates in order for goods to be purchased and money to be circulated. Interest rates play a crucial role in influencing consumer spending and investment. By adjusting interest rates, governments can stimulate or restrict economic activity, which in turn affects the circulation of money in the economy.

Explanation

Governments should take control of interest rates in order for goods to be purchased and money to be circulated. Interest rates play a crucial role in influencing consumer spending and investment. By adjusting interest rates, governments can stimulate or restrict economic activity, which in turn affects the circulation of money in the economy.

6. John Keynes, inspired by his mother, supported the change in what?

Rights for the homeless

Rights for African Americans

Woman's ability to vote

Global economy

John Keynes, influenced by his mother, advocated for the improvement of women's suffrage. He believed in the importance of granting women the right to vote, recognizing their equal capabilities and contributions in society. Keynes understood that empowering women politically was crucial for achieving social progress and equality.

Explanation

John Keynes, influenced by his mother, advocated for the improvement of women's suffrage. He believed in the importance of granting women the right to vote, recognizing their equal capabilities and contributions in society. Keynes understood that empowering women politically was crucial for achieving social progress and equality.