Question

The Keynesian revolution argued that unemployment is primarily voluntary.
True
False

In planned socialism, the state would own the means of production.
True
False

Cooperatives remain a large share of employment wherever they have been tried.
True
False

The former systems of the Soviet Union and Eastern Europe were market socialist systems
True
False

Economic theory suggests four approaches to the control of monopoly, all of which require state intervention.
True
False

Answer 1

1. False - Keynes revolution argued that if at the going wage rate, people in the economy do not find jobs then it is the situation of involuntary unemployment.

2. False - In a socially planned economy the socialist believe in sharing the resources while in the capitalist economy the capitalists own the means of production

3. False - The cooperatives remain a modest source of employment rather than the largest source according to the book global economy and it's economic systems.

4. True - Both these economies had a market socialist system but eventually eEastern Europe adopted market based approach and mixed economy by Soviet Union

5. False - There are 5 approaches to curb monopoly. Four of which require govt intervention namely legislative method, controlling price and output method, taxation, nationalisation and 5th is consumer associations (which doesn't require govt intervention)