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The Keynesian way of thinking about the economy was born out of the era of the Great Depression, where the economy experienced a prolonged downturn
The Keynesian way of thinking about the economy was born out of the era of the Great Depression, where the economy experienced a prolonged downturn and persistent high unemployment. Classical economics could not explain these problems because its models assumed all of the following except: Group of answer choices prices are flexible the economy would self-correct any devitation from potential output wages would adjust in the labor market, thereby eliminating unemployment the government should intervene in the economy
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