Classical Macroeconomic Theory Was Discredited and Gave Way to the First

Multiple Choice

Classical macroeconomic theory was discredited and gave way to the first Keynesian approach as a result of

A) the collapse of the gold standard at the outset of World War I.
B) the Great Depression of the 1930s.
C) the wage-price controls of World War II.
D) the rapid inflation of the late 1960s.
E) the switch from fixed to flexible exchange rates in the early 1970s.