What was the main disconnect in economic theories during the 1960s and 70s?
08 On Why His Ideas Were Not Taken Up

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Business, Social Studies
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University
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Hard
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5 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Theories of supply and demand
Keynesian macro analysis and price theory
Microeconomic and macroeconomic policies
International trade and domestic policies
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why were people satisfied with macroeconomics as general equilibrium?
It was easy to understand
It was believed to have one price that wouldn't adjust
It was widely accepted by all economists
It was the only theory available
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What rhetorical device was used to explain the economic concepts?
Metaphors
Days of the week
Analogies
Historical references
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What issue did the determination of the overall price level and money face?
It was universally accepted without question
It was not relevant to the economy
It occupied a different conceptual universe from relative prices
It was too complex to understand
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What was the impact of misinterpretation on the economic profession?
It had no significant impact
It grasped the entire profession for decades
It was quickly resolved
It led to new economic theories
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