Nicholas Wapshott: The Humble Hayek (3/5)
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Business, Social Studies
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University
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Hard
Wayground Content
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5 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What was Hayek's main criticism of state planners?
They lacked sufficient information to allocate resources effectively.
They ignored the needs of the working class.
They relied too heavily on market forces.
They focused too much on short-term gains.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How did Hayek view the rational expectations revolution?
He fully supported it.
He was skeptical of its assumptions.
He believed it was the future of economics.
He thought it was irrelevant.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why did Hayek struggle to gain acceptance in the University of Chicago's economics department?
His theories were considered outdated.
He was not well-known at the time.
His ideas were too radical.
He lacked formal education.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What was a key theme of Hayek's Nobel Prize speech?
The importance of economic growth.
The role of government in the economy.
The need for humility in economic predictions.
The superiority of free markets.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
According to Hayek, what is a major flaw of economists?
Their overconfidence in their predictions.
Their reliance on outdated data.
Their lack of understanding of market dynamics.
Their focus on short-term results.
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