Léon Walras' late nineteenth-century model of the economy consisted of:
A) a system of equations that represent the demand and supply sides of the many markets in which transactions simultaneously occur.
B) a small number of equations representing the aggregate behavior of a few groups.
C) a single equation linking total output to the principle inputs such as labor and capital.
D) a verbal explanation of how the distribution of income would become gradually less equal.
Correct Answer:
Verified
Q2: This textbook defines heterodoxy as:
A) a multi-paradigmatic
Q3: Heterodox economics adheres to the principle of:
A)
Q4: Holism is the explicit recognition that:
A) the
Q5: The concept of holism has been applied
Q6: In the late nineteenth century, mainstream economists
Q8: The British economist John Maynard Keynes is
Q9: Neoclassical economists:
A) tend to view the economy
Q10: Neoclassical economists' efforts to match aggregate economic
Q11: Holism differs from neoclassical economics because of
Q12: Among the fundamental ideas that are often
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