Each of the following was part of Milton Friedman's critique of the dominant tradition in macroeconomics in the 1960s except
A) then-standard models greatly overestimated the government's ability to manage and control the
Economy.
B) then-standard models greatly underestimated the power of fiscal policy and greatly overestimated the power of monetary policy.
C) then-standard models neglected the role of expected inflation and its role in positioning the Phillips curve.
D) the measurement of the money supply told you most of what you needed to know about how economic policy was working.
Correct Answer:
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Q5: Each of the following was emphasized in
Q6: Each of the following would have been
Q7: Each of the following would have been
Q8: Each of the following would have been
Q9: Each of the following was part of
Q11: Macroeconomists in the early 1960s
A) tended to
Q12: The Milton Friedman - Edmund Phelps analysis
Q13: The rational expectations macroeconomists
A) argued that Keynesian
Q14: Economists working in both Keynesian and monetarist
Q15: Real business cycle theorists believe that the
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