1. __________ is typically regarded as the father of the Austrian school. a. Men

ID: 1123906 • Letter: 1

Question

1. __________ is typically regarded as the father of the Austrian school.

a. Menger

b. von Mises

c. Hayek

d. Schumpeter

2. A sharp distinction between the Austrian and neoclassical economists concerns their emphasis on the relative importance of

a. profit.

b. price.

c. marginal utility.

d. disequilibrium.

3. According to __________, man is a “bumbling, erring, ill-informed creature. . . .”

a. Menger

b. Böhm-Bawerk

c. von Mises

d. Kirzner

4. According to Menger, an institution is any coordinated pattern of

a. supply and demand.

b. laws and property rights.

c. individual interaction.

d. production.

5. The Austrian notion that all underlying permanent relations of economic theory are consequences of human choice is a part of

a. methodological individualism.

b. radical subjectivism.

c. methodological essentialism.

d. casual-geneticism.

1. Menger is typically regarded as the father of the Austrian school.

Option a. Menger

2. A sharp distinction between the Austrian and neoclassical economists concerns their emphasis on the relative importance of disequilibrium

Option d. disequilibrium.

3. According to Menger, man is a “bumbling, erring, ill-informed creature. . . .”

Option a. Menger

4. According to Menger, an institution is any coordinated pattern of individual interaction.

Option c. individual interaction.

5. The Austrian notion that all underlying permanent relations of economic theory are consequences of human choice is a part of radical subjectivism.

Option b. radical subjectivism.

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