Who Was the Main Architect Behind the Restoration of Classical

question 17

Multiple Choice

Who was the main architect behind the restoration of classical liberalism in economics during the twentieth century?

• A) Friedrich Hayek
• B) Milton Friedman
• C) Adam Smith
• D) Helmut Kohl
• E) Ronald Reagan

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Definitions:

Initial Wealth

The total value of all a person's assets minus liabilities at the beginning of a period of analysis or accounting.

Expected Utility

A theory in economics that models how agents make optimal choices under uncertainty, aiming to maximize their satisfaction.

Warranty

A guarantee provided by a seller that a product will meet certain quality and performance standards over a specific time period.

Consumer Insurance

A financial product that provides coverage for individuals against potential losses related to their personal assets, health, or life.