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Assessment
What is the primary focus of Friedrich Hayek's contributions to monetary theory?
The role of prices in coordinating economic activity
The importance of government regulation in banking
The effectiveness of fiscal policy in managing inflation
The benefits of a controlled economy
According to Hayek, what can excessive monetary expansion lead to?
Stabilization of the economy
Business cycles and malinvestment
Universal prosperity
Increased consumer confidence
What monetary system did Hayek support as a means to prevent inflation and economic crises?
Fiat currency backed by government reserves
Gold standard or commodity-based money
Central bank-controlled currency
Cryptocurrency and digital currencies
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