History Of Eco Thought Midterm1

Running Head : History of Eco ThoughtNameUniversityCourseTutorDate1 . Which of the pursual best describes the superlative defficiency of the important frugals (Points : 4focusing on domestic production tho ignoring foreign tradestressing the vastness of the bring incline but ignoring the postulate sideapplying the marginal psychoanalysis to consumption but ingnoring it in productioninvestigating how a impairment body functions to allocate scarce resourcessterssing the importance of the take aim side and ignoring the supply side2 . Which of the following is a reason for spurn of the respect of profit over fourth dimension according to metalworker (Points : 4Competition in the jade marketCompetition in the commodity marketCompetition in the investment market any of the aboveof the above3 . All of the following argon amo ng the tools and assumptions employ by Ricardo in his dumbfound except (Points : 4Full employmentDiminishing returns in manufacturingFixed coefficient of productionPerfect competitionWage computer memory doctrine4 . Which of the following economists for the first time introduced the principle of `comparative expediency` as the basis for gains from inter terra firmaalist trade (Points : 4 shipping SmithJ . B . claimJ . S . pulverizationWilliam PettyDavid Ricardo5 . According to the textbook , which of the following individuals was hotshot of the first economists to believe in the distinctioin between ` normative` and ` positivistic` approaches to economic analysis (Points : 4 go SmithDavid RicardoNassau SeniorRobert malthusJ . S . Mill6 . base on your readings in the textbook , briefly summarize the aboriginal contributions of hind end Stuart Mill to economic theory as well as his major blemishs in promoting the classical schooltime of economic purview (Points : 10 J .

S Mill insisted on the Ricardian character of his economic theory From Mill s positioning , the core of the Ricardo doctrine amounted to the bid that an increase in the command wage rate generates a fall in the habitual rate of profit on capital rather than an general increase in manufacturing price (and reduced rent in agriculture ) as Adam Smith maintained (Hollander , 2000. 213The shortcoming of J .S Mill is the billet he raised that cozy /external forces should not be considered , as a element to determine pessimssibility of preventative .Mill argues that intervention cannot be permissible . This demonstrates itself whenever the bulk from a foreign nation struggles again st a force from removed . Rebels fight for liberty and those who are fighting against foreign inequality should be aided7 . According to Adam Smith which of following factors is a main determinant of labor productivity (Points : 4availabity of capital inputsmoney supply and price levels in the economyhigher wagesspecialization and segment of laborall of the above8 . Which of the following correctly describes the Say`s Law (Points : 4Relative prices in the economy are ever neutral to money supplySupply creates its witness demandMonetary expansion is the main exercise of inflationInternational trade can be viewed as a zero-sum gameof the above9 . Which of the...If you indigence to get a right essay, order it on our website: BestEssayCheap.com

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