History Of Eco Thought Midterm1

Running Head : History of Eco ThoughtNameUniversityCourseTutorDate1 . Which of the sp be-time activity best describes the superlative defficiency of the classical economics (Points : 4focusing on domestic production merely ignoring foreign tradestressing the importance of the supply side but ignoring the beseech sideapplying the marginal analysis to consumption but ingnoring it in productioninvestigating how a impairment system functions to allocate scarce resourcessterssing the importance of the request side and ignoring the supply side2 . Which of the following is a reason for blood of the rate of profit over succession according to Smith (Points : 4Competition in the parturiency marketCompetition in the commodity marketCompetition in the investment market whole of the aboveof the above3 . All of the following are among the tools and assumptions used by Ricardo in his lesson except (Points : 4Full employmentDiminishing returns in manufacturingFixed coefficient of productionPerfect competitionWage fund doctrine4 . Which of the following economists for the first time introduced the principle of `comparative advantage` as the basis for gains from global trade (Points : 4 hug drug SmithJ . B . SayJ . S . MillWilliam PettyDavid Ricardo5 . According to the textbook , which of the following individuals was one of the first economists to believe in the distinctioin between `prescriptive` and `positive` approaches to economic analysis (Points : 4 offer SmithDavid RicardoNassau SeniorRobert malthusJ . S . Mill6 . Based on your readings in the textbook , briefly summarize the key contributions of tail end Stuart Mill to economic theory as well as his major shortcomings in promoting the classical school of economic public opinion (Points : 10 J .

S Mill insisted on the Ricardian character of his economic theory From Mill s perspective , the core of the Ricardo doctrine amounted to the marriage proposal that an increase in the general wage rate generates a fall in the general rate of profit on capital rather than an overall increase in manufacturing price (and reduced rent in agriculture ) as Adam Smith maintained (Hollander , 2000. 213The shortcoming of J .S Mill is the disputation he raised that internal /external forces should not be considered , as a factor to determine pessimssibility of intervention .Mill argues that intervention cannot be permissible . This demonstrates itself whenever the people from a foreign republic struggles against a force from outside . Rebels fight for liberty and those who are fighting against foreign discrimination 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 instalment of laborall of the above8 . Which of the following correctly describes the Say`s Law (Points : 4Relative prices in the economy are always neutral to money supplySupply creates its stimulate demandMonetary expansion is the main cause of inflationInternational trade can be viewed as a zero-sum gameof the above9 . Which of the...If you want to get a undecomposed essay, order it on our website: Ordercustompaper.com

If you want to get a full essay, wisit our page: write my paper