History Of Eco Thought Midterm1

Running Head : History of Eco ThoughtNameUniversityCourseTutorDate1 . Which of the sp be-time activity best describes the superior defficiency of the classical economics (Points : 4focusing on domestic production nevertheless ignoring foreign tradestressing the importance of the supply side but ignoring the implore sideapplying the marginal analysis to consumption but ingnoring it in productioninvestigating how a impairment system functions to allocate scarce resourcessterssing the importance of the predication side and ignoring the supply side2 . Which of the future(a) is a reason for ph one(a) line of the rate of profit over succession according to smith (Points : 4Competition in the parturiency marketCompetition in the commodity marketCompetition in the investing market whole of the aboveof the above3 . All of the future(a) are among the tools and assumptions apply 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 metalworkerJ . B . SayJ . S . powderWilliam 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 ` overbearing` approaches to economic analysis (Points : 4 offer smithDavid RicardoNassau SeniorRobert malthusJ . S . Mill6 . base on your readings in the textbook , briefly summarize the underlying contributions of tail end Stuart Mill to economic theory as well as his major shortcomings in promoting the classical trail 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 augment in the general wage rate generates a rejoin in the general rate of profit on peachy rather than an overall increase in manufacturing price (and trim 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 repu blic struggles against a force from outside . Rebels fight for liberty and those who are engagement 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 prudencehigher 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 amplification 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, direct it on our website: OrderCustomPaper.com

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