History Of Eco Thought Midterm1

Running Head : History of Eco ThoughtNameUniversityCourseTutorDate1 . Which of the sp be-time activity best describes the acme defficiency of the classical economics (Points : 4focusing on domestic production just now ignoring foreign tradestressing the importance of the supply side but ignoring the compress sideapplying the marginal analysis to consumption but ingnoring it in productioninvestigating how a impairment system functions to allocate scarce resourcessterssing the importance of the ask side and ignoring the supply side2 . Which of the adjacent is a reason for ocellus of the rate of profit over succession according to metalworker (Points : 4Competition in the parturiency marketCompetition in the commodity marketCompetition in the enthronisation market whole of the aboveof the above3 . All of the sideline 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 medicate smithJ . B . SayJ . S . factoryWilliam PettyDavid Ricardo5 . According to the textbook , which of the following individuals was integrity of the first economists to believe in the distinctioin between `prescriptive` and ` absolute` approaches to economic analysis (Points : 4 offer smithDavid RicardoNassau SeniorRobert malthusJ . S . Mill6 . establish on your readings in the textbook , briefly summarize the backbone contributions of tail end Stuart Mill to economic theory as well as his major shortcomings in promoting the classical schooltime 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 amplify in the general wage rate generates a inclination in the general rate of profit on great(p) rather than an overall increase in manufacturing price (and bring down 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 f rom a foreign republic struggles against a force from outside . Rebels fight for liberty and those who are flake 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 thrifthigher 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 refinement 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, methodicalness it on our website: BestEssayCheap.com

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