448s05x1 - not been breaking down. Every town is full of...

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ECONOMICS 448 Exam 1 Spring 2005 NAME:________________________________ PLEDGE:______________________________ You have 50 minutes to complete this exam. You may take it in any open classroom on the second floor of Quigley Hall. You may not consult your notes, book, or classmates. The points awarded for each question should be correlated with the length of your answer. 1. (15) How does Marx’s theory of the division of labor differ from Smith’s? Explain.
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2. (10) Provide a list of Alchian and Demsetz’s components of a firm. 3. (10) Evaluate the following critique of Akerlof: “Used-car markets have
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Unformatted text preview: not been breaking down. Every town is full of used-car lots. 4. (15) Provide a brief explanation and an example of the following terms: a. Bounded Rationality: b. Quasi Rent: c. Comprehensive Contracting: 5. (15) What is the underlying argument of the Structure-Conduct-Performance paradigm? 6. (15) What is the Paradox of Selective Intervention ? What is Williamsons answer to the paradox? 7. (20) How does Coases theory of the firm differ from the neoclassical theory of the firm? What is Coases innovation in the literature?...
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448s05x1 - not been breaking down. Every town is full of...

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