Econ434MC4A - Topic 4 Early Nineteenth Century Theories 1...

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Topic 4: Early Nineteenth Century Theories 1. Early classical economists such as Adam Smith and Thomas Robert Malthus theorized that business cycles are primarily caused by changes in: (a) population in response to resource availability. (b) capitalists' ability to exploit labor. (c) socio-psychological mass movements. (d) unexpected business inventories. (e) public confidence or pessimism. 2. Economic theories about how punishment should depend on the crimes committed were least central to major analyses by: (a) Jeremy Bentham. (b) Gary Becker. (c) Sir Edwin Chadwick. (d) Thomas Robert Malthus. 3. According to Thomas Robert Malthus, humankind's economic condition would continue to worsen over time because: (a) innovations cannot keep pace with human needs. (b) food production grows at an arithmetic rate while, if unchecked, population would grow at a geometric rate. (c) only the nobility should eat cake. (d) capitalism causes inequity in the distribution of income. 4. Thomas Robert Malthus distinguished positive from preventive checks on population growth. Examples that Malthus would have given of positive checks on population would include: (a) abstinence or moral restraint. (b) wars and famines. (c) infanticide (d) contraception and abortion. (e) vows of chastity. 5. Thomas Malthus was pessimistic about the long run state of humankind. Although he feared that his preferred solution to overpopulation was impossible, he favored the preventative check of: (a) war. (b) disease. (c) starvation. (d) abstinence and delayed marriage. (e) famine. 6. Thomas Robert Malthus distinguished positive from preventive checks on population growth. Preventative checks on population that Malthus vehemently deplored as immoral included: (a) abstinence or moral restraint. (b) wars and famines. (c) plagues and starvation. (d) contraception and abortion. (e) vows of chastity. 7. The subsistence theory of wages: (a) was developed by early Greek philosophers. (b) suggests that wages will just be sufficient to meet the biological needs of workers' families. (c) has been proven correct in primitive socialist economies. (d) predicts that rates of return on capital will grow over time. (e) argues that what is considered subsistence is relative and increases with per capita income. 8. The theory that in equilibrium, workers’ wages will barely be adequate for biological needs is known as the: (a) labor theory of value. (b) convergence hypothesis. (c) subsistence theory of wages. (d) indicative planning model. (e) subjugation theory of workers. (f) zero population growth model. 9. The idea that wages are largely determined by biological requirements, only slightly if at all enhanced by cultural standards, is called the: (a) classical school of economics. (b) subsistence theory of wages. (c) theory of socialism. (d) dialectical materialism.
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