Econ434Exam1

Econ434Exam1 - Econ 434: History of Economic Doctrines...

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Econ 434: History of Economic Doctrines Questions from Previous Versions of Exam 1 Section 1: Multiple Choice. 1. The “history of economic doctrines” is a subset of the broader academic discipline sometimes classified as among “the humanities” and which is known as: (a) macroeconomic theory. (b) cultural relativism. (c) intellectual history. (d) institutional theory. (e) military history. 2. One prominent economic theorist who originally trained as an engineer is also famous as a sociologist, in part for formulating the 80-20 rule, one version of which is: Twenty percent of the people do eighty percent of the work, and will acquire eighty percent of all income and/or wealth regardless of the economic or social system in which they live. This famous thinker was: (a) Thomas Robert Malthus. (b) Karl Marx. (c) Richard Cantillon. (d) Vilfredo Pareto. (e) Simon Newcomb. 3. Some basic behavioral assumptions imbedded in standard economic theory are disputed by cognitive psychologists and modern behavioral economists, most of whom would characterize human behavior as strongly influenced by: (a) ingrained habits shaped by institutions that differ across cultures. (b) limits on rationality, self interest, and willpower. (c) a narrow focus on self interest. (d) “the selfish gene,” which yields needs to propagate our species. 4. Foundations for the “supply-side” cost-based theory of pricing that dominated economic theory in England from roughly 1750 until 1870 or so, and which denied much of a role for factors influencing demand, were found in pioneering writings about the: (a) circular flow of income authored by François Quesnay. (b) value of money written by various mercantilists including Sir William Petty. (c) wealth of nations authored by Richard Cantillon. (d) labor theory of value authored by John Locke. (e) nature of “just prices” as described by Albertus Magnus and Thomas Aquinas. 5. The behavioral scientist most likely to have written the sentence “Classic economic theory, based as it is on an inadequate theory of human motivation, could be revolutionized by accepting the reality of higher human needs, including the impulse to self-actualization and the love for the highest values,” was: (a) Francis Galton. (b) Franz Boaz. (c) Margaret Meade. (d) Sigmund Freud. (e) Abraham Maslow. 6. The degree of inequality in the distributions of income or wealth across the population can be illustrated graphically with a: (a) Laffer curve. (b) Lorenz curve. (c) Pareto curve. (d) welfare diagram. 7. Sociobiology is the notion that much of the behavior of all sentient living things is ultimately intended to propagate their gene pools. The sub-group of behavioral science most closely related to sociobiology is: (a) developmental psychology. (b) scientology. (c) evolutionary psychology. (d) behavioral economics. (e) Darwinian biology. 8.
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Econ434Exam1 - Econ 434: History of Economic Doctrines...

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