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hpqscan0003 - Economics “3107 EENAL March 23 2007...

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Unformatted text preview: Economics “3107 EENAL March 23. 2007 INSTRUCTION-S '- READ CAREFULLY. 1. Use a # 2 pencil on your Scantron. If youidon’t have such a pencil, request one. 2. WARNING. Experience shows that If you make an erasure on your Scantron or use a #1 pencil, you . run the risk that the optical scanner- which is very sensitive - in the grading machine will score your ' answers as being incorrect. For obvious reasons, we are going to take the scanner ’5‘ grading as final So don’t make erasures and use the correct penal Hint: score your answers on this examination paper, and transfer them to your Scantron when you have completed your work. There are a few blank Scantrons available in the room for 25 cents. 3. There are 12 pages to this examination on; 6 sheets. Check that you have the correct number of sheets. Note that there are always 5 options to any of the following statements. Only one is correct. 4. Save this examination so that you can check your answers on the Econ 107 Website. Answers will be available today by n00n. ‘ 1. Most economists would agree that the first economics paradigm emerged with Adam Smith’s Wealth of Nations. One of the following conditions did NQ']: lead to this emergence: a. Smith had been much impressed with Newton’ 5 work and he and Hume wanted to do in moral philosophy what Newton had accomplished 1n natural philosophy- delineate a basic order to the phenomena of interest. b. economic life had become sufficiently complex and obtrusive that it had got the attention of thinking people. c. the Scottish Enlightenment had produced an environment in which educated persons could speak relatively freely about the issues of the wealth of nations. (1. the Calvinist church 1n Scotland’s emphasis on education helped produce the Scottish Enlightenment. a e. "Adam Smith used the term “economic system”, started lecturing on “Economics” at the University of Glasgow, and worked out the equations for a general equilibrium of the British economy of his day, thus creating the paradigm. 2. What is wrong with Malthus' s belief that population' Increases by a geometric progression is. 5"":21; :Malthns Is just wrong that the only checks to population are (a) starvation, wars, and (h) abstention from sex. .b. countries with developed economies actually always experience linearly growing populations. c. that he copied this belief from Alfred Marshall without looking at a ata. d. that he restricted this belief to underdeveloped countries ignoring th 'fate of the developed Western economies e. that he accepted the Utilitarian view that all life creates total utility and so any sensible government will be maximizing the size of its population In order to maximize total social utility. a3. Pinkerton argued that if we read Malthus carefully: “we will f' 11d out that Malthus’ 5 European travels had convinced him all the more that wages tended towards subsistence.” ”rh- “we will find out that Malthus In his later books simply repeated the convictions of the first edition of his Essay on Population.” . ‘we will find out that “toward the end of his life, Malthus altered his views. In “Principles of Political Economy” (1820), ' he acknowledged that economic growth would improve the prospects of the populace.” d'.‘ ‘we shall find out that Malthus was a member of an elite that looked upon their fellow humans as liabilities.” e. “we shall find out as we read successive editions of his Principle of Population. Malthus becomes even more convinced of the views exposited in his first edition. 4. In the diagram to the right which appeared in early versions of Samuelson’s text, the Malthusian equilibrium would be at: a. x. b. S :1 N14 1 E. .t". \[T 5 {a are ...
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