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Unformatted text preview: Page 4, Sheet 3 on Thunen produced a theory of iocation by arguing: r.» L. . plant the product promising the highest rent. The result is von Thunen’s famous rings. b. farmers will minimize the walking distance to their suppliers. 0. farmers will produce to Gootzeit’s stationary state equilibrium. d. farmers will insure against weather variabiity by planting different crops in different places. e. farmers will plant crops in such a Way as to minimize their taxes. 7 22. The “first classical” situation : a. was when Xenephon wrote his Oikonomikos. b. was when Romans codified the laws of prepterty. ,fiioccurred at the time of Adam Smith. dVA'll of the above. e. None of the above. / ' . ”23 .The “second classical situation” was: " " a. defined by the works of John Stuart Mill. Va- 23/ when Aristotle was translated from the Arabic in the 11”I and 12"I centurifi- c. was when ancient Islamic knowledge was translated into German by the German Hismricabfichool. d. All of the above. e. None of the above. -/ \ _: 24 The “third classical situation” was: " ' ;' when the first economist used linear programming. b. was whenthe first economist used supply and demand curves. 1.1 .‘3 was the period of history when Alfred Marshall was producing his theories of economic analysis. " (tr/All of the above. e. None of the above. {5 V" The “fourth classical situation was: "' 'u. not defined by Schumpeter who died before it fully emerged. . b. emerged when a number of textbooks after World War Légcgvc/red both Marshallian microeconomics and Keynesian macroeconomics. 1 ‘ 53 ’ diplomat; ct. long—lasting as we are still in this situation. é one of the above. :11. .~"’"\ . . . 2&5 “fifth” classrcal Situation: 9 a. has not emerged yet. b. has not emerged yet, but Professor Murphy speculates it will introduce complexity theory into Economics. cpdiasvnot emerged yet, but Professor Murphy speculates it will embody chaos theory. 3" \ “ ll of the above. e. None of the above. ’27; Backhouse describing “new directions” in Economics notes: “-’ a; After a period of integrative tendencies in Economics, there was a proiiferation of schools. In macroeconomics there are Keynesians, post-Keynesians, traditional monetarists, real-business-cycle theorists. b. In addition, there are econometricians whose approach is inductive, and appliedeconomists who Spurn both abstract theories technical econometrics. c. In microeconomics, there are game theorists, general-equilibrium theorists, transaction<costs theorists, experimental economists sceptical about rational—choice theory, and various non-Paretian approaches to welfare. d. "‘ ew’.’ fields ( including new growth theory, new economic geography, and new trade theory) proliferate. {fie} ll of the above. 28\.John Stuart Mill has posed a problem for liberalism because: a. he so strongly believed in communism. b. he thought centralized socialism would solve many of Britain’s problems. VSfippose a city with production of various agricultural crops around it. At each distance from the central place the farmer will ‘ cion the one hand in On Liberty he makes a strong case for individual liberties, while on the other hand in other works he saw many ! grounds for state intervention that might abridge those same liberties. d he did not believe the market system was efficient. e. be believed individuals had the right of suicide and that of murdering unfaithful wives or husbands. 29. J. S. Mill did not believe one of the foliowing: a. that a class of commodities had perfectly inelastic supplies. b. that industries had lOng run constant returns to scale. c. that agriculture had long run decreasing returns to scale. d. that the Stationary State might be an acceptable equilibrium. ' ‘e‘zith’at Nature rigidly determines the distribution of income so that it cannot be altered by humans. 30. J. S. Mitl is the first major classical economist to: a. side with the mercantilists and argue for an export surplus. b. side with the physiocrats and argue that only agriculture produces a Produit Net. c; point out the benefits of an import surplus. r1 write out the equations for a general equilibrium ‘6. solve the adding up probiem. ...
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