PRACTICE MIDTERM - END OF PART I PROCEED TO PART II 4 PART...

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Full Name: ___________________________________ Department of Economics University of Minnesota ECON 4337 Comparative Economic Systems Alperen Evrin PRACTICE MIDTERM EXAM PART I: SHORT DESCRIPTIONS CHOOSE 4 OUT OF 7. Describe/define (introduce) 4 of the following 7 concepts (people) in two or three sentences , mentioning their defining characteristics (ideas or theories), importance, context and/or relevance. Monetarism Stagflation Thorstein Veblen Dynamic Efficiency Substructure and Superstructure Friedrich Hayek Gini coefficient
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2 Short Description 1. Concept/Person: ___________________________________________ Short Description 2. Concept/Person: ___________________________________________ Short Description 3. Concept/Person: ___________________________________________
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3 Short Description 4. Concept/Person: ___________________________________________
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Unformatted text preview: END OF PART I. PROCEED TO PART II. 4 PART II: ESSAYS 1. First, state first welfare theorem. What is a “market failure”? Define. Write down four cases of market failures and briefly explain why markets fail to deliver efficient results in each case (Hint: FWT assumptions) . State what specific interventions/remedies (at least one for each case) are suggested to solve each type of market failures. 5 Pick one and Answer: 2a. Karl Marx believed that capitalism was based on exploitation and would eventually destroy itself. Explain how and why this would happen according to Marxian theory. (Hint : Consider Marx’s Labor Theory of Value and his model) 2b- Considering the period from 1929 to late 1990s, briefly discuss the evolution of the role of government in the U.S. economy in terms of fiscal and monetary intervention, income equality....
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