ECON4337StudyQuestions

ECON4337StudyQuestions - Department of Economics University...

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Department of Economics University of Minnesota Spr 2011 ECON 4337 Comparative Economic Systems STUDY QUESTIONS Here is a list of some exciting review (or practice) questions! 1. What is an economic system? 2. What are the six criteria according to which we might classify economies? 3. What are Bornstein’s criteria for evaluating performances of economies? 4. What are difficulties in evaluating different economic systems? 5. What is “Pareto optimality”? What does it imply about equality? 6. How is Gini coefficient calculated? What does it measure? 7. What are the defining characteristics of “competitive” markets? What is a competitive general equilibrium? 8. What is the first fundamental theorem of welfare economics and what is its importance? 9. What is the second fundamental theorem of welfare economics and what is its importance? 10. What is Smith's “invisible hand”? What does it suggest for a laissez -faire economy?
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This note was uploaded on 03/26/2011 for the course ECON 4337 taught by Professor Staff during the Spring '08 term at Minnesota.

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