exam2 - Economics 101

exam2 - Economics 101 - believe this is an adequate way to...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Economics 101 The Economic System Fall 2007 EXAM 2 Alfred Marshall formally developed Adam Smith’s forces of supply and demand in order to describe how market systems are coordinated. These curves were constructed based upon the assumption that firms and consumers engage in "maximizing behavior.” Thorstein Veblen, on the other hand, rejected the optimizing behavior in favor of an anthropological/psychological explanation. Explain Marshall's and Veblen's views concerning the behavior of firms and consumers. Modern economics has followed and strengthened the tradition of Marshall. With respect to “demand,” do you
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: believe this is an adequate way to explain the economic behavior of households (consider your own motivation for consuming goods in your answer)? Your response should be one-page (slightly longer is acceptable), typewritten (hand written will not be accepted), and single-spaced. It is due on Tuesday November 6 th at the beginning of class (9:25 a.m.) in hard copy (hand in a printed copy). Late papers will be given 50% off. I will circulate a sign-in sheet during class which will validate your turning in the exam. * Nearly identical papers will all be given a grade of F....
View Full Document

This test prep was uploaded on 04/07/2008 for the course ECO - 1512 taught by Professor Tedp.schmidt during the Fall '07 term at Buffalo State.

Page1 / 2

exam2 - Economics 101 - believe this is an adequate way to...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online