Overview
I am a PhD student taking the above class. I need assistance with my test. 10 questions need to be answered with information ONLY from my modules.
ECO 716 Test 1
WARNING:
Please you are not allowed to copy any materials from the Internet, nor from any other person’s work, for this assignment.
Please do all the following questions.
Answers must be well-written and elaborated in full correct details, in order to earn full or partial credit.
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1. (a) Is the principle of Economic Determinism valid? Analyze why and/or why not.
(b) Did Plato have any important contribution in the development of economic thought? Explain.
2. (i) Scholastic economic thinkers believed that usury was a vice. Examine: (a) the moral, and (b) the economic, justification of this belief.
(ii) Explain and illustrate the various aspects of usury that exist in America today.
3. (a) Did Aristotle have any important contribution in the development of economic thought? Explain.
(b) Are there any differences between the Just Price and the Market Price? Explain and illustrate.
4. (i) To what extent does Mercantilist economic thought drive modern day American socio-economic system? Analyze in detail.
(ii) The Physiocrats believed that natural laws should govern economic relationships. Was this belief confirmed or contradicted by the workings of Quesnay’s Tableau Economique? Explain and illustrate.
5. (a) To what extent does the Market Failure phenomenon negate the Classical free-market doctrine? Explain and illustrate.
(b) Analyze any major aspects of the modern U.S. economy that reflect Classical School of thought.