Overview
The structure of questions in these subtests are designed to test knowledge level, comprehension, application, analytical and evaluation abilities. Each question will be worth a maximum of 3 points and total a max 15% of the final grade.
Quiz 2 covers the material from chapters 5,6 ,7 and introduces us to the work of Karl Marx, J.S. Mills, and Alfred Marshall.
- What are the main economic concepts introduced by the three economists in this block? For each of the concept discussed how it represented a break with the past.
- Are these concepts still relevant or have any practical application? If so, cite where they are being used or have been used and abandoned.
- How have the concepts discussed in 2 above influenced the development of mainstream economics?
- What are your opinions of the labor theory of value as expressed by Marx and the concept of value being derived from the interaction of the forces of supply and demand as espoused by Marshall.
- In summary, have Karl Marx and Alfred Marshall earned their reputation as the “father of communism” and the “father of economics”.