Questions may require 5 or more sentences to properly answer. It is suggested that you write only what you need to answer the question but if you find it assists you in explaining an answer, please write as much as you feel comfortable with to answer the question. Remember, you must use your own words in your response.
a. Explain Jevons Marginal Utility AND b. how this effects economic theory. [8 Points]
Veblen was anti-capitalist. a. Explain what he means by conspicuous consumption by the wealthy class AND b. Explain why he was wrong with his view of the wealthy class (what are positives the wealthy class provides the economy?). [8 Points]
Explain Fishers Quantity Theory of Money (You can use his mathematical formula to assist you in explaining his theory). [4 Points]
Mises disagreed with Fishers conclusions, specifically in regards to how Fishers system for Quantity Theory of Money functions and Fishers lack of understanding of the business cycle. To help support his views Mises drew upon three other economists. Bohm-Baewerks Capital Theory discusses the structure of capital (money). Explain his Capital Theory in good and poor economic times. [4 Points]
a. Explain how Keynes disagrees with Adam Smiths Classical System. b. Explain how Keynes would stimulate the economy. c. Explain the reasoning why Keynes believed his approach works to stimulate the economy. [12 Points]
a, Explain Marxs Labor Theory of Value. b. Explain Marxs Theory of Surplus Value. [8 Points]
Discuss Aquinass view of government on the following topics: what is the purpose of government? Who is qualified to govern? What form of government does Aquinas prefer? [4 Points]
a. Discuss how reformers Luther and Calvin view the churchs role in government. b. Discuss what is Luthers view of government. c. Discuss and Explain what form of government Calvin deems the best. [12 Points]
Discuss Machiavellis view of the forms of government (the purpose of government, who should rule, how should they rule, etc.) [4 Points]
a. Explain what Hobbes means by a Social Contract and the responsibilities of the populace and the responsibilities of the sovereign. b. Discuss what the populace must give the sovereign for the social contract to exist. [8 Points]
a. Discuss what is Lockes Labor Theory of Estate. b. Discuss how his Theory ties-in with his view of the Social Contract. [8 Points]
a. Discuss what Rouseau means by the General Will. b. Discuss the forms of government Rouseau prefers. [8 Points]
a. Discuss how Burke views a societys history will effect how a government develops and evolves. b. Discuss the form of government Burke advocates. [8 Points]
In Marxs view, Discuss what the government would be like after capitalism falls as an economic system. [4 Points]
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