Question

Questions 1-5: there could be 0 to 4 right answers (you get either 0 or 1 point; no half-points, no minus points). Questions 6-8, each for 1 point (you can also get 0.25, 0.5 or 0.75 for partially right or incomplete answers). For question 9 you can get up to 2 points.

1. Typical conceptions (theories, models, laws) of Post-Keynesian Economics are:
a. endogenous money supply
b. Philips curve
c. AS-AD model
d. theory of rational expectations

2. Determinants of investments according to Neoclassical School are:
a. interest rates
b. social trust
c. institutions
d. weather

3. Typical features of New Institutional Economics are:
a. marginalism
b. individualism
c. interdisciplinary perspective
d. homo oeconomicus

4. Liberalism is typical for:
a. Classical Political Economics
b. Keynesian Economics
c. F. A. von Hayek d. Thorstein Veblen

5. The proponents of Mercantilism are:
a. Aristotle
b. A. Smith
c. A. Marshall
d. R. Coase

6. State 5 common attributes (features) of school A and school B (please, name common attributes; don´t write about the A and then B separately):
a. b. c. d. e.

7. Name the school of thinking typical for 2nd century:

8. Explain Austrian price theory; name the authors:

9. Characterize Classical Political Economics* (time period, context of creation, typical features, main proponents and their major contributions)

Answer 1

1. Typical conceptions (theories, models, laws) of Post-Keynesian Economics are the AS-AD model as the whole post-Keynesian theory has given more importance to Aggregate demand.

2. Determinants of investments according to Neoclassical School are Intrest rate. as there is borrowing for investment is there then the interest rate plays a significant role.

3. Typical features of New Institutional Economics are: interdisciplinary perspective as it include all the aspects excluded in neoclassical economics. It rediscovers aspects of classical political economy.

4. Liberalism is typical for Classical Political Economics as it is supported by Adam Smith.

5. Aristotle