MSc Economics Assessment Question and Answers
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Economics Question for Classwork
- Many modern economists use Adam Smith’s work to object to the notion of an activist government. Explain the role of government according to Smith, listing the specific functions that he envisioned appropriate for the government.
- Explain Say’s law, discussing how it engaged with the classical economists of the time.
- Present Quesnay’s graph and explain its working. Does it have any value to the understanding and explanation of the modern economy?
- Present various versions of the theory of value preceding Marx. How is this related to Ricardo’s theory of comparative advantage, historically and/or analytically?