Bees3033 Mid Exam Question (A222)

This study source was downloaded by 100000867488176 from CourseHero.com on 07-20-2023 11:56:12 GMT -05:00https://www.coursehero.com/file/205423402/BEES3033-Mid-Exam-Question-A222docx/ QUESTION ONE (25 MARKS) a) State 2 (TWO) contrast ways on how the new school of economic thought reactsto the idea s from the earlier school of economic thought in order to develop theirown ideas. (5marks)b) Use the opinion of Mercantilist , Physiocrats and Socialist on the importance ofgovernment intervention in the economy as an example to explain the twocontrast ways stated in question (a) .(15 marks) c) Using an example, discuss 1 (ONE) value-added of learning History of EconomicThought compared to other economics courses. (5marks) QUESTION TWO (25 MARKS) a) According to Adam Smith, In spite of their natural selfishness and rapacity,business people are led by an invisible hand.and thus without intending it,without knowing it, advance the interest of the society. Discuss. (15marks)b) Briefly explain why David Ricardo in his t heory of comparative advantagebelieved that international trade is a positive-sum game and not a zero-sum gameas believed by the Mercantilists . (10marks) QUESTION THREE (25 MARKS) According to Marquis de Condorcet population would increase as a result of beneficentreforms, but the food supply will increase more rapidly . a) Explain how Thomas Robert Malthus