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Questions and Answers
What is the primary function of economics as described in the text?
What is the primary function of economics as described in the text?
- Conducting social experiments
- Providing historical insights
- Analyzing actual economic problems (correct)
- Predicting future market trends
What method did Ricardo use to construct his economic model?
What method did Ricardo use to construct his economic model?
- Pragmatic analysis
- Inductive reasoning
- Abstract reasoning (correct)
- Empirical observation
Which branch of economics was inspired by classical political economists like Adam Smith and David Ricardo?
Which branch of economics was inspired by classical political economists like Adam Smith and David Ricardo?
- Behavioral economics
- Marxian economics (correct)
- Monetarist economics
- Keynesian economics
What impact did Marx's ideas have on societies according to the text?
What impact did Marx's ideas have on societies according to the text?
In which fields is Marx still considered influential among modern thinkers?
In which fields is Marx still considered influential among modern thinkers?
Which economist is credited with establishing the form and methods of the Ricardian school of thought?
Which economist is credited with establishing the form and methods of the Ricardian school of thought?
Who among the classical economists was concerned about the question of 'distribution'?
Who among the classical economists was concerned about the question of 'distribution'?
What caused a breach between David Ricardo and his father according to the text?
What caused a breach between David Ricardo and his father according to the text?
Which two economists were major protagonists in the debate about the existence of a 'surplus' in a market economy?
Which two economists were major protagonists in the debate about the existence of a 'surplus' in a market economy?
Which economist among those mentioned in the text was concerned about the nature of economic growth?
Which economist among those mentioned in the text was concerned about the nature of economic growth?
In the context of classical economists, who was involved in debates with David Ricardo on policy issues like the 'Corn Laws' and the 'Poor Laws'?
In the context of classical economists, who was involved in debates with David Ricardo on policy issues like the 'Corn Laws' and the 'Poor Laws'?
'Mercantilism' is associated with which period of dominance in Western European economic thought and policies?
'Mercantilism' is associated with which period of dominance in Western European economic thought and policies?
What did David Ricardo argue in his Essay on the Influence of a Low Price of Corn on the Profits of Stock?
What did David Ricardo argue in his Essay on the Influence of a Low Price of Corn on the Profits of Stock?
Which philosopher and economist was David Ricardo friends with?
Which philosopher and economist was David Ricardo friends with?
What theory did David Ricardo first develop in 1817 to explain economic rent?
What theory did David Ricardo first develop in 1817 to explain economic rent?
According to David Ricardo, what would help distribute national income towards more productive groups in society?
According to David Ricardo, what would help distribute national income towards more productive groups in society?
Who were the primary opponents of Ricardo's free-trade views?
Who were the primary opponents of Ricardo's free-trade views?
What economic legislation was Ricardo responding to in 1815 with his Essay on the Influence of a Low Price of Corn on the Profits of Stock?
What economic legislation was Ricardo responding to in 1815 with his Essay on the Influence of a Low Price of Corn on the Profits of Stock?
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