Chapter 6
1. What were J. S. Mills views about competition and private property as causes of social disorder?
2. Explain Mills theory of value and contrast it with Ricardos.
3. Mill turned the classical notion of a stationary state as a dismal outcome into a Utopian vision. Explain.
4..Explain the problems encountered by Ricardian economics in the period from 1820 to 1850.
Chapter 7
5.Explain Marxs distinctions among capitalism, socialism, and communism.
6.Marxs theory of a falling rate of pro t under capitalism has similarities to both Smiths and Ricardos. Explain.
Chapter 8
7.Contrast the scope and method of economics according to Jevons, Menger, and Walras.
8. How does marginal utility explain the diamond-water paradox?
9.Are factors of production price-determined or price-determining? What difference does it make?
Chapter 9
10. Explain the role of marginal productivity concepts in arguments that minimum wage legislation causes unemployment.
11.Explain why marginal productivity theory cannot be used to explain profits.
12.The rateof interest depends upon supply and demand. Explain the forces that are behind supply and demand.
Chapter 10
13. In what way is Marshalls analysis different in its treatment of time?
14. What are two limitations of Marshalls analysis of consumers surplus?
15.Most modern economists regard tastes as outside the purview of economics; how would Marshall be likely to view this development