Introduction to Economics
ECON 338 & PHIL 361
FINAL EXAM
经济学导论代写 1.Answer one and only one of the following five questions:a. What are the checks on the inflationary effects of fractional reserve banking?
1.Answer one and only one of the following five questions:
a. What are the checks on the inflationary effects of fractional reserve banking?
b. What problems of the fractional reserve banking system were supposed to be solved by the introduction of central banks?
c. What is the point of Hume’s thought experiment about a fairy doubling the supply of our money overnight?
d. What is fiat money? What are the disadvantages that ensue from going off the gold standard?
e. Explain Mises’s theory of money regression.
2.Answer one and only one of the following five questions: 经济学导论代写
a. Briefly outline Mises’s argument against central planning.
b. According to Mises, why would it be impossible for central planners in a society where the means of productions are owned by the state to solve the problem of allocation of scarce resources?
c. Briefly outline Hayek’s argument against central planning.
d. What kind of knowledge is relevant to Hayek’s knowledge argument against central planning?
e. In what way, if any, is Mises’s calculation argument against central planning different from Hayek’s knowledge argument?
3.Answer one and only one of the following two questions: 经济学导论代写
a. Describe the relation among time-preference, saving, investment, and consumption in a one-person economy, i.e., in Crusoe’s economy.
b. How does Garrison use the production possibility frontier to explain economic growth? What kind of trade-off does the production possibilities frontier represent?
4.Answer one and only one of the following two questions: 经济学导论代写
a. What is a “Hayekian triangle”? Explain how this diagram can be used to relate investment, stages of production, and consumption.
b. What are the effects on the labour market of the derived demand effect and the time-discount effect?
5.Answer one and only one of the following three questions: 经济学导论代写
a. What starts the boom-and-bust cycle according to the Austrian theorists?
b. “A tug-of-war.” Why does Garrison use this expression in his explanation of the Austrian business cycle theory?
c. Why do the dynamics of boom-and-bust entail both overinvestment and malinvestment?
6.Answer one and only one of the following seven questions: 经济学导论代写
a. What is “sticky” and why, according Keynes?
b. Hayek: “Blame the interest rates.” Keynes: “No, it’s the animal spirits.” What are Hayek and Keynes referring to when they use these expressions in the first rap battle video?
c. “Hair-of-the-dog.” Why does Hayek use this expression in the first rap battle video to describe Keynes’s recipe for economic recovery?
d. Why is the notion of intellectual property objectionable, according to Jacob H. Huebert?
e. A loaf of bread and a music electronic file: why is this comparison relevant to the issue of intellectual property?
h. Present at least one of the arguments in defense of intellectual property. What does Huebert say against this argument?
g. Mozart’s quote on “stealing” a piece of music from an opera by Gluck. What is the point made by Mozart?
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