Answer Question ONE and any other THREE questions
QUESTION ONE
(a) Alfred Marshall favored partial equilibrium over general equilibrium analysis. Discuss his key contributions to economic analysis. (6mks)
(b) Compare and contrast classical and marxian political economies. (15mks)
(c) Explain David Ricardo’s contribution to theory of rent.
(4mks)
QUESTION TWO
(a) Discuss the contributions of the ancient Greek to development of economic thought. ( 5 mks)
(b) Discuss the contributions of the mercantilists to economic theory. (10mks)
QUESTION THREE
Compare and contrast the ideas of Menger, Jevons and Walras, the three economists who are credited with initiating the marginal revolution in economics. (15 mks)
QUESTION FOUR
(a) Differentiate between preventive and positive checks as explained by Robert Malthus in his theory of Population. (6mks)
(b) Discuss Say’s law of markets. (5mks)
(c) Explain the main economic thought of physiocracy. (5mks)
QUESTION FIVE
(a) Adam Smith argues that laissez- faire, invisible hand of markets and theory of value are a critical component in a nations wealth creation. Discuss. (8mks)
(b) Discuss John Stuart Mill’s economic ideas on production and distribution .
