Questions may require 5 or more sentences to properly answer. It is suggested that you write only what you need to answer the question but if you find it assists you in explaining an answer, please write as much as you feel comfortable with to answer the question. Remember, you must use your own words in your response.a. Explain Jevon’s Marginal UtilityANDb. how this effects economic theory. [8 Points]Veblen was anti-capitalist. a. Explain what he means by “conspicuous consumption” by the wealthy class AND b. Explain why he was wrong with his view of the wealthy class (what are positives the wealthy class provides the economy?). [8 Points]Explain Fisher’s Quantity Theory of Money (You can use his mathematical formula to assist you in explaining his theory). [4 Points]Mises disagreed with Fisher’s conclusions, specifically in regards to how Fisher’s system for Quantity Theory of Money functions and Fisher’s lack of understanding of the business cycle. To help support his views Mises drew upon three other economists. Bohm-Baewerk’s Capital Theory discusses the structure of capital (money). Explain his Capital Theory in good and poor economic times. [4 Points]a. Explain how Keynes disagrees with Adam Smith’s Classical System. b. Explain how Keynes would stimulate the economy. c. Explain the reasoning why Keynes believed his approach works to stimulate the economy. [12 Points]a, Explain Marx’s Labor Theory of Value. b. Explain Marx’s Theory of Surplus Value. [8 Points]Discuss Aquinas’s view of government on the following topics: what is the purpose of government? Who is qualified to govern? What form of government does Aquinas prefer? [4 Points]a. Discuss how reformers Luther and Calvin view the church’srolein government. b. Discuss what is Luther’s view of government. c. Discuss and Explain what form of government Calvin deems the best. [12 Points]Discuss Machiavelli’s view of the forms of government (the purpose of government, who should rule, how should they rule, etc.) [4 Points]a. Explain what Hobbes means by a “Social Contract” and the responsibilities of the populace and the responsibilities of the sovereign. b. Discuss what the populace must give the sovereign for the social contract to exist. [8 Points]a. Discuss what is Locke’s Labor Theory of Estate. b. Discuss how his Theory ties-in with his view of the Social Contract. [8 Points]a. Discuss what Rouseau means by the General Will. b. Discuss the forms of government Rouseau prefers. [8 Points]a. Discuss how Burke views a society’s history will effect how a government develops and evolves. b. Discuss the form of government Burke advocates. [8 Points]In Marx’s view, Discuss what the government would be like after capitalism falls as an economic system. [4 Points]
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