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Mason - ECON 103 - Micro Midterm, Test 1 - Study Guide

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Mason - ECON 103 - Micro Midterm, Test 1 - Study Guide

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background image What word did Aristotle come up with?
What did "economics" mean in the Ancient Greek era?
management of budget
Aristotle came up with what theory?
Equality of Exchange
Why was the "equality of exchange" theory a fail to describe why prices are 
what they are?
Exchange is not a means in itself
What always determines the quantity transaction?
The short side of the market
Who is St. Thomas Aquinas (1300 AD)?
A scholastic that ventures into Aristotle's theory.
According to The Just-Price Doctrine what wrong theory did the scholastics 
Normative theory when positive theory is needed
What is the scholastics motive for The Just Price Doctrine?
To determine the fair price
Where did the scholastics fail in their determination of what is a just price?
There is no such thing as a just or unjust price, prices are what they are you 
just have to explain them
What is a normative question?
A question that deals with ethical opinion type questions
What is a positive question?
A question that deals with cause and affect
What is the difference between a normative and a positive question?
Normative questions "what should be"
Positive questions "what is"
What mistake did the mercantilists make about social order?
They said that is there is social order there must be a plan. No notion of 
What did the physiocrats come up with?
Laissez faire- there is order but no plan

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School: George Mason University
Department: Economics
Course: Microeconomic Principles
Professor: Donald Boudreaux
Term: Fall 2018
Name: Micro Midterm, Test 1
Description: Rustici's first exam, fall 2018
Uploaded: 10/01/2018
2 Pages 66 Views 52 Unlocks
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