Question 1: What are the historical roots of neo-mercantilists? Could you make two examples to illustrate Neo-mercantilism trade policy on tariff and non-tariff barriers? (200 words)

Question 2: According to mercantilists or new mercantilists, national wealth is accumulated through positive trade balance. However, most contemporary economists say “No” to neomercantilism? Why? Can you explain the trade deficit in the United States? (200 words)

Question 3: What is the historical background of Physiocracy in France? What are Natural Order and Positive Order of Physiocrats? What are the major implications of Tableau économique to modern economic studies? (About 250 words)

Question 4: How Adam Smith explained the causes of National Wealth? And according to Smith’s Value Theory, what are the critical determinants of the wealth of a nation? (250 words)

Question 5: David Ricardo is generally regarded as an immediate successor of Adam Smith. Ricardo largely re-directed methods and scope of classical economics. What are the major points of Ricardian value theory? What are the implications of his Comparative Advantage theory to international trade issues? Please use an example to explain what are absolute advantage and comparative advantage. (300 words)

Question 6. What is one major theoretical flaw of the Population Thesis of Thomas R. Malthus? (About 150 words)

Question 7. Marginal analysis is one major contribution of the neo-classical economists. How the marginalists resolved the “Water-Diamond” Paradox? Please use a supply-demand graph to show it and explain it in your own words? (Graph + 150 words)

Question 8. What is the weakness of early marginal analysis? How the second generation marginalists explained profits? (About 200 words)

Question 9. What are major contributions of two American economists, Irving Fisher and Thorstein Veblen, in microeconomics and institutional economics? How their research influenced the discipline of behavioral economics? (About 300 words) Tip: Fisher did considerable work in utility maximization and intertemporal choice.

Question 10. What are the major contributions of John Maynard Keynes to modern macroeconomics? Please briefly list these contributions, and use examples to illustrate at least one of them. (About 200-300 words)

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