Econ 350 Essay 1

Books on Economics in the OLL collection

See also the extracts, chapters, and introductions in the Economics section of the Ideas page.

More material on Economics can be found at our sister website The Library of Economics and Liberty (Econlib). As its name suggests, it specializes in material relating to economics and includes over 120 titles of economic classics, monthly articles on economic topics from around the world, a blog for the discussion of economic ideas (EconLog), a collection of interviews and podcasts (EconTalk), resources for high school teachers of economics, and an Encyclopedia of Economics.

486 Titles

  • Selected Writings of Ludwig von Mises, vol. 3: The Political Economy of International Reform and Reconstruction (Ludwig von Mises)
  • The A B C of Finance (Simon Newcomb)
  • A Treatise on Metallic and Paper Money and Banks (1858) (John Ramsay McCulloch)
  • A Treatise on Political Economy (LF ed.) (Antoine Louis Claude, Comte Destutt de Tracy)
  • An Account of Denmark, With Francogallia and Some Considerations for the Promoting of Agriculture and Employing the Poor (Robert Molesworth)
  • Adam Smith and the Wealth of Nations (DVD) (Adam Smith)
  • An Autobiography, vol. 1 (Herbert Spencer)
  • The Anti-capitalistic Mentality (Ludwig von Mises)
  • The Application of the Theoretical Apparatus of Supply and Demand to Units of Currency (Edwin Cannan)
  • “Are Economists Basically Immoral?” and Other Essays on Economics, Ethics, and Religion (Paul Heyne)
  • Armonias Economicas (Frédéric Bastiat)
  • The Best of Bastiat (Frédéric Bastiat)
  • The Best of Bastiat 1.1: A Life in Letters (Frédéric Bastiat)
  • The Best of Bastiat 3.1: Petition of the Manufacturers of Candles (Frédéric Bastiat)
  • The Best of Bastiat 3.2: The Broken Window (Frédéric Bastiat)
  • The Best of Bastiat 3.3: The Utopian (Frédéric Bastiat)
  • The Best of the Online Library of Liberty (OLL Editor)
  • The Best of the OLL: A Reader on Individual, Economic, and Political Liberty (Aug. 2014) (OLL Editor)
  • BOLL 3: Ludwig von Mises, “Economics of War” (1949) (Ludwig von Mises)
  • BOLL 4: Ludwig von Mises, “Liberty and Property” (1958) (Ludwig von Mises)
  • BOLL 7: Adam Smith, “On Free Trade” (1776) (Adam Smith)
  • BOLL 8: J.B. Say, “Of the Right of Property” (1819) (Jean Baptiste Say)
  • BOLL 10: James M. Buchanan, “The Threat of Leviathan” (1975) (James M. Buchanan)
  • BOLL 12: F.A. Hayek, “The Use of Knowledge in Society” (1945) (Friedrich August von Hayek)
  • BOLL 14: Paul Heyne, “Economics Is a Way of Thinking” (1995) (Paul Heyne)
  • BOLL 15: Jasay, "Liberalism and Democracy" (1985) (Anthony de Jasay)
  • BOLL 16: Leland Yeager, “The Positive Case for Free Trade” (1954) (Leland B. Yeager)
  • BOLL 17: Milton Friedman, “Capitalism and Freedom” (1961) (Milton Friedman)
  • BOLL 18: Friedrich Hayek, “Kinds of Order in Society” (1964) (Friedrich August von Hayek)
  • BOLL 19: Israel Kirzner, “Entrepreneurial Activity and the General Market Process” (1963) (Israel M. Kirzner)
  • BOLL 20: J.B. Say, “Of the Demand or Market for Products” (1819) (Jean Baptiste Say)
  • BOLL 23: Abbé de Condillac, “On Value and Trade” (1776) (Étienne Bonnot, Abbé de Condillac)
  • BOLL 27: Kirzner, "Economic Coordination" (1963) (Israel M. Kirzner)
  • BOLL 28: Norman Barry, “Hayek’s Theory of Spontaneous Order I: Economic Orders” (1982) (Norman P. Barry)
  • BOLL 29: Norman Barry, “Hayek’s Theory of Spontaneous Order II: Legal Orders” (1982) (Norman P. Barry)
  • BOLL 30: Richard Cobden, “On the Total and Immediate Repeal of the Corn Laws” (1846) (Richard Cobden)
  • BOLL 53: Gustave de Molinari, “Of the Liberty of Government” (1849) (Gustave de Molinari)
  • BOLL 58: Léon Faucher,“Property I” (1852) (Leon Faucher)
  • BOLL 59: Wolowski and Levasseur, “Property II” (1864) (Louis Wolowski)
  • BOLL 66: Alexis de Tocqueville, “On Socialism” (1848) (Alexis de Tocqueville)
  • BOLL 67: John Stuart Mill "The Difficulties of Socialism" (1879) (John Stuart Mill)
  • BOLL 68: Ludwig von Mises, "Economic Calculation under Socialism" (1922) (Ludwig von Mises)
  • BOLL 65: Destutt de Tracy, "Of Society" (1817) (Antoine Louis Claude, Comte Destutt de Tracy)
  • Bureaucracy (Ludwig von Mises)
  • Can Capitalism Survive? (Benjamin A. Rogge)
  • Capital and Interest: A Critical History of Economic Theory (Eugen von Böhm-Bawerk)
  • Capital and its Structure (Ludwig M. Lachmann)
  • Capital, Expectations, and the Market Process (Ludwig M. Lachmann)
  • Capital, Interest, and Rent (Frank A. Fetter)
  • Capital: A Critique of Political Economy. Volume I: The Process of Capitalist Production (Karl Marx)
  • Capital: A Critique of Political Economy. Volume II: The Process of Circulation of Capital (Karl Marx)
  • Capital: A Critique of Political Economy. Volume III: The Process of Capitalist Production as a Whole (Karl Marx)
  • Catalogue of the Guillaumin Librairie (1847) (Gilbert-Urbain Guillaumin)
  • Catalogue of the Guillaumin Librairie (1849) (Gilbert-Urbain Guillaumin)
  • Catalogue of the Guillaumin Librairie (May 1866) (Gilbert-Urbain Guillaumin)
  • Catalogue of the Félix Alcan and Guillaumin Librairies (August 1907) (Gilbert-Urbain Guillaumin)
  • The Challenge of Facts and other Essays (William Graham Sumner)
  • The Character and Logical Method of Political Economy (John Elliot Cairnes)
  • An Interview with Henry C. Clark (Henry C. Clark)
  • The Coal Question (William Stanley Jevons)
  • The Collected Liberty Matters Forums for 2015: Nos. 13-19 (David M. Hart)
  • The Collected Liberty Matters Nos. 1-10 (David M. Hart)
  • Collected Works of John Stuart Mill, in 33 vols. (John Stuart Mill)
  • The Collected Works of John Stuart Mill, Volume II - The Principles of Political Economy I (John Stuart Mill)
  • The Collected Works of John Stuart Mill, Volume III - Principles of Political Economy Part II (John Stuart Mill)
  • The Collected Works of John Stuart Mill, Volume IV - Essays on Economics and Society Part I (John Stuart Mill)
  • The Collected Works of John Stuart Mill, Volume V - Essays on Economics and Society Part II (John Stuart Mill)
  • Introductions to the Robson Edition of the Collected Works of J.S. Mill (John Stuart Mill)
  • The Collected Works of Arthur Seldon (Arthur Seldon)
  • The Collected Works of Arthur Seldon, vol. 1 - The Virtues of Capitalism (Arthur Seldon)
  • The Collected Works of Arthur Seldon, vol. 4 (Arthur Seldon)
  • The Collected Works of Arthur Seldon, vol. 5 - Government Failure and Over-Government (Arthur Seldon)
  • The Collected Works of Arthur Seldon, vol. 6 (Arthur Seldon)
  • The Collected Works of Arthur Seldon, vol. 7 - The IEA, the LSE, and the Influence of Ideas (Arthur Seldon)
  • The Collected Works of Frédéric Bastiat, in 6 Vols. (Jacques de Guenin)
  • The Collected Works of Frédéric Bastiat. Vol. 1: The Man and the Statesman: The Correspondence and Articles on Politics (Frédéric Bastiat)
  • The Collected Works of Frédéric Bastiat. Vol. 2: The Law, The State, and Other Political Writings, 1843-1850 (Frédéric Bastiat)
  • The Collected Works of James M. Buchanan in 20 vols. (James M. Buchanan)
  • The Collected Works of James M. Buchanan. Vol. 2 Public Principles of Public Debt (James M. Buchanan)
  • The Calculus of Consent: Logical Foundations of Constitutional Democracy (James M. Buchanan)
  • The Collected Works of James M. Buchanan, Vol. 4. Public Finance in Democratic Process (James M. Buchanan)
  • The Collected Works of James M. Buchanan, Vol. 5. The Demand and Supply of Public Goods (James M. Buchanan)
  • Cost and Choice: An Inquiry in Economic Theory, Vol. 6 of the Collected Works (James M. Buchanan)
  • The Collected Works of James M. Buchanan, vol. 7 (The Limits of Liberty) (James M. Buchanan)
  • Democracy in Deficit: The Political Legacy of Lord Keynes (James M. Buchanan)
  • The Collected Works of James M. Buchanan, Vol. 9 (The Power to Tax) (James M. Buchanan)
  • The Collected Works of James M. Buchanan, Vol. 10 (The Reason of Rules) (Geoffrey Brennan)
  • The Collected Works of Lysander Spooner (1834-1886), in 5 vols. (Lysander Spooner)
  • The Collected Works of Lysander Spooner (1834-1886), vol. 1 (1834-1850) (Lysander Spooner)
  • The Collected Works of Lysander Spooner (1834-1886), vol. 3 (1858-1862) (Lysander Spooner)
  • The Collected Works of Lysander Spooner (1834-1886), vol. 4 (1863-1873) (Lysander Spooner)
  • The Collected Works of Lysander Spooner (1834-1886), vol. 5 (1875-1886) (Lysander Spooner)
  • The Collected Works of Lysander Spooner (1834-1886), in one vol. (Lysander Spooner)
  • A Collection of the Political Writings of William Leggett (William Leggett)
  • A Collection of the Political Writings of William Leggett, vol. 1 (William Leggett)
  • A Collection of the Political Writings of William Leggett, vol. 2 (William Leggett)
  • A Collection of Tracts, 2 vols. (1751) (John Trenchard)
  • A Collection of Tracts, vol. I (John Trenchard)
  • Colony (James Mill)
  • The Comedy of Protection (1906) (Yves Guyot)
  • Commentary on Filangieri’s Work (Benjamin Constant)
  • Commerce and Government Considered in their Mutual Relationship (Étienne Bonnot, Abbé de Condillac)
  • Commerce Defended (1808) (James Mill)
  • Commerce, Culture, and Liberty: Readings on Capitalism Before Adam Smith (Henry C. Clark)
  • The Commonsense of Political Economy (Philip H. Wicksteed)
  • The Constitutional Documents of the Puritan Revolution, 1625-1660 (Samuel Rawson Gardiner)
  • Construction Construed and Constitutions Vindicated (John Taylor)
  • The Continental System: An Economic Interpretation (Eli F. Heckscher)
  • Conversations on Political Economy (Jane Haldimand Marcet)
  • The Corn Laws. Speech of R. Cobden (Richard Cobden)
  • Correspondence and Conversations of Alexis de Tocqueville with Nassau William Senior from 1834-1859, 2 vols. (1872) (Mary Charlotte Mair Simpson)
  • Correspondence and Conversations of Alexis de Tocqueville with Nassau William Senior from 1834-1859, vol. 1 (1834-1851) (Alexis de Tocqueville)
  • Correspondence and Conversations of Alexis de Tocqueville with Nassau William Senior from 1834-1859, vol. 2 (1834-1851) (Alexis de Tocqueville)
  • "Cost of Production and Price Over Long and Short Periods" (Frank H. Knight)
  • Cours d’Economie Politique (Gustave de Molinari)
  • Cours d’Economie Politique vol. 1 (Gustave de Molinari)
  • Cours d’Economie Politique vol. 2 (Gustave de Molinari)
  • The Collected Works of Frédéric Bastiat. Vol. 3: Economic Sophisms and “What is Seen and What is Not Seen” (Frédéric Bastiat)
  • Cyclopaedia of Political Science, Political Economy 3 vols. (John Joseph Lalor)
  • Cyclopaedia of Political Science, Political Economy vol. 1 Abdication-Duty (John Joseph Lalor)
  • Cyclopaedia of Political Science, Political Economy vol. 2 East India Co. - Nullification (John Joseph Lalor)
  • Cyclopaedia of Political Science, Political Economy vol. 3 Oath - Zollverein (John Joseph Lalor)
  • The Debates in the Several State Conventions vol. 4 (Jonathan Elliot)
  • Defence of Usury (Jeremy Bentham)
  • Definitions in Political Economy (Thomas Robert Malthus)
  • Democratick Editorials: Essays in Jacksonian Political Economy (William Leggett)
  • A Discourse of Trade (Nicholas Barbon)
  • Discourses Upon Trade (Sir Dudley North)
  • The Distribution of Wealth: A Theory of Wages, Interest and Profits (John Bates Clark)
  • Dollar Stabilization (Irving Fisher)
  • Early Economic Thought in Spain, 1177-1740 (Marjorie Grice-Hutchinson)
  • The Economic Consequences of the Peace (John Maynard Keynes)
  • Economic Freedom and Interventionism (Ludwig von Mises)
  • Economic Harmonies (Boyers trans.) (Frédéric Bastiat)
  • Economic Liberalism, 2 vols. (William Dyer Grampp)
  • Economic Liberalism, vol. 1 The Beginnings (William Dyer Grampp)
  • Economic Liberalism, vol. 2 The Classical View (William Dyer Grampp)
  • The Economic Point of View (1976) (Israel M. Kirzner)
  • Economic Policy: Thoughts for Today and Tomorrow (Ludwig von Mises)
  • Economic Sophisms (Frédéric Bastiat)
  • The Economic Writings of Sir William Petty, 2 vols. (Sir William Petty)
  • The Economic Writings of Sir William Petty, vol. 1 (Sir William Petty)
  • The Economic Writings of Sir William Petty, vol. 2 (Sir William Petty)
  • Economics, 2 vols. (Frank A. Fetter)
  • Economics, vol. 1: Economic Principles (Frank A. Fetter)
  • Economics as a Coordination Problem: The Contributions of Friedrich A. Hayek (Gerald P. O’Driscoll)
  • The Economics of Ludwig von Mises: Toward a Critical Reappraisal (Lawrence S. Moss)
  • The Economics of Welfare (Arthur Cecil Pigou)
  • Economics, vol. 2: Modern Economic Problems (Frank A. Fetter)
  • Elements of Political Economy (3rd ed. 1844) (James Mill)
  • Encouragement of Irish Linen Manufacture (August 1697) (John Locke)
  • Encyclopedic Liberty: Political Articles in the Dictionary of Diderot and D’Alembert (Denis Diderot)
  • Classics of Liberty: The Enhanced Editions (OLL Editor)
  • An Enquiry into the Nature and Effects of the Paper Credit of Great Britain (Henry Thornton)
  • Die Entwicklung des gutsherrlich-bäuerlichen Verhältnisses in Galizien (1772-1848) (Ludwig von Mises)
  • Epistemological Problems of Economics (1933, 2013) (Ludwig von Mises)
  • Essai sur la Nature du Commerce en Général (Richard Cantillon)
  • An Essay of the Impolicy of a Bounty on the Exportation of Grain (1804) (James Mill)
  • An Essay on the Principle of Population [1798, 1st ed.] (Thomas Robert Malthus)
  • An Essay on the Principle of Population, 2 vols. [1826, 6th ed.] (Thomas Robert Malthus)
  • An Essay on the Principle of Population, vol. 1 [1826, 6th ed.] (Thomas Robert Malthus)
  • An Essay on the Principle of Population, vol. 2 [1826, 6th ed.] (Thomas Robert Malthus)
  • An Essay on the Slavery and Commerce of the Human Species (Thomas Clarkson)
  • Essays (Glamorgan Pamphlets) (Jane Haldimand Marcet)
  • Essays Moral, Political, Literary (LF ed.) (David Hume)
  • Essays: Scientific, Political, and Speculative, vol. 3 (Herbert Spencer)
  • Extract from The Jeffersonian Cyclopedia (Illustrations and Topical index) (Thomas Jefferson)
  • Fabian Essays in Socialism (George Bernard Shaw)
  • The Fable of the Bees or Private Vices, Publick Benefits, 2 vols. (Bernard Mandeville)
  • The Fable of the Bees or Private Vices, Publick Benefits, Vol. 1 (Bernard Mandeville)
  • The Fable of the Bees or Private Vices, Publick Benefits, Vol. 2 (Bernard Mandeville)
  • Fiat Money Inflation in France (Andrew D. White)
  • "Finance and Banking in the Austrian Empire and the Republic of Austria" (Ludwig von Mises)
  • The Forgotten Man and Other Essays (corrected edition) (William Graham Sumner)
  • The Fortune Encyclopedia of Economics (David R. Henderson)
  • The Foundations of Modern Austrian Economics (1976) (Edwin G. Dolan)
  • Four Introductory Lectures on Political Economy (Nassau William Senior)
  • Four Tracts on Political and Commercial Subjects (Josiah Tucker)
  • Free Trade and Other Fundamental Doctrines of the Manchester School (Francis W. Hirst)
  • Free Trade: America’s Opportunity (Leland B. Yeager)
  • Fugitive Essays: Selected Writings of Frank Chodorov (Frank Chodorov)
  • Grundsätze der Volkswirtschaftslehre (Carl Menger)
  • Grundzüge einer Klassifikation der Wirtschaftwissenschaften (Carl Menger)
  • Harriet Martineau’s Autobiography, 2 vols. (Harriet Martineau)
  • Harriet Martineau’s Autobiography, vol. 1 (Harriet Martineau)
  • Harriet Martineau’s Autobiography, vol. 2 and Memorials of Harriet Martineau (Harriet Martineau)
  • A History of American Currency (William Graham Sumner)
  • A History of Banking in all the Leading Nations, vol. 1 (U.S.A.) (William Graham Sumner)
  • A History of Banking in all the Leading Nations, vol. 2 (Editor of the Journal of Commerce and Commercial Bulletin)
  • A History of Banking in all the Leading Nations, vol. 3 (Editor of the Journal of Commerce and Commercial Bulletin)
  • A History of Banking in all the Leading Nations, 4 vols. (Editor of the Journal of Commerce and Commercial Bulletin)
  • The History of Bimetallism in the United States (1898) (J. Laurence Laughlin)
  • A History of Political Economy (John Kells Ingram)
  • Human Action: A Treatise on Economics (FEE ed.) (Ludwig von Mises)
  • Human Action: A Treatise on Economics, in 4 vols. (LF ed.) (Ludwig von Mises)
  • Human Action: A Treatise on Economics, vol. 1 (LF ed.) (Ludwig von Mises)
  • Human Action: A Treatise on Economics, vol. 2 (LF ed.) (Ludwig von Mises)
  • Human Action: A Treatise on Economics, vol. 3 (LF ed.) (Ludwig von Mises)
  • Human Action: A Treatise on Economics, vol. 4 (LF ed.) (Ludwig von Mises)
  • “I, Pencil: My Family Tree” as told to Leonard E. Read, Dec. 1958 (Leonard E. Read)
  • Illustrations of Political Economy 9 vols. (Harriet Martineau)
  • Illustrations of Political Economy, vol. 1 (Harriet Martineau)
  • Illustrations of Political Economy, vol. 2 (Harriet Martineau)
  • Illustrations of Political Economy, vol. 3 (Harriet Martineau)
  • Illustrations of Political Economy, vol. 4 (Harriet Martineau)
  • Illustrations of Political Economy, vol. 5 (Harriet Martineau)
  • Illustrations of Political Economy, vol. 6 (Harriet Martineau)
  • Illustrations of Political Economy, vol. 7 (Harriet Martineau)
  • Illustrations of Political Economy, vol. 8 (Harriet Martineau)
  • Illustrations of Political Economy, vol. 9 (Harriet Martineau)
  • Illustrations of Taxation (1-5) (Harriet Martineau)
  • Imperialism: A Study (John A. Hobson)
  • L’individualisme économique et social (Albert Schatz)
  • “The Influence of the Rate of Interest on Prices” (Knut Wicksell)
  • An Inquiry into the Nature and Causes of the Wealth of Nations (Cannan ed.), in 2 vols. (Adam Smith)
  • An Inquiry Into the Nature and Causes of the Wealth of Nations (Cannan ed.), vol. 1 (Adam Smith)
  • An Inquiry Into the Nature and Causes of the Wealth of Nations (Cannan ed.), vol. 2 (Adam Smith)
  • The Intellectual Portrait Series ()
  • The Intellectual Portrait Series: A Conversation with Armen A. Alchian (Armen A. Alchian)
  • The Intellectual Portrait Series: A Conversation with Manuel Ayau (Manuel Ayau)
  • The Intellectual Portrait Series: Una Conversacion con Manuel Ayau (Manuel Ayau)
  • The Intellectual Portrait Series: A Conversation with Lord Peter Thomas Bauer (Lord Peter Thomas Bauer)
  • The Intellectual Portrait Series: A Conversation with Gary S. Becker (Gary S. Becker)
  • The Intellectual Portrait Series: A Conversation with James M. Buchanan (Part 1) (James M. Buchanan)
  • The Intellectual Portrait Series: A Conversation with James M. Buchanan (Part 2) (James M. Buchanan)
  • The Intellectual Portrait Series: A Conversation with Ronald H. Coase (Ronald H. Coase)
  • The Intellectual Portrait Series: A Conversation with Richard Cornuelle (Richard Cornuelle)
  • The Intellectual Portrait Series: A Conversation with Milton Friedman (Milton Friedman)
  • The Intellectual Portrait Series: Lord Ralph Harris and Arthur Seldon (Lord Ralph Harris)
  • The Intellectual Portrait Series: The Life and Thought of Friedrich A. Hayek (Friedrich August von Hayek)
  • The Intellectual Portrait Series: A Conversation with Anthony de Jasay (Anthony de Jasay)
  • The Intellectual Portrait Series: A Conversation with Israel Kirzner (Israel M. Kirzner)
  • The Intellectual Portrait Series: A Conversation with Paul W. McCracken (Paul W. McCracken)
  • The Intellectual Portrait Series: A Conversation with Ljubo Sirc (Ljubo Sirc)
  • The Intellectual Portrait Series: A Conversation with Sir Alan Walters (Sir Alan Walters)
  • The Intellectual Portrait Series: A Conversation with Henry Manne (Henry Manne)
  • Interventionism: An Economic Analysis (Ludwig von Mises)
  • Introductory Lectures on Political Economy (Richard Whately)
  • Die Irrthümer des Historismus in der deutschen Nationalökonomie (Carl Menger)
  • The Jeffersonian Cyclopedia (Thomas Jefferson)
  • John Hopkins’s Notions on Political Economy (Jane Haldimand Marcet)
  • Justice and Its Surroundings (Anthony de Jasay)
  • Zur Kritik der Politischen Oekonomie (Carl Menger)
  • L.S.E. Essays on Cost (James M. Buchanan)
  • The Law (Frédéric Bastiat)
  • The League. (1843-1846). (W. Paulton)
  • The League. 1843 (Sept. 30 1843 - Dec. 30 1843). (W. Paulton)
  • The League. 1844 Part 1 (Jan. 6 - June 29 1844). (W. Paulton)
  • The League. 1844 Part 2 (July 6 - Dec. 28 1844). (W. Paulton)
  • The League. 1845 Part 1 (Jan. 4 - June 28 1845). (W. Paulton)
  • The League. 1846 (Jan. 17 - July 4 1846). (W. Paulton)
  • A Lecture on Free Trade, in connexion with the Corn Laws (Thomas Hodgskin)
  • Lectures on Justice, Police, Revenue and Arms (1763) (Adam Smith)
  • Lectures on Political Economy (Mountifort Longfield)
  • Lectures on Political Economy, 2 vols. (Dugald Stewart)
  • Lectures on Political Economy, vol. 1 (Dugald Stewart)
  • Lectures on Political Economy, vol. 2 (Dugald Stewart)
  • The Legacy of Friedrich von Hayek, 7 vols. (Robert Pippin)
  • The Legacy of Friedrich von Hayek, vol. 1 Austrian and Neoclassical Economics (Sherwin Rosen)
  • The Legacy of Friedrich von Hayek, vol. 2 Hayekian Socialism (Richard A. Epstein)
  • The Legacy of Friedrich von Hayek, vol. 4 Hayek, Radical Reactionary (Lord Ralph Harris)
  • The Legacy of Friedrich von Hayek, vol. 5 Hayek’s Legacy (Kurt Leube)
  • The Legacy of Friedrich von Hayek, vol. 7 Morality and Community (James M. Buchanan)
  • Letters and Journal (William Stanley Jevons)
  • Letters on the Factory Act (Nassau William Senior)
  • Letters to Mr. Malthus, and A Catechism of Political Economy (Jean Baptiste Say)
  • Lettres d’un habitant des Landes (Frédéric Bastiat)
  • Liberalism: The Classical Tradition (1927) (LF ed.) (Ludwig von Mises)
  • Liberalism: A Socio-Economic Exposition (IHS ed.) (Ludwig von Mises)
  • Liberty and Liberalism (1888) (Bruce Smith)
  • Liberty Matters Online Forum (OLL Editor)
  • Liberty Matters: James Buchanan: An Assessment (March, 2013) (Geoffrey Brennan)
  • Liberty Matters: Gustave de Molinari’s Legacy for Liberty (May, 2013) (Roderick T. Long)
  • Liberty Matters: Bastiat and Political Economy (July, 2013) (Robert Leroux)
  • Liberty Matters: Arthur Seldon and the IEA (November, 2013) (John Blundell)
  • Liberty Matters: Ludwig von Mises’s The Theory of Money and Credit at 101 (January, 2014) (Lawrence H. White)
  • Liberty Matters: Deirdre McCloskey and Economists’ Ideas about Ideas (July, 2014) (Donald J. Boudreaux)
  • Liberty Matters: Richard Cobden: Ideas and Strategies in Organizing the Free-Trade Movement in Britain (Jan. 2015) (Steven Davies)
  • Liberty Matters: Assessing Böhm-Bawerk’s Contribution to Economics after a Hundred Years (April, 2015) (Richard Ebeling)
  • Liberty Matters: Reassessing the Political Economy of John Stuart Mill (July 2015) (Steven Kates)
  • Liberty Matters: Anthony de Jasay and the Political Economy of the State (Sept. 2015) (Hartmut Kliemt)
  • Liberty Matters: Montesquieu on Liberty and Sumptuary Law (Nov. 2015) (Henry C. Clark)
  • Liberty Matters: Ludwig von Mises and the Theory of Interventionism (March, 2016) (Sanford Ikeda)
  • Liberty Matters: Israel M. Kirzner and the Entrepreneurial Market Process (March 2017) (Peter J. Boettke)
  • Life of Adam Smith (John Rae)
  • The Life of Richard Cobden (John Morley)
  • Lombard Street: A Description of the Money Market (Walter Bagehot)
  • The Man versus the State, with Six Essays on Government, Society and Freedom (LF ed.) (Herbert Spencer)
  • The Manchester School of Economics (William Dyer Grampp)
  • Market Theory and the Price System (2011) (Israel M. Kirzner)
  • Methods of Social Reform and Other Papers (William Stanley Jevons)
  • Money and the Mechanism of Exchange (William Stanley Jevons)
  • Nation, State, and Economy: Contributions to the Politics and History of Our Time (Ludwig von Mises)
  • Das National System der politischen Oekonomie (Friedrich List)
  • The National System of Political Economy (Friedrich List)
  • The Natural Law of Money (William Brough)
  • Natural Value (Friedrich von Wieser)
  • New Directions in Austrian Economics (Louis M. Spadaro)
  • New Individualist Review (Ralph Raico)
  • Notes and Recollections with The Historical Setting of the Austrian School of Economics (2013) (Ludwig von Mises)
  • Notions fondamentales d’Économie politique et programme économique (Gustave de Molinari)
  • Observations on the Importance of the American Revolution (Richard Price)
  • Oeuvres complètes de Frédéric Bastiat, 2nd ed. 7 vols. (Frédéric Bastiat)
  • Oeuvres complètes de Frédéric Bastiat, 1st ed. 6 vols. (Frédéric Bastiat)
  • Oeuvres complètes de Frédéric Bastiat, 1st ed. vol 1 Correspondance. Mélanges (Frédéric Bastiat)
  • Oeuvres complètes de Frédéric Bastiat, 2nd ed. vol. 1 Correspondance et mélanges (Frédéric Bastiat)
  • Oeuvres complètes de Frédéric Bastiat, 1st ed. vol. 2 Le libre-échange (Frédéric Bastiat)
  • Oeuvres complètes de Frédéric Bastiat, 2nd ed. vol. 2 le Libre-Échange (Frédéric Bastiat)
  • Oeuvres complètes de Frédéric Bastiat, 1st ed. vol. 3 Cobden et la ligue (Frédéric Bastiat)
  • Oeuvres complètes de Frédéric Bastiat, 2nd ed. vol. 3 Cobden et La Ligue (Frédéric Bastiat)
  • Oeuvres complètes de Frédéric Bastiat, 1st ed. vol. 4 Sophismes économiques. Petits pamphlets I (Frédéric Bastiat)
  • Oeuvres complètes de Frédéric Bastiat, 3rd ed. vol. 4 Sophismes économiques et Petits pamphlets I (Frédéric Bastiat)
  • Oeuvres complètes de Frédéric Bastiat, 1st ed. vol. 5 Sophismes économiques. Petits pamphlets II (Frédéric Bastiat)
  • Oeuvres complètes de Frédéric Bastiat, 3rd ed. vol. 5 Sophismes économiques et Petits pamphlets II (Frédéric Bastiat)
  • Oeuvres complètes de Frédéric Bastiat, 1st ed. vol. 6 Harmonies économiques (Frédéric Bastiat)
  • Oeuvres complètes de Frédéric Bastiat, 3rd ed. vol. 6 Harmonies économiques (Frédéric Bastiat)
  • Oeuvres complètes de Frédéric Bastiat, 2nd ed. vol. 7 Essais, Ébauches, Correspondance (Frédéric Bastiat)
  • Oeuvres complètes de Frédéric Bastiat, 2nd ed. vol. 4 Sophismes Économiques. Petits pamphlets I (Frédéric Bastiat)
  • Oeuvres complètes de Frédéric Bastiat, 2nd ed. vol. 5: Sophismes économiques. Petits pamphlets II (Frédéric Bastiat)
  • Oeuvres complètes de Frédéric Bastiat, 2nd ed. vol. 6: Harmonies économiques (Frédéric Bastiat)
  • Oeuvres complètes de Frédéric Bastiat, 3rd ed. 7 vols (Frédéric Bastiat)
  • Of Population. An Enquiry concerning the Power of Increase in the Numbers of Mankind (William Godwin)
  • Omnipotent Government: The Rise of the Total State and Total War (Ludwig von Mises)
  • On the Manipulation of Money and Credit: Three Treatises on Trade-Cycle Theory (Ludwig von Mises)
  • On the Probable Fall in the Value of Gold (Michel Chevalier)
  • Outlines of American Political Economy, in a series of letters (1827) (Friedrich List)
  • Paper against Gold and Glory against Prosperity (1815) (William Cobbett)
  • Paper against Gold and Glory against Prosperity, vol. 1 (1815) (William Cobbett)
  • Paper against Gold and Glory against Prosperity, vol. 2 (1815) (William Cobbett)
  • The Physiocrats: Six Lectures on the French Economistes of the 18th Century (Henry Higgs)
  • Pictures of the Socialistic Future (Eugen Richter)
  • Planning for Freedom: Let the Market System Work. A Collection of Essays and Addresses (Ludwig von Mises)
  • A Plea for Liberty: An Argument against Socialism and Socialistic Legislation (1891 ed.) (Thomas Mackay)
  • A Plea for Liberty: An Argument against Socialism and Socialistic Legislation (LF ed.) (Thomas Mackay)
  • A Policy of Free Exchange (Thomas Mackay)
  • Political Economy (Francis Amasa Walker)
  • Political Economy (1850 ed.) (Nassau William Senior)
  • Political Economy and the Philosophy of Government (Jean Charles Léonard Simonde de Sismondi)
  • Political Economy, Concisely (Anthony de Jasay)
  • Political Essays on the Nature and Operation of Money (Pelatiah Webster)
  • The Political Writings of James Mill (1815-1836) (James Mill)
  • Poor Law Commissioners’ Report of 1834 (Nassau William Senior)
  • Popular Political Economy. Four lectures delivered at the London Mechanics Institution (Thomas Hodgskin)
  • The Positive Theory of Capital (Eugen von Böhm-Bawerk)
  • The Postulates of English Political Economy (Walter Bagehot)
  • Principles of Economics (8th ed.) (Alfred Marshall)
  • The Principles of Free Trade (Condy Raguet)
  • The Principles of Political Economy (5th ed. 1864) (John Ramsay McCulloch)
  • The Principles of Political Economy (1st ed. 1825) (John Ramsay McCulloch)
  • Principles of Political Economy (Thomas Robert Malthus)
  • Principles of Political Economy (Ashley ed.) (John Stuart Mill)
  • Progress and Poverty (Henry George)
  • Proposed Poor Law Reform (October 1697) (John Locke)
  • Protection or Free Trade (Henry George)
  • Protectionism: the -ism which teaches that waste makes wealth (William Graham Sumner)
  • A Protest against Law-Taxes (Jeremy Bentham)
  • Public Finance (Charles F. Bastable)
  • The Purchasing Power of Money (Irving Fisher)
  • The Rationale of Central Banking and the Free Banking Alternative (Vera C. Smith)
  • Reflections on the Formation and Distribution of Riches (Anne-Robert-Jacques Turgot)
  • Report of the Secretary of the Treasury; on the Subject of Public Roads and Canals (Albert Gallatin)
  • The Representation of Business in English Literature (Arthur Pollard)
  • Retrospect of Western Travel, 3 vols. (Harriet Martineau)
  • Retrospect of Western Travel, vol. 1 (Harriet Martineau)
  • Retrospect of Western Travel, vol. 2 (Harriet Martineau)
  • Retrospect of Western Travel, vol. 3 (Harriet Martineau)
  • “Richard Cantillon” (Friedrich August von Hayek)
  • Risk, Uncertainty, and Profit (Frank H. Knight)
  • A Select Collection of Early English Tracts on Commerce (1856) (John Ramsay McCulloch)
  • A Select Collection of Scarce and Valuable Tracts on Money (John Ramsay McCulloch)
  • Select Works of Edmund Burke, vol. 4 (Edmund Burke)
  • Selected Economic Writings (1966) (James Mill)
  • Selected Essays on Political Economy (Frédéric Bastiat)
  • The Selected Works of Gordon Tullock, vol. 3 The Organization of Inquiry (Gordon Tullock)
  • Selected Writings of Ludwig von Mises, 3 vols (Ludwig von Mises)
  • Selected Writings of Ludwig von Mises, vol. 2: Between the Two World Wars: Monetary Disorder, Interventionism, Socialism, and the Great Depression (Ludwig von Mises)
  • Selected Writings of Ludwig von Mises, vol. 1: Monetary and Economic Problems Before, During, and After the Great War (Ludwig von Mises)
  • Self Help; with Illustrations of Character and Conduct (Samuel Smiles)
  • Subject Guide: Economics (OLL Editor)
  • The Shorter Works and Pamphlets of Lysander Spooner, 2 vols. (1834-1884) (Lysander Spooner)
  • The Shorter Works and Pamphlets of Lysander Spooner, Vol. 1 (1834-1861) (Lysander Spooner)
  • The Shorter Works and Pamphlets of Lysander Spooner, Vol. 2 (1862-1884) (Lysander Spooner)
  • Social Contract, Free Ride: A Study of the Public Goods Problem (Anthony de Jasay)
  • The Social Contract and Discourses (Jean-Jacques Rousseau)
  • Socialism: An Economic and Sociological Analysis (Ludwig von Mises)
  • Socialistic Fallacies (Yves Guyot)
  • The Society of Tomorrow (Gustave de Molinari)
  • Society, Manners and Politics in the United States (Michel Chevalier)
  • Les Soirées de la Rue Saint-Lazare (1849) (Gustave de Molinari)
  • Some Aspects of the Tariff Question (Frank William Taussig)
  • Some Problems of Logical Method in Political Economy (Jacob Viner)
  • Speeches on Free Trade (Richard Cobden)
  • Speeches on Questions of Public Policy, 2 vols. (John Bright)
  • Speeches on Questions of Public Policy, vol. 1 (John Bright)
  • Speeches on Questions of Public Policy, vol. 2 (John Bright)
  • Speeches on Questions of Public Policy, 2 vols. (Richard Cobden)
  • Speeches on Questions of Public Policy. Vol. 1 Free Trade and Finance (Richard Cobden)
  • The State (Anthony de Jasay)
  • State Papers and Speeches on the Tariff (Frank William Taussig)
  • Studies in the Theory of International Trade (Jacob Viner)
  • Study Guides on Images of Liberty and Power: The People and the Ruling Elite (Wade and Daumier) (Honoré Daumier)
  • “Tariff” (Frank William Taussig)
  • Taxation and Anarchism: A Discussion between the Hon. Auberon Herbert and J.H. Levy (Auberon Herbert)
  • Taxation and Work: A Series of Treatises on the Tariff and the Currency (Edward Atkinson)
  • La teorica delle produttività marginali (Giovanni Montemartini)
  • The Works of Benjamin Franklin, Vol. I Autobiography, Letters and Misc. Writings 1725-1734 (Benjamin Franklin)
  • Zur Theorie des Kapitals (Carl Menger)
  • Theory and History: An Interpretation of Social and Economic Evolution (Ludwig von Mises)
  • Theory and History: An Interpretation of Social and Economic Evolution (LF ed.) (Ludwig von Mises)
  • The Theory of Free Banking: Money Supply under Competitive Note Issue (George A. Selgin)
  • The Theory of Interest (Irving Fisher)
  • The Theory of Money and Credit (Ludwig von Mises)
  • The Theory of Political Economy (William Stanley Jevons)
  • The Theory of the Leisure Class: An Economic Study of Institutions (Thorstein Veblen)
  • Three Lectures on the Cost of Obtaining Money (Nassau William Senior)
  • Three Lectures on the Transmission of Precious Metals (Nassau William Senior)
  • Three Lectures on the Rate of Wages (Nassau William Senior)
  • The Three Prize Essays on Agriculture and the Corn Law (National Anti-Corn Law League)
  • Toward Liberty: Essays in Honor of Ludwig von Mises, vol. 1 (Friedrich August von Hayek)
  • Toward Liberty: Essays in Honor of Ludwig von Mises, vol. 2 (Friedrich August von Hayek)
  • Tracts on Liberty by the Levellers and their Critics Vol. 8 Addendum (1638-1643) (forthcoming) (David M. Hart)
  • “Trade Unionism in the United States: General Character and Types” (Robert Franklin Hoxie)
  • Travels in the North of Germany, 2 vols. (Thomas Hodgskin)
  • Travels in the North of Germany, vol. 1 (Thomas Hodgskin)
  • Travels in the North of Germany, vol. 2 (Thomas Hodgskin)
  • Arthur Young’s Travels in France during the Years 1787, 1788, 1789 (Arthur Young)
  • A Treatise On Political Economy (Antoine Louis Claude, Comte Destutt de Tracy)
  • A Treatise on Political Economy (Jean Baptiste Say)
  • Treatises and Essays on Subjects connected with Economic Policy (1853) (John Ramsay McCulloch)
  • The True Interest and Political Maxims, of the Republic of Holland (Pieter de la Court)
  • Two Lectures on Population (Nassau William Senior)
  • The Tyranny of Socialism (Yves Guyot)
  • Tyranny Unmasked (John Taylor)
  • The Ultimate Foundation of Economic Science: An Essay on Method (Ludwig von Mises)
  • Untersuchungen über die Methode der Sozialwissenschaften (Carl Menger)
  • “The Use of Knowledge in Society” (1945) (Friedrich August von Hayek)
  • Vorlesungen über Nationalökonomie auf Grundlage des Marginalprinzipes (Knut Wicksell)
  • Vorlesungen über Nationalökonomie auf Grundlage des Marginalprinzipes. Vol. 1 (Knut Wicksell)
  • Vorlesungen über Nationalökonomie auf Grundlage des Marginalprinzipes. Vol. 2 (Knut Wicksell)
  • The Wages Question: A Treatise on Wages and the Wages Class (Francis Amasa Walker)
  • Wealth: A Brief Explanation of the Causes of Economic Wealth (Edwin Cannan)
  • Where and Why Public Ownership has Failed (Yves Guyot)
  • The Works of John Locke in Nine Volumes (John Locke)
  • Selections from Cobbett's Political Works, 6 vols. (William Cobbett)
  • Selections from Cobbett's Political Works, vol. 1 (William Cobbett)
  • Selections from Cobbett's Political Works, vol. 2 (William Cobbett)
  • Selections from Cobbett’s Political Works, vol. 3 (William Cobbett)
  • Selections from Cobbett’s Political Works, vol. 4 (William Cobbett)
  • The Works of John Locke, vol. 4 Economic Writings and Two Treatises of Government (John Locke)
  • Selections from Cobbett's Political Works, vol. 5 (William Cobbett)
  • Selections from Cobbett's Political Works, vol. 6 (William Cobbett)
  • The Works and Life of Walter Bagehot, 10 vols. (Walter Bagehot)
  • The Works and Life of Walter Bagehot, vol. 2 (Historical & Financial Essays) (Walter Bagehot)
  • The Works and Life of Walter Bagehot, vol. 5 (Walter Bagehot)
  • The Works and Life of Walter Bagehot, vol. 6 (Walter Bagehot)
  • The Works and Life of Walter Bagehot, vol. 7 (Economic Studies and Essays) (Walter Bagehot)
  • The Works and Life of Walter Bagehot, vol. 8 (Walter Bagehot)
  • The Works and Life of Walter Bagehot, vol. 9 (Walter Bagehot)
  • The Works and Life of Walter Bagehot, vol. 10 (The Life) (Mrs. Russell Barrington)
  • The Works of Alexander Hamilton, (Federal Edition), 12 vols. (Alexander Hamilton)
  • The Works of Alexander Hamilton, (Federal Edition), vol. 2 (Alexander Hamilton)
  • The Works of Alexander Hamilton, (Federal Edition), vol. 3 (Alexander Hamilton)
  • The Works of Alexander Hamilton, (Federal Edition), vol. 4 (Alexander Hamilton)
  • The Works of Alexander Hamilton, (Federal Edition), vol. 8 (Alexander Hamilton)
  • The Works of Alexander Hamilton, (Federal Edition), vol. 9 (Alexander Hamilton)
  • The Works of David Ricardo (McCulloch ed. 1846, 1888) (David Ricardo)
  • Works of Jeremy Bentham, 11 vols. (Jeremy Bentham)
  • The Works of Jeremy Bentham, vol. 2 (Jeremy Bentham)
  • The Works of Jeremy Bentham, vol. 3 (Jeremy Bentham)
  • The Works of Jeremy Bentham, vol. 8 (Jeremy Bentham)
  • The Works and Correspondence of David Ricardo, 11 vols (Sraffa ed.) (David Ricardo)
  • The Works and Correspondence of David Ricardo, Vol. 1 Principles of Political Economy and Taxation (David Ricardo)
  • The Works and Correspondence of David Ricardo, Vol. 2 Notes on Malthus (David Ricardo)
  • The Works and Correspondence of David Ricardo, Vol. 3 Pamphlets and Papers 1809-1811 (David Ricardo)
  • The Works and Correspondence of David Ricardo, Vol. 4 Pamphlets and Papers 1815-1823 (David Ricardo)
  • The Works and Correspondence of David Ricardo, Vol. 5 Speeches and Evidence (David Ricardo)
  • The Works and Correspondence of David Ricardo, Vol. 6 Letters 1810-1815 (David Ricardo)
  • The Works and Correspondence of David Ricardo, Vol. 7 Letters 1816-1818 (David Ricardo)
  • The Works and Correspondence of David Ricardo, Vol. 8 Letters 1819-June 1821 (David Ricardo)
  • The Works and Correspondence of David Ricardo, Vol. 9 Letters 1821-1823 (David Ricardo)
  • The Works and Correspondence of David Ricardo, Vol. 10 Biographical Miscellany (David Ricardo)
  • The Works and Correspondence of David Ricardo, Vol. 11 General Index (David Ricardo)
  • The Writings of Albert Gallatin, 3 vols. (Albert Gallatin)
  • The Writings of Albert Gallatin, vol. 1 (Albert Gallatin)
  • The Writings of Albert Gallatin, vol. 2 (Albert Gallatin)
  • The Writings of Albert Gallatin, vol. 3 (Albert Gallatin)

All Groups

5/9/2016 Review Test Submission: Test 1 – 201620 Spring 2016 ECON... myBlackboard H  Elizabeth Jackson Resources 3 JFL Library  Course Content  ...  Assignments  Review Test Submission: Test 1 Survey End of Course Survey - LUO has been made available to this course. Only one submission will be accepted per respondent. Take Survey Review Test Submission: Test 1  User Elizabeth Jackson Course 201620 Spring 2016 ECON 350­D02 LUO Test Test 1 Started 3/24/16 8:46 PM Submitted 3/24/16 8:59 PM Due Date 3/28/16 11:59 PM Status Completed Attempt Score 33 out of 45 points   Time Elapsed 13 minutes out of 2 hours Instructions Results Displayed 2­hour time limit 30 multiple­choice questions Open­book/open­notes Do not click the BACK button because this will lock you out of the test. The timer will continue if and when you leave the test. Submitted Answers, Feedback Question 1 1.5 out of 1.5 points The early classical economists Selected Answer: Distrust government Question 2 1.5 out of 1.5 points Adam Smith believed the keys to prosperity were to be found in the decisions of Selected Answer: Question 3 Interaction of free individuals 0 out of 1.5 points https://learn.liberty.edu/webapps/assessment/review/review.jsp?attempt_id=_27518428_1&course_id=_284891_1&content_id=_11736294_1&outcome_id=_2705… 1/6 5/9/2016 Review Test Submission: Test 1 – 201620 Spring 2016 ECON... The laws which kept wheat prices artificially high by imposing steep import duties to benefit the landed interests are called Selected Answer: Tariff laws Question 4 1.5 out of 1.5 points The 17th century English philosopher John Locke traced the rights of liberty and freedom to their Selected Answer: Judeo­Christian roots Question 5 1.5 out of 1.5 points According to mercantilist doctrine, wealth being Selected Answer: Gold Question 6 1.5 out of 1.5 points The market rewards wise decisions and productive behaviors and penalizes poor and unproductive behavior in order to: Selected Answer: Promotes efficiency Question 7 1.5 out of 1.5 points Leonard Read used the production of ______ to explain the work of the invisible hand in the market. Selected Answer: A pencil Question 8 1.5 out of 1.5 points The “hand” that leads the individual self­seeker “to promote an end whtich was not part of his intention” is called Selected Answer: Question 9 The invisible hand 1.5 out of 1.5 points https://learn.liberty.edu/webapps/assessment/review/review.jsp?attempt_id=_27518428_1&course_id=_284891_1&content_id=_11736294_1&outcome_id=_2705… 2/6 5/9/2016 Review Test Submission: Test 1 – 201620 Spring 2016 ECON... Adam Smith preferred wars be financed by: Selected Answer: Pay­as­you­go taxation Question 10 1.5 out of 1.5 points One way to reduce the influence of established groups to promote self­serving policies through government is Selected Answer: Limit government’s power Question 11 1.5 out of 1.5 points Free exchange of goods and services Selected Answer: Benefits the seller and the buyer Question 12 1.5 out of 1.5 points Classical economists attacked slavery by arguing that the key economic weakness of slavery is ________ Selected Answer: The absence of the incentive of self­interest of the slaves Question 13 1.5 out of 1.5 points From mercantilist point of view, which constituted a nation? Selected Answer: The propertied classes Question 14 1.5 out of 1.5 points Classical economists Selected Answer: Question 15 Favored the conduct of economic activity through market processes rather than political processes 1.5 out of 1.5 points The principles and policies that flow from God­given rights must be those that provide the greatest material well­being for https://learn.liberty.edu/webapps/assessment/review/review.jsp?attempt_id=_27518428_1&course_id=_284891_1&content_id=_11736294_1&outcome_id=_2705… 3/6 5/9/2016 Review Test Submission: Test 1 – 201620 Spring 2016 ECON... Selected Answer: The greatest number of people Question 16 1.5 out of 1.5 points Who was regarded by Adam Smith as “love to reap where they never sowed” during his time. Selected Answer: Landlords Question 17 0 out of 1.5 points Early advocates of classical economics thought viewed the free market as an extension of Selected Answer: Demand and supply Question 18 0 out of 1.5 points Adam Smith and later classical economists conceive wealth is Selected Answer: Natural resources Question 19 0 out of 1.5 points Prior to the industrial revolution, in the feudal system, many decisions about production and distribution were made by Selected Answer: Farmers Question 20 0 out of 1.5 points Our choice of purchasing a product depends on Selected Answer: Our ability to buy Question 21 1.5 out of 1.5 points In the sense of establishing an authoritative tradition, who can be said to have founded classical economics? Selected Answer: Adam Smith https://learn.liberty.edu/webapps/assessment/review/review.jsp?attempt_id=_27518428_1&course_id=_284891_1&content_id=_11736294_1&outcome_id=_2705… 4/6 5/9/2016 Review Test Submission: Test 1 – 201620 Spring 2016 ECON... Question 22 1.5 out of 1.5 points The true freedom means that Selected Answer: Individuals are free to pursue their own self­interests, as long as doing so does not harm others Question 23 1.5 out of 1.5 points The invisible hand of a market system coordinates the production and distribution process Selected Answer: Through the price system Question 24 0 out of 1.5 points When deciding what to produce, how to produce and for whom to produce, a free market is more preferable than a central­controlled government because:  Selected Answer: Should not impose their preferences over those of the market Question 25 0 out of 1.5 points Which of the following is not a major proposition of classical economics? Selected Answer: The quantity theory of money Question 26 1.5 out of 1.5 points The laissez­faire doctrine of the classical economists was based on the   belief that _____________ within a suitable institutional framework would lead to the best allocation of resources. Selected Answer: Economic competition Question 27 1.5 out of 1.5 points From the list below choose one or more of the following answers that forms the basis for classical economic principles? Selected Answer: Both (b) & (c) https://learn.liberty.edu/webapps/assessment/review/review.jsp?attempt_id=_27518428_1&course_id=_284891_1&content_id=_11736294_1&outcome_id=_2705… 5/6 5/9/2016 Review Test Submission: Test 1 – 201620 Spring 2016 ECON... Question 28 1.5 out of 1.5 points Mercantilists support Selected Answer: Export surplus Question 29 1.5 out of 1.5 points The primary objective of the early classical economists, such as Adam Smith, was to help improve living standards for Selected Answer: The vast majority of people, especially the well­being of workers and the poor Question 30 0 out of 1.5 points Which of the following should be the role of a government in the economy according to classical economics? Selected Answer: Regulate the market Monday, May 9, 2016 11:17:58 AM EDT ← OK https://learn.liberty.edu/webapps/assessment/review/review.jsp?attempt_id=_27518428_1&course_id=_284891_1&content_id=_11736294_1&outcome_id=_2705… 6/6 5/9/2016 Review Test Submission: Test 2 – 201620 Spring 2016 ECON... myBlackboard H  Elizabeth Jackson Resources 3 JFL Library  Course Content  ...  Assignments  Review Test Submission: Test 2 Survey End of Course Survey - LUO has been made available to this course. Only one submission will be accepted per respondent. Take Survey Review Test Submission: Test 2  User Elizabeth Jackson Course 201620 Spring 2016 ECON 350­D02 LUO Test Test 2 Started 3/31/16 9:18 AM Submitted 3/31/16 9:34 AM Due Date 4/4/16 11:59 PM Status Completed Attempt Score 18 out of 45 points   Time Elapsed 16 minutes out of 2 hours Instructions Results Displayed 2­hour time limit 30 multiple­choice questions Open­book/open­notes Do not click the BACK button because this will lock you out of the test. The timer will continue if and when you leave the test. Submitted Answers, Feedback Question 1 1.5 out of 1.5 points Adam Smith opposed government deficit spending and saw the heavier taxation to serve the national debt as Selected Answer: A serious disincentive to efficient production Question 2 0 out of 1.5 points The impact of raising the minimum wage would _____ the employment of unskilled workers Selected Answer: All of the above https://learn.liberty.edu/webapps/assessment/review/review.jsp?attempt_id=_27756274_1&course_id=_284891_1&content_id=_11736300_1&outcome_id=_2727… 1/6 5/9/2016 Review Test Submission: Test 2 – 201620 Spring 2016 ECON... Question 3 0 out of 1.5 points In a free market, wealth and income are Selected Answer: Always increasing Question 4 1.5 out of 1.5 points What is Say’s Identity? Selected Answer: Aggregate supply always equals aggregate demand for goods Question 5 0 out of 1.5 points In contrast to Ricardian’s comparative statics analysis, the proponents of general glut theories use _______ analysis. Selected Answer: Regression Question 6 1.5 out of 1.5 points The U.S. first established a minimum wage with the Fair Labor Standard Act of Selected Answer: 1938 Question 7 1.5 out of 1.5 points According to classical economics, how to keep the actual wages above the subsistence level? Selected Answer: Increase the demand for labor Question 8 1.5 out of 1.5 points Classical economists view money was only a “veil” because it Selected Answer: Question 9 Did not affect real variables 0 out of 1.5 points Ricardo recognized that besides the transaction demand for money, people may https://learn.liberty.edu/webapps/assessment/review/review.jsp?attempt_id=_27756274_1&course_id=_284891_1&content_id=_11736300_1&outcome_id=_2727… 2/6 5/9/2016 Review Test Submission: Test 2 – 201620 Spring 2016 ECON... also demand for money for Selected Answer: Safety purpose Question 10 0 out of 1.5 points According to classical economics, the long­run supply curve of labor is Selected Answer: Upward sloping Question 11 0 out of 1.5 points The quantity theorists postulated the velocity of money in the long run was Selected Answer: Relatively unstable Question 12 0 out of 1.5 points What is the better solution to deal with an economic emergency, such as hurricane according to Thomas Sowell? Selected Answer: Do not allow the sellers to change prices Question 13 1.5 out of 1.5 points The quantity theory of money argues that an increase in money supply will Selected Answer: Increase the price level Question 14 1.5 out of 1.5 points The classical economists tended to regard a paper money as the road to inflation due to Selected Answer: Their distrust of government Question 15 0 out of 1.5 points According to Jonah Goldberg notes, “…, that establishing a minimum wage above the value of unemployables’ worth would Selected Answer: Increase the employment of unskilled workers https://learn.liberty.edu/webapps/assessment/review/review.jsp?attempt_id=_27756274_1&course_id=_284891_1&content_id=_11736300_1&outcome_id=_2727… 3/6 5/9/2016 Review Test Submission: Test 2 – 201620 Spring 2016 ECON... Question 16 0 out of 1.5 points Who was the first major classical economist to equate excess demand for money with an excess supply of goods? Selected Answer: David Ricardo Question 17 0 out of 1.5 points Classical economists recognized the existence of depression or unsold goods as effects of production that was internally out of proportion as far as product mix was concerned, but not excessive in the aggregate.  John Stuart Mill stated ________ Selected Answer: “There is no deficiency of demand” Question 18 0 out of 1.5 points A series of budgetary surpluses would be invested by the government and the interest and principal would be used to retire the national debt is the theory of Selected Answer: The retirement fund Question 19 0 out of 1.5 points Milton Friedman argued that “the high rate of unemployment among teenagers, and especially black teenagers, is both a scandal and a serious source of social unrest.  Yet it is largely a result of ______” Selected Answer: Social inequality Question 20 1.5 out of 1.5 points In defending Say’s law, who argued that “Men err in their productions” and “there is no deficiency of demand”? Selected Answer: Question 21 David Ricardo 1.5 out of 1.5 points Since the imposition of the minimum wage in 1938, the unemployment rates for https://learn.liberty.edu/webapps/assessment/review/review.jsp?attempt_id=_27756274_1&course_id=_284891_1&content_id=_11736300_1&outcome_id=_2727… 4/6 5/9/2016 Review Test Submission: Test 2 – 201620 Spring 2016 ECON... tees, blacks, and particularly for black teenagers have _______ dramatically above the rates for the total labor force Selected Answer: Risen Question 22 1.5 out of 1.5 points What is the main concern of classical economics? Selected Answer: Economic growth Question 23 0 out of 1.5 points The minimum wage is the wage set to be  _____ the market determined wage Selected Answer: Comparable to Question 24 1.5 out of 1.5 points The idea behind increasing the wealth of nations Selected Answer: Is to make the poor rich Question 25 0 out of 1.5 points According to classical economics, the short­run supply curve of labor is Selected Answer: horizontal Question 26 1.5 out of 1.5 points Critics of free markets Selected Answer: Believe they lead to an unfair distribution of income Question 27 0 out of 1.5 points If the money wage rates lagged behind rising prices, causing a short­run increase of the profit rate and the rate of savings, this was called Selected Answer: The automatic savings doctrine https://learn.liberty.edu/webapps/assessment/review/review.jsp?attempt_id=_27756274_1&course_id=_284891_1&content_id=_11736300_1&outcome_id=_2727… 5/6 5/9/2016 Review Test Submission: Test 2 – 201620 Spring 2016 ECON... Question 28 0 out of 1.5 points To prevent foreign competition by imposing tariff by government would Selected Answer: Benefit all people Question 29 0 out of 1.5 points The quantity theorists argued that a rapid increase in the quantity of money will cause the velocity of money to Selected Answer: decrease Question 30 0 out of 1.5 points Which of the following propositions of Say’s Law is in dispute among economists during the classical period? Selected Answer: [None Given] Monday, May 9, 2016 11:19:41 AM EDT ← OK https://learn.liberty.edu/webapps/assessment/review/review.jsp?attempt_id=_27756274_1&course_id=_284891_1&content_id=_11736300_1&outcome_id=_2727… 6/6 5/9/2016 Review Test Submission: Test 3 – 201620 Spring 2016 ECON... myBlackboard H  Elizabeth Jackson Resources 3 JFL Library  Course Content  ...  Assignments  Review Test Submission: Test 3 Survey End of Course Survey - LUO has been made available to this course. Only one submission will be accepted per respondent. Take Survey Review Test Submission: Test 3  User Elizabeth Jackson Course 201620 Spring 2016 ECON 350­D02 LUO Test Test 3 Started 4/7/16 12:05 PM Submitted 4/7/16 12:14 PM Due Date 4/11/16 11:59 PM Status Completed Attempt Score 21 out of 45 points   Time Elapsed 9 minutes out of 2 hours Instructions Results Displayed 2­hour time limit 30 multiple­choice and true/false questions Open­book/open­notes Do not click the BACK button because this will lock you out of the test. The timer will continue if and when you leave the test. Submitted Answers, Feedback Question 1 1.5 out of 1.5 points Limited government and __________ go hand in hand in creating wealth Selected Answer: Low tax rates Question 2 0 out of 1.5 points Low tax rates enable those who are successful to retain a greater portion of their earnings and allow them to Selected Answer: Maintain current production https://learn.liberty.edu/webapps/assessment/review/review.jsp?attempt_id=_28050398_1&course_id=_284891_1&content_id=_11736308_1&outcome_id=_2756… 1/6 5/9/2016 Review Test Submission: Test 3 – 201620 Spring 2016 ECON... Question 3 1.5 out of 1.5 points “… rent is always the difference between th produce obtained by the employment of two equal quantities of capital and labor.”  This definition was given by Selected Answer: David Ricardo Question 4 0 out of 1.5 points Who presented the earliest schedule concept of supply and demand Selected Answer: Adam Smith Question 5 1.5 out of 1.5 points Classical diminishing returns in agricultural output (wheat, corn, etc) mean output increased at an increasing rate. Selected Answer: False Question 6 0 out of 1.5 points Adam Smith depicted rent in the same fashion as Ricardo Selected Answer: True Question 7 0 out of 1.5 points According to Malthusian population theory, the poverty problem among the working classes is caused by Selected Answer: Government policies Question 8 1.5 out of 1.5 points What type of tax structure would encourage hard work? Selected Answer: Low tax rates Question 9 0 out of 1.5 points Adam Smith explained the secular declines in profit was due to Selected Answer: Heavy government taxation https://learn.liberty.edu/webapps/assessment/review/review.jsp?attempt_id=_28050398_1&course_id=_284891_1&content_id=_11736308_1&outcome_id=_2756… 2/6 5/9/2016 Review Test Submission: Test 3 – 201620 Spring 2016 ECON... Question 10 0 out of 1.5 points Malthusian population theory argued Selected Answer: The growth rate of population is smaller than the growth rate of labor Question 11 1.5 out of 1.5 points All economists rejected or abandoned the Malthusian theory in the mid­1800 Selected Answer: False Question 12 0 out of 1.5 points According to the information, if an incremental output of 6 units per worker input yielded “ordinary profits,” then how many workers would be employed on land A?   One worker Two workers Three workers Four workers Unit of output Selected Answer: 12 22 30 36 One Question 13 1.5 out of 1.5 points Malthus viewed utility of value is Selected Answer: subjective Question 14 1.5 out of 1.5 points Ricardian emphasized that rent was determined by price but was not itself a determinant of price Selected Answer: True Question 15 1.5 out of 1.5 points The mercantilist measured prosperity of a nation by its per capita income Selected Answer: False https://learn.liberty.edu/webapps/assessment/review/review.jsp?attempt_id=_28050398_1&course_id=_284891_1&content_id=_11736308_1&outcome_id=_2756… 3/6 5/9/2016 Review Test Submission: Test 3 – 201620 Spring 2016 ECON... Question 16 1.5 out of 1.5 points Manufacturing, according to classical economics, is said to be a good example of diminishing returns Selected Answer: False Question 17 0 out of 1.5 points The major substantive features of classical microeconomics, such as Ricardian rent theory or Malthusian population theory, revolved around Selected Answer: The quantity theory of money Question 18 1.5 out of 1.5 points By the time that John Stuart Mill’s Principles of Political Economy was published in 1848, a substantial data made it clear that subsistence had been increasing faster than the population for some time. Selected Answer: True Question 19 1.5 out of 1.5 points The higher the tax rate and the more complex the tax system, the greater will be the incentive to Selected Answer: Avoid or minimize tax Question 20 0 out of 1.5 points According to the following information, if the price of agricultural produce were sufficient to have three workers to be employed on a land, what would be the rent for the first worker?   Unit of One Two Three Four worker workers workers workers 30 36 12 22 output Selected Answer: 6 units https://learn.liberty.edu/webapps/assessment/review/review.jsp?attempt_id=_28050398_1&course_id=_284891_1&content_id=_11736308_1&outcome_id=_2756… 4/6 5/9/2016 Review Test Submission: Test 3 – 201620 Spring 2016 ECON... Question 21 0 out of 1.5 points For Adam Smith, output as a welfare index was to be measured by Selected Answer: Its usefulness Question 22 1.5 out of 1.5 points Thomas Sowell argued that if population growth is regulated by the food supply, then the western countries should have Selected Answer: More rapidly increasing population Question 23 0 out of 1.5 points Equal successive increments of a variable input, such as labor, added to a fixed input, such as capital, would produce declining increments of output given the level of technology is known as Selected Answer: The law of variation Question 24 0 out of 1.5 points The classical value theory mainly is about Selected Answer: The utility of money Question 25 0 out of 1.5 points According to the classical assumption of constant cost  functions in manufacturing, the price of a product equals to its ___________ and is not affected by the demand for the product Selected Answer: Marginal cost Question 26 0 out of 1.5 points The water and diamond paradox can be explained by the concept of Selected Answer: Taste https://learn.liberty.edu/webapps/assessment/review/review.jsp?attempt_id=_28050398_1&course_id=_284891_1&content_id=_11736308_1&outcome_id=_2756… 5/6 5/9/2016 Review Test Submission: Test 3 – 201620 Spring 2016 ECON... Question 27 0 out of 1.5 points According to classical economics, commodities sold in non­competitive markets and commodities in fixed supply sold Selected Answer: At constant cost Question 28 1.5 out of 1.5 points The central tenets of diminishing returns can also be found in Malthus’ population theory Selected Answer: True Question 29 1.5 out of 1.5 points Tax interest on savings and gains on investments would Selected Answer: Encourage people to spend Question 30 0 out of 1.5 points Adam Smith argued additional costs of taxation include Selected Answer: Encouraging smuggling Monday, May 9, 2016 11:20:20 AM EDT ← OK https://learn.liberty.edu/webapps/assessment/review/review.jsp?attempt_id=_28050398_1&course_id=_284891_1&content_id=_11736308_1&outcome_id=_2756… 6/6 5/9/2016 Review Test Submission: Test 4 – 201620 Spring 2016 ECON... myBlackboard H  Elizabeth Jackson Resources 3 JFL Library  Course Content  ...  Assignments  Review Test Submission: Test 4 Survey End of Course Survey - LUO has been made available to this course. Only one submission will be accepted per respondent. Take Survey Review Test Submission: Test 4  User Elizabeth Jackson Course 201620 Spring 2016 ECON 350­D02 LUO Test Test 4 Started 4/14/16 8:31 AM Submitted 4/14/16 8:40 AM Due Date 4/18/16 11:59 PM Status Completed Attempt Score 27 out of 45 points   Time Elapsed 9 minutes out of 2 hours Instructions Results Displayed 2­hour time limit 30 multiple­choice and true/false questions Open­book/open­notes Do not click the BACK button because this will lock you out of the test. The timer will continue if and when you leave the test. Submitted Answers, Feedback Question 1 0 out of 1.5 points The widespread aversion to the use of mathematics in economics during the classical period was based on the belief that “arithmetical computations” Selected Answer: Are too complex Question 2 1.5 out of 1.5 points In the Marxian theory of history, there was only one­way causation originating in economic conditions Selected Answer: False https://learn.liberty.edu/webapps/assessment/review/review.jsp?attempt_id=_28354066_1&course_id=_284891_1&content_id=_11736314_1&outcome_id=_2785… 1/6 5/9/2016 Review Test Submission: Test 4 – 201620 Spring 2016 ECON... Question 3 0 out of 1.5 points Adam Smith’s Wealth of Nations discussed extensively about methodologies Selected Answer: True Question 4 1.5 out of 1.5 points With Ricardo economics took a major step toward abstract models, rigid and artificial definitions, syllogistic reasoning and the direct application of the results to policy Selected Answer: True Question 5 1.5 out of 1.5 points The larger and more intrusive a government becomes, the more it attracts a whole new industry of Selected Answer: Lobbyists Question 6 1.5 out of 1.5 points _______ said “Man is not free unless government is limited.” Selected Answer: Ronald Reagan Question 7 0 out of 1.5 points The only work that devoted exclusively to the definitions of economic terms during the classical period was Selected Answer: “The Wealth of Nations,” by Smith Question 8 1.5 out of 1.5 points Ricardo viewed Malthus’ work not to be empirical Selected Answer: True Question 9 1.5 out of 1.5 points Tibor Machan analysis concluded that a powerful, intrusive government Selected Answer: https://learn.liberty.edu/webapps/assessment/review/review.jsp?attempt_id=_28354066_1&course_id=_284891_1&content_id=_11736314_1&outcome_id=_2785… 2/6 5/9/2016 Review Test Submission: Test 4 – 201620 Spring 2016 ECON... Is inconsistent with a nation of free and independent people Question 10 1.5 out of 1.5 points The classical economists believed that individuals pursuing their own interests would tend to promote the interest of Selected Answer: The entire nation Question 11 1.5 out of 1.5 points Marx was not concerned with conflicts among the different classes of people Selected Answer: False Question 12 1.5 out of 1.5 points Expansive government would limit the creation of wealth in the private economy because it needs Selected Answer: More taxes Question 13 0 out of 1.5 points Who combined the theoretical principles with empirical research in his study? Selected Answer: William Whewell Question 14 0 out of 1.5 points Malthus attacked Ricardo theory Selected Answer: On “a hypothetical world altogether different from the real world” Question 15 0 out of 1.5 points Ricardian rent theory mainly explained the things Selected Answer: As they were, like the existing disparities in rental payments https://learn.liberty.edu/webapps/assessment/review/review.jsp?attempt_id=_28354066_1&course_id=_284891_1&content_id=_11736314_1&outcome_id=_2785… 3/6 5/9/2016 Review Test Submission: Test 4 – 201620 Spring 2016 ECON... Question 16 1.5 out of 1.5 points Ricardian rent theory explained very much about the rise and fall of rental payments over time Selected Answer: True Question 17 1.5 out of 1.5 points Early classical economists believed that an expansive government was more likely to favor Selected Answer: Those with power and influence Question 18 1.5 out of 1.5 points Tendencies of human behavior were important in the work of Marx; one was the increasing misery of the proletariat. Selected Answer: True Question 19 0 out of 1.5 points John Stuart Mill considered that he might derive much insight from mental experiments with other classical economists Selected Answer: True Question 20 1.5 out of 1.5 points Richard Jones’ criticism that the ricardians had derived “general principles” which “have no generality” Selected Answer: True Question 21 0 out of 1.5 points Implicitly, classical economists viewed that causation in the social sciences follows the pattern of Selected Answer: Question 22 Religion 0 out of 1.5 points The classical economic period was replete with the use of quantitative techniques https://learn.liberty.edu/webapps/assessment/review/review.jsp?attempt_id=_28354066_1&course_id=_284891_1&content_id=_11736314_1&outcome_id=_2785… 4/6 5/9/2016 Review Test Submission: Test 4 – 201620 Spring 2016 ECON... to study economic phenomena. Selected Answer: True Question 23 1.5 out of 1.5 points What are the methodological questions at issue during the classical period? Selected Answer: All of the above Question 24 0 out of 1.5 points Classical economics contained a minimal discussion of methodologies Selected Answer: False Question 25 1.5 out of 1.5 points Who took the abstract approach in classical economic analysis? Selected Answer: David Ricardo Question 26 0 out of 1.5 points The reason why government is not efficient is Selected Answer: Bureaucrats are spending other people’s money Question 27 1.5 out of 1.5 points Nassau Senior pointed out that “mental experiments” used by Mill were unreliable because Selected Answer: People had different backgrounds and would behave differently Question 28 1.5 out of 1.5 points Most of the discussions about methodologies were found in the writings of John Stuart Mill and Ricardo Selected Answer: True Question 29 https://learn.liberty.edu/webapps/assessment/review/review.jsp?attempt_id=_28354066_1&course_id=_284891_1&content_id=_11736314_1&outcome_id=_2785… 5/6 5/9/2016 Review Test Submission: Test 4 – 201620 Spring 2016 ECON... 1.5 out of 1.5 points Economics was generally conceived of in the classical period as having a scientific core, that is a systematic analytical method Selected Answer: True Question 30 0 out of 1.5 points Modern theorists have argued that the practical use of theory is to explain states of being, not changes Selected Answer: True Monday, May 9, 2016 11:20:44 AM EDT ← OK https://learn.liberty.edu/webapps/assessment/review/review.jsp?attempt_id=_28354066_1&course_id=_284891_1&content_id=_11736314_1&outcome_id=_2785… 6/6 5/9/2016 Review Test Submission: Test 5 – 201620 Spring 2016 ECON... myBlackboard H  Elizabeth Jackson Resources 3 JFL Library  Course Content  ...  Assignments  Review Test Submission: Test 5 Survey End of Course Survey - LUO has been made available to this course. Only one submission will be accepted per respondent. Take Survey Review Test Submission: Test 5  User Elizabeth Jackson Course 201620 Spring 2016 ECON 350­D02 LUO Test Test 5 Started 4/21/16 9:21 AM Submitted 4/21/16 9:28 AM Due Date 4/25/16 11:59 PM Status Completed Attempt Score 25.5 out of 45 points   Time Elapsed 7 minutes out of 2 hours Instructions Results Displayed 2­hour time limit 30 multiple­choice and true/false questions Open­book/open­notes Do not click the BACK button because this will lock you out of the test. The timer will continue if and when you leave the test. Submitted Answers, Feedback Question 1 0 out of 1.5 points Sismondi assumed the output of a given period was a constant times the wage fund of Selected Answer: The current period Question 2 0 out of 1.5 points Sismondi argued that the flows of goods and money, opposite in direction, and equal in value was because this was Selected Answer: Nature https://learn.liberty.edu/webapps/assessment/review/review.jsp?attempt_id=_28652293_1&course_id=_284891_1&content_id=_11736322_1&outcome_id=_2814… 1/6 5/9/2016 Review Test Submission: Test 5 – 201620 Spring 2016 ECON... Question 3 1.5 out of 1.5 points How did Sismondi treat “money” in his theory of overproduction? Selected Answer: Money is like a “veil” Question 4 1.5 out of 1.5 points In economics, Sismondi began as a disciple of Adam Smith Selected Answer: True Question 5 1.5 out of 1.5 points According to Thomas Sowell, the more fundamental advances in economics contributed by Sismondi include Selected Answer: All of the above Question 6 1.5 out of 1.5 points According to Robert Genetski, British Petroleum (BP) would have been less inclined to take the risks it took that led to the oil spill in 2010, if Selected Answer: There was without government incentives and limits on liability Question 7 0 out of 1.5 points Sismondi argued that the actual population growth was regulated by Selected Answer: The invisible hand Question 8 0 out of 1.5 points To prevent short­run increase of demand for labor from creating an excess dependent population, Sismondi urged the principle of Selected Answer: Question 9 Minimum wages 0 out of 1.5 points Individual firms would sometimes be forced to sell at less than cost­covering https://learn.liberty.edu/webapps/assessment/review/review.jsp?attempt_id=_28652293_1&course_id=_284891_1&content_id=_11736322_1&outcome_id=_2814… 2/6 5/9/2016 Review Test Submission: Test 5 – 201620 Spring 2016 ECON... prices, but Sismondi argued that they would continue to produce because the alternative of shutting down would lose more money.  This is to do with the concept of Selected Answer: Marginal cost Question 10 0 out of 1.5 points Sismondi believed that equilibrium was immediately re­established after every disturbance Selected Answer: True Question 11 1.5 out of 1.5 points In an empirical sense, according to ________, “human generations do not grow as fast as subsistence.” Selected Answer: Sismondi Question 12 0 out of 1.5 points In 2009, the private sector spends over _____ a year to comply with federal government mandates Selected Answer: $10 billion Question 13 1.5 out of 1.5 points Greed exists Selected Answer: With or without free markets Question 14 1.5 out of 1.5 points The “general glut” controversy was about Selected Answer: Say’s Law which was invoked to show that there was no such thing as an equilibrium aggregate income Question 15 1.5 out of 1.5 points Classical economists would prefer https://learn.liberty.edu/webapps/assessment/review/review.jsp?attempt_id=_28652293_1&course_id=_284891_1&content_id=_11736322_1&outcome_id=_2814… 3/6 5/9/2016 Review Test Submission: Test 5 – 201620 Spring 2016 ECON... Selected Answer: Limiting the scope and power of government Question 16 1.5 out of 1.5 points According to John Barton’s empirical research Selected Answer: Period of population growth often varied inversely with wage movements Question 17 0 out of 1.5 points Sismondi regarded economics as Selected Answer: A system of principles Question 18 0 out of 1.5 points According to Sismondi’s growth model, output growth depends in Selected Answer: The consumption Question 19 1.5 out of 1.5 points Two companies closely relate to the federal governments contribute to the financial crisis in 2008­09 are Selected Answer: Fannie Mae and Freddie Mac Question 20 1.5 out of 1.5 points Sismondi had detected the fatal ambiguity in Malthus’s shifting use of the word “tendencies” in population theory. Selected Answer: True Question 21 1.5 out of 1.5 points Advocates for aggressive and expansive government assume that the political mechanism is capable of Selected Answer: Correcting the flaws they believe exist with free t https://learn.liberty.edu/webapps/assessment/review/review.jsp?attempt_id=_28652293_1&course_id=_284891_1&content_id=_11736322_1&outcome_id=_2814… 4/6 5/9/2016 Review Test Submission: Test 5 – 201620 Spring 2016 ECON... Question 22 1.5 out of 1.5 points In politics, Sismondi Selected Answer: All of the above Question 23 0 out of 1.5 points A situation in which goods were sold at less than their cost of production or were unsold at cost­covering prices is called ______ during the classical period. Selected Answer: An excess supply Question 24 0 out of 1.5 points Sismondi was proponent of Say’s Law Selected Answer: True Question 25 0 out of 1.5 points Research indicates that the government’s efficiency is roughly ______ that of the private sector Selected Answer: 30% Question 26 1.5 out of 1.5 points Sismondi is the first in developing Selected Answer: The theory of equilibrium aggregate income Question 27 1.5 out of 1.5 points Sismondi viewed that differential class fertility, with the greatest fertility being in the poorest class as Selected Answer: Question 28 A social phenomenon 1.5 out of 1.5 points https://learn.liberty.edu/webapps/assessment/review/review.jsp?attempt_id=_28652293_1&course_id=_284891_1&content_id=_11736322_1&outcome_id=_2814… 5/6 5/9/2016 Review Test Submission: Test 5 – 201620 Spring 2016 ECON... In Sismondi’s growth model, the incremental wage payments were equal to net investment during a given period. Selected Answer: True Question 29 1.5 out of 1.5 points What was the primary cause of glutted markets according to Sismondi? Selected Answer: Deliberate policies of governments Question 30 0 out of 1.5 points Following the Enron scandal in 2001, Congress enacted ________ in an effort to prevent fraud. Selected Answer: Financial Service Modernization Act Monday, May 9, 2016 11:21:09 AM EDT ← OK https://learn.liberty.edu/webapps/assessment/review/review.jsp?attempt_id=_28652293_1&course_id=_284891_1&content_id=_11736322_1&outcome_id=_2814… 6/6 5/9/2016 Review Test Submission: Test 6 – 201620 Spring 2016 ECON... myBlackboard H  Elizabeth Jackson Resources 3 JFL Library  Course Content  ...  Assignments  Review Test Submission: Test 6 Survey End of Course Survey - LUO has been made available to this course. Only one submission will be accepted per respondent. Take Survey Review Test Submission: Test 6  User Elizabeth Jackson Course 201620 Spring 2016 ECON 350­D02 LUO Test Test 6 Started 4/28/16 8:43 AM Submitted 4/28/16 8:51 AM Due Date 5/2/16 11:59 PM Status Completed Attempt Score 27 out of 45 points   Time Elapsed 8 minutes out of 2 hours Instructions Results Displayed 2­hour time limit 30 multiple­choice and true/false questions Open­book/open­notes Do not click the BACK button because this will lock you out of the test. The timer will continue if and when you leave the test. Submitted Answers, Feedback Question 1 1.5 out of 1.5 points The government welfare programs create a sense of dependency and entitlement among recipients, this contributes to Selected Answer: Chromic poverty Question 2 1.5 out of 1.5 points On Liberty was written by Adam Smith Selected Answer: False https://learn.liberty.edu/webapps/assessment/review/review.jsp?attempt_id=_28926927_1&course_id=_284891_1&content_id=_11736328_1&outcome_id=_2839… 1/6 5/9/2016 Review Test Submission: Test 6 – 201620 Spring 2016 ECON... Question 3 0 out of 1.5 points Government does its best to promote freedom, liberty, and prosperity when its rules Selected Answer: Reward a privileged few at the expense of all others Question 4 1.5 out of 1.5 points Thomas Sowell thought how and why Mill could have completed his Principles of Political Economy in just 18 months was because Mill’s Selected Answer: All of the above Question 5 0 out of 1.5 points According to Charles Murray’s analysis, the U.S. government welfare program Selected Answer: Harmed those forced to pay for the programs more than harmed the recipients Question 6 1.5 out of 1.5 points Restricting the free market, such as price control or trade restriction, Selected Answer: All of the above Question 7 1.5 out of 1.5 points George J. Stigler credited Mill was having “introduced the concept of demand as a schedule or function” Selected Answer: True Question 8 0 out of 1.5 points With all information available to all people in the society, fairness would be determined by Selected Answer: Question 9 The choices of consumers 1.5 out of 1.5 points https://learn.liberty.edu/webapps/assessment/review/review.jsp?attempt_id=_28926927_1&course_id=_284891_1&content_id=_11736328_1&outcome_id=_2839… 2/6 5/9/2016 Review Test Submission: Test 6 – 201620 Spring 2016 ECON... John Stuart Mill believed that “supply could create its own demand” Selected Answer: True Question 10 1.5 out of 1.5 points One of John Mill’s famous book was Selected Answer: Principles of Political Economy Question 11 0 out of 1.5 points Which of the following was credited to Mill by George J. Stigler, but Thomas Sowell disagreed? Selected Answer: A greater quantity demanded than quantity supplied would lead to a fall in price Question 12 0 out of 1.5 points Classical economists believe that  the most effective way in providing the poor with greater opportunities of increase their material well­being is Selected Answer: Low tax rates Question 13 0 out of 1.5 points Mill was unmistakable clear that intrusive government was the object of his concern in On Liberty. Selected Answer: True Question 14 1.5 out of 1.5 points Mill believed there was indeed as equilibrium level of sustainable capital investment Selected Answer: True Question 15 0 out of 1.5 points In On Liberty, Mill opposed Selected Answer: The government https://learn.liberty.edu/webapps/assessment/review/review.jsp?attempt_id=_28926927_1&course_id=_284891_1&content_id=_11736328_1&outcome_id=_2839… 3/6 5/9/2016 Review Test Submission: Test 6 – 201620 Spring 2016 ECON... Question 16 1.5 out of 1.5 points Mill thought production is better attributed to economics and distribution of goods and services as better attributed to social philosophy. Selected Answer: True Question 17 0 out of 1.5 points Mill defended Say’s Law by declaring Selected Answer: Depressions were due to the abundance of commodities Question 18 1.5 out of 1.5 points On the theoretical level, Mill considered himself to be “sticking pretty close to ________” Selected Answer: Ricardo Question 19 1.5 out of 1.5 points To protect individual property rights should be the responsibility of Selected Answer: The government Question 20 1.5 out of 1.5 points Which of the following is a public good provided by the government? Selected Answer: National defense Question 21 1.5 out of 1.5 points The subject of On Liberty was society’s role over the individual. Selected Answer: True Question 22 1.5 out of 1.5 points Thomas Sowell described Mill liked a track star running against the clock instead https://learn.liberty.edu/webapps/assessment/review/review.jsp?attempt_id=_28926927_1&course_id=_284891_1&content_id=_11736328_1&outcome_id=_2839… 4/6 5/9/2016 Review Test Submission: Test 6 – 201620 Spring 2016 ECON... of against another track star. Selected Answer: True Question 23 1.5 out of 1.5 points According to Adam Smith, the sovereign (government) has the duty of Selected Answer: Protecting every member of the society from the injustice or oppression of every other member of it Question 24 1.5 out of 1.5 points Mill did acknowledge the possibility of disequilibrium in aggregate income as Say himself. Selected Answer: False Question 25 1.5 out of 1.5 points On Liberty, that Mill’s special concern is with the effects of public opinion and customs on the intellectual elite. Selected Answer: True Question 26 0 out of 1.5 points John Stuart Mill’s Principles of Political Economy  (1848) remained the foremost economics book until it was replaced by Samuelson’s Principles of Economics. Selected Answer: True Question 27 0 out of 1.5 points The primary dispute to Say’s Law according to John Stuart Mill was about the theory of overpopulation Selected Answer: True Question 28 0 out of 1.5 points Who pointed out the pattern of Mill’s approach to issues as “There is too little thinking­things­through and much too much confidence that most of the necessary thinking had been done already.” https://learn.liberty.edu/webapps/assessment/review/review.jsp?attempt_id=_28926927_1&course_id=_284891_1&content_id=_11736328_1&outcome_id=_2839… 5/6 5/9/2016 Review Test Submission: Test 6 – 201620 Spring 2016 ECON... Selected Answer: Thomas Sowell Question 29 0 out of 1.5 points Mill’s ignorance both of Marx and of the substantive arguments of the equilibrium income theorists before him Selected Answer: False Question 30 1.5 out of 1.5 points When government intervenes to deal with some harm or an injustice has occurred, the role of government is to serve as Selected Answer: An impartial referee Monday, May 9, 2016 11:21:34 AM EDT ← OK https://learn.liberty.edu/webapps/assessment/review/review.jsp?attempt_id=_28926927_1&course_id=_284891_1&content_id=_11736328_1&outcome_id=_2839… 6/6 5/9/2016 Review Test Submission: Test 7 – 201620 Spring 2016 ECON... myBlackboard H  Elizabeth Jackson Resources 3 JFL Library  Course Content  ...  Assignments  Review Test Submission: Test 7 Survey End of Course Survey - LUO has been made available to this course. Only one submission will be accepted per respondent. Take Survey Review Test Submission: Test 7  User Elizabeth Jackson Course 201620 Spring 2016 ECON 350­D02 LUO Test Test 7 Started 5/4/16 12:25 PM Submitted 5/4/16 12:35 PM Due Date 5/9/16 11:59 PM Status Completed Attempt Score 28.5 out of 45 points   Time Elapsed 10 minutes out of 2 hours Instructions Results Displayed 2­hour time limit 30 multiple­choice and true/false questions Open­book/open­notes Do not click the BACK button because this will lock you out of the test. The timer will continue if and when you leave the test. Submitted Answers, Feedback Question 1 1.5 out of 1.5 points “Our government pretends to pay us, so we pretend to work.” This describe the workers in Selected Answer: The Soviet Union Question 2 1.5 out of 1.5 points Ricardo and John Stuart Mill views economic downturns as Selected Answer: Disproportionality in production https://learn.liberty.edu/webapps/assessment/review/review.jsp?attempt_id=_29179715_1&course_id=_284891_1&content_id=_11736336_1&outcome_id=_2864… 1/6 5/9/2016 Review Test Submission: Test 7 – 201620 Spring 2016 ECON... Question 3 0 out of 1.5 points Engels thought price fluctuations reflect production among different sectors of the economy, in a way that can lead to Selected Answer: A stable economy Question 4 1.5 out of 1.5 points According to Marx and Engels, knowing the world is static is key to understanding social and economic systems. Selected Answer: False Question 5 1.5 out of 1.5 points In our text, “Marxian” refers to the ideas developed jointly by Karl Marx and _______ Selected Answer: Friedrich Engels Question 6 1.5 out of 1.5 points Classical economists believed that individuals who accumulated a sufficient amount of property over and above what they needed had a moral obligation to Selected Answer: Help those who could not help themselves Question 7 1.5 out of 1.5 points The Soviet Union allocated massive amounts of resources toward future output, the bulk of these resources were wasted because Selected Answer: No incentives with entrepreneurial activity Question 8 1.5 out of 1.5 points The Marxian “law of value” was about Selected Answer: Question 9 Resource allocation theory 1.5 out of 1.5 points https://learn.liberty.edu/webapps/assessment/review/review.jsp?attempt_id=_29179715_1&course_id=_284891_1&content_id=_11736336_1&outcome_id=_2864… 2/6 5/9/2016 Review Test Submission: Test 7 – 201620 Spring 2016 ECON... The US Constitution made it illegal for the federal government to tax a person’s income.  This probation was removed by the Selected Answer: 16th Amendment Question 10 1.5 out of 1.5 points A caterpillar grows into a bigger caterpillar; it develops into a butterfly. Not so the worker under capitalism," according to Marxian writings. Selected Answer: True Question 11 1.5 out of 1.5 points What are essential for the wealth of a nation Selected Answer: All of the above Question 12 0 out of 1.5 points Marx and Engels expected capitalism to be transformed into socialism by Selected Answer: Government regulations Question 13 1.5 out of 1.5 points Without protection of individual property rights, individuals would tend to Selected Answer: Invest less Question 14 1.5 out of 1.5 points Low tax rates, a limited government, and free markets are all essential to creating wealth.  However, none of these factors would meaningful without the rule of law to protect Selected Answer: Question 15 Individual property rights 1.5 out of 1.5 points “The great and chief end, therefore, of men’s uniting into commonwealth, and putting themselves under government, is the preservation of their property.”   This https://learn.liberty.edu/webapps/assessment/review/review.jsp?attempt_id=_29179715_1&course_id=_284891_1&content_id=_11736336_1&outcome_id=_2864… 3/6 5/9/2016 Review Test Submission: Test 7 – 201620 Spring 2016 ECON... statement was made by Selected Answer: John Locke Question 16 0 out of 1.5 points According to classical economics, too much production of good A implied too little production of good B but not too much output in the aggregate. In other word, there is no “general glut” But, Marx argued that aggregate supply as conceived need not equal Selected Answer: Realized aggregate production Question 17 1.5 out of 1.5 points Which nation first put into practice of Marxian? Selected Answer: The Soviet Union Question 18 0 out of 1.5 points Sismondi and Malthus viewed economic downturns as Selected Answer: Disproportionality in production Question 19 0 out of 1.5 points Marx and Engels took many concepts from the work of Hegel. Selected Answer: False Question 20 1.5 out of 1.5 points In the first volume of Capital, Marx defined the value of a commodity as Selected Answer: The labor time that went into its production Question 21 1.5 out of 1.5 points Marx argued that capitalism “attacks the individual at the very root of his life,” because of Selected Answer: The division of labor https://learn.liberty.edu/webapps/assessment/review/review.jsp?attempt_id=_29179715_1&course_id=_284891_1&content_id=_11736336_1&outcome_id=_2864… 4/6 5/9/2016 Review Test Submission: Test 7 – 201620 Spring 2016 ECON... Question 22 0 out of 1.5 points In Marx, economic crises occur in a Selected Answer: Irregular cycle Question 23 0 out of 1.5 points The US Constitution specifically protects a person’s property Selected Answer: All of the above Question 24 1.5 out of 1.5 points Due to the recurrent economic crises, Marx believed that finally ______ would revolt and ultimately threatened the existence of capitalism Selected Answer: Working class Question 25 1.5 out of 1.5 points According to Marx, “During crises ­­ …. money cries out for a field of employment where it may be realized as capital.”  Suggested that crises were Selected Answer: Transient Question 26 1.5 out of 1.5 points During the “the hungry forties,” Marx, in an 1847 article, declared that in the course of (economic) development, the fall in wages in proportion to the development of general wealth is a ______ fall Selected Answer: Relative Question 27 0 out of 1.5 points During the economic distress of 1840s, Marx and Engels expected actual real income would increase under capitalism Selected Answer: True https://learn.liberty.edu/webapps/assessment/review/review.jsp?attempt_id=_29179715_1&course_id=_284891_1&content_id=_11736336_1&outcome_id=_2864… 5/6 5/9/2016 Review Test Submission: Test 7 – 201620 Spring 2016 ECON... Question 28 0 out of 1.5 points Marx referred to his presenting of the analysis in the three volumes of Capital in a “_______” way Selected Answer: Scientific Question 29 0 out of 1.5 points The destabilizing force in Marxian economics was Selected Answer: The government Question 30 0 out of 1.5 points According to Marx, “in periods of crises when credit collapses completely … nothing goes any more but _______” Selected Answer: Workers Monday, May 9, 2016 11:21:57 AM EDT ← OK https://learn.liberty.edu/webapps/assessment/review/review.jsp?attempt_id=_29179715_1&course_id=_284891_1&content_id=_11736336_1&outcome_id=_2864… 6/6 5/9/2016 Review Test Submission: Test 8 – 201620 Spring 2016 ECON... myBlackboard H  Elizabeth Jackson Resources 3 JFL Library  Course Content  ...  Assignments  Review Test Submission: Test 8 Survey End of Course Survey - LUO has been made available to this course. Only one submission will be accepted per respondent. Take Survey Review Test Submission: Test 8  User Elizabeth Jackson Course 201620 Spring 2016 ECON 350­D02 LUO Test Test 8 Started 5/5/16 11:24 AM Submitted 5/5/16 11:33 AM Due Date 5/13/16 11:59 PM Status Completed Attempt Score 31.5 out of 45 points   Time Elapsed 9 minutes out of 2 hours Instructions Results Displayed 2­hour time limit 30 multiple­choice and true/false questions Open­book/open­notes Do not click the BACK button because this will lock you out of the test. The timer will continue if and when you leave the test. Submitted Answers, Feedback Question 1 1.5 out of 1.5 points When people exchange one good for another good is a Selected Answer: Barter economy Question 2 0 out of 1.5 points John Stuart Mill believed that the intellectual elite were the vanguard of progress Selected Answer: False Question 3 1.5 out of 1.5 points https://learn.liberty.edu/webapps/assessment/review/review.jsp?attempt_id=_29222093_1&course_id=_284891_1&content_id=_11736342_1&outcome_id=_2868… 1/6 5/9/2016 Review Test Submission: Test 8 – 201620 Spring 2016 ECON... George J. Stigler observed, “it is a sign of the maturity of a discipline that is main problems are drawn from ______________.” Selected Answer: The set of internal values and pressures of the discipline Question 4 1.5 out of 1.5 points Fiat money is used as money because Selected Answer: Government says it is money Question 5 0 out of 1.5 points The phrase “the dictatorship of the proletariat” was seized upon by ______ and his successors to justify a dictatorship in a tragically different sense. Selected Answer: Napoleon Question 6 0 out of 1.5 points If the economy has excess production capacity and unemployed workers, create additional money could serve to Selected Answer: Decrease real output Question 7 1.5 out of 1.5 points Lessons from the classical age of economics are no longer visible in modern day economics. Selected Answer: False Question 8 0 out of 1.5 points The idea of a spontaneously self­equilibrating system, the market economy, was first developed by Selected Answer: Question 9 Marxists 1.5 out of 1.5 points Many of the classical economists would be considered “anti­political.” https://learn.liberty.edu/webapps/assessment/review/review.jsp?attempt_id=_29222093_1&course_id=_284891_1&content_id=_11736342_1&outcome_id=_2868… 2/6 5/9/2016 Review Test Submission: Test 8 – 201620 Spring 2016 ECON... Selected Answer: True Question 10 1.5 out of 1.5 points When trying to understand history or economics it is critical to first understand and scrutinize definitions and making implicit frameworks of assumptions explicit. Selected Answer: True Question 11 1.5 out of 1.5 points What is one example that Thomas Sowell used to show that the progress of economic profession is real? Selected Answer: The Phillips curve Question 12 1.5 out of 1.5 points Government uses taxes and spending to influence the economy is Selected Answer: Fiscal policy Question 13 1.5 out of 1.5 points When the government creates either too much or too little money to support a normal flow of business, it may cause Selected Answer: Economic boom or bust Question 14 1.5 out of 1.5 points A polemic is writer that writes in agreement with another’s point of view or thesis. Selected Answer: False Question 15 0 out of 1.5 points John Stuart Mill was a polemic of the early socialist writings and his writings on the subject were not objective, nor did they reflect a genuine knowledge of the topic. Selected Answer: False https://learn.liberty.edu/webapps/assessment/review/review.jsp?attempt_id=_29222093_1&course_id=_284891_1&content_id=_11736342_1&outcome_id=_2868… 3/6 5/9/2016 Review Test Submission: Test 8 – 201620 Spring 2016 ECON... Question 16 1.5 out of 1.5 points Marx considered Smith and Ricardo great thinkers and he agreed with many of their ideas. Selected Answer: False Question 17 0 out of 1.5 points The history of economics in reality is part history of ideas in a particular time period, coupled with the way men and women discussed economics during those times. Selected Answer: False Question 18 1.5 out of 1.5 points Fiat money is money that has little or no Selected Answer: Intrinsic value Question 19 1.5 out of 1.5 points At the simplest level, Robert Genetski suggested that the creation of money by the government is analogous to the act of a Selected Answer: Counterfeiter Question 20 0 out of 1.5 points Who believed that the individual’s subjective motivations are based on “tradition and upbringing”? Selected Answer: John Stuart Mill Question 21 1.5 out of 1.5 points Economics today shows major progress in more precise thinking compared to 18th century economics is helped by a growing use of Selected Answer: Question 22 Mathematics 1.5 out of 1.5 points https://learn.liberty.edu/webapps/assessment/review/review.jsp?attempt_id=_29222093_1&course_id=_284891_1&content_id=_11736342_1&outcome_id=_2868… 4/6 5/9/2016 Review Test Submission: Test 8 – 201620 Spring 2016 ECON... “Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually the slaves of some defunct economists.” This statement was made by Selected Answer: Maynard Keynes Question 23 1.5 out of 1.5 points Intellectual issues involved in the history of economics include the dynamics of the controversy, the role of ideological bias, the reciprocal effect of ideas/events and contributions to the discipline. Selected Answer: True Question 24 1.5 out of 1.5 points Thomas Sowell considered the classical economists possessed a great degree of integrity. Selected Answer: True Question 25 1.5 out of 1.5 points Free market economics is regarded by many today as an old conservative idea, it was in fact one of the most revolutionary concepts to ever emerge in the long history of ideas. Selected Answer: True Question 26 1.5 out of 1.5 points Precious metals, such as gold and silver, used as money have the advantage that they have some Selected Answer: Intrinsic value Question 27 1.5 out of 1.5 points According to Thomas Sowell, who is perhaps the prime example of a thinker whose work remains as obscure as ever two centuries later. Selected Answer: Sismondi https://learn.liberty.edu/webapps/assessment/review/review.jsp?attempt_id=_29222093_1&course_id=_284891_1&content_id=_11736342_1&outcome_id=_2868… 5/6 5/9/2016 Review Test Submission: Test 8 – 201620 Spring 2016 ECON... Question 28 1.5 out of 1.5 points One of the recurring sources of confusion in economics has been a failure ot distinguish ________ or definition, such as Marxian “value” or Keynesian “consumption function” from the substance of the theories. Selected Answer: Concept Question 29 0 out of 1.5 points If people produced a constant amount of goods and services, with an increase in money stock in the economy, it would likely cause Selected Answer: Unemployment to decrease Question 30 0 out of 1.5 points Who was the first economist used calculus to prove that total revenue Is maximized at that quantity where its first derivative is zero Selected Answer: Maynard Keynes Monday, May 9, 2016 11:22:18 AM EDT ← OK https://learn.liberty.edu/webapps/assessment/review/review.jsp?attempt_id=_29222093_1&course_id=_284891_1&content_id=_11736342_1&outcome_id=_2868… 6/6

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