ECONOMICS THOUGHTS FINALS

Who is the Father of Modern

Economics

Rev. Thomas Malthus wrote in

opposition to the popular

view in 18th-century

• TRUE

• FALSE

Most important of his

contribution was the

law of comparative

advantage, a

fundamental argument

in favor of free trade

among countries and of

specialization among

individuals

• DAVID JOHN

• DAVID RICARDO

• RICARDO

• DAVID MALTHUS

Proponent of

utilitarianism, an ethical

theory developed by

Jeremy Bentham

• TRUE

• FALSE

deals with different thinkers and theories in the subject that became political

economy and later economics, from the ancient world to the present day. It encompasses many different

schools of economic thought.

• economic history

• History of economic thought

• economics

• history of Philippines

ADAM SMITH defines Economic thought as the sum total of all the opinions and desires concerning

economic subjects especially with public policies of different times and places.

• TRUE

• FALSE

John Stuart Mill (1844): defines the subject in a social context as:

The science which traces the laws of phenomena of society as it arise from the combined operations of mankind for the production of wealth, so far as those phenomena are not modified by the pursuit of

any other subject.

• TRUE

• FALSE

discusses economic ideas in order of time.

The economic ideas of different economists can be presented year wise and can be studied.

• ideal approach

• Conceptual approach

• Chronological approach

• positive approach

This was first adopted by Greek philosopher, Plato. In the past economics

was considered as a handmade of ethics. Naturally philosophical approach was adopted by the very

early writers/thinkers to discuss economic ideas.

• philosophical approach

• neo classical approach

• keynes

• welfare approach

The landowners lived in a kinship headed by a DATU or a chief

within a community called _______