Part A - Questions

Short answer questions. Explain the following answering what when, where, who and how when applicable.

Putting-out system, Physiocrats, Mercantilism, "just Price" (in reference to St Thomas Aquinas), Specie-flow mechanism (David Hume), Numeraire, Quantity Theory of Money, Corn Laws, Invisible Hand Theory, serf, Dichotomizing of the pricing process, Tableau Econonnque, Say's Law of Markets, Commutations, manor, Absentee lord, Christian paternalistic ethics, Water and Diamond Paradox, Classical differential rent theory, "Adding-up Theory".

Part B: Essays

1. What are the defining characteristics of capitalism? Discuss their significance.

2. Why is the study of history of economic thought important? What are the connections between history of economic thought, economic history and comparative economic systems?

3. What are the factors causing breaking of the manorial system in Europe?

4. What are the basic characteristics of classical economics? Discuss analyze these characteristics with references to its principal figures.

5. What are the strengths and weaknesses of Adam Smith's economic theories? Discuss critically.

6. Some claim that Malthus's population theory, which made him famous, contradicts his Theory of Gluts? Do you agree? Discuss.

7. Why is David Ricardo so difficult to understand? Discuss his contributions to economics.

Length: no specific length for each question but total length should be about 6-7 pages in all.