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Questions may require 5 or more sentences to properly answer. It is suggested that you write only what you need to answer the question but if you find it assists you in explaining an answer, please write as much as you feel comfortable with to answer the question. Remember, you must use your own words in your response.a. Explain Jevon\u2019s Marginal UtilityANDb. how this effects economic \u00a0\u00a0\u00a0\u00a0\u00a0theory. [8 Points]Veblen was \u00a0\u00a0\u00a0\u00a0\u00a0anti-capitalist. a. Explain what he means by \u201cconspicuous consumption\u201d by the \u00a0\u00a0\u00a0\u00a0\u00a0wealthy class AND b. Explain why he was wrong with his \u00a0\u00a0\u00a0\u00a0\u00a0view of the wealthy class (what are positives the wealthy class provides \u00a0\u00a0\u00a0\u00a0\u00a0the economy?). [8 Points]Explain Fisher\u2019s Quantity Theory of Money (You can use his \u00a0\u00a0\u00a0\u00a0\u00a0mathematical formula to assist you in explaining his theory). [4 \u00a0\u00a0\u00a0\u00a0\u00a0Points]Mises disagreed with \u00a0\u00a0\u00a0\u00a0\u00a0Fisher\u2019s conclusions, specifically in regards to how Fisher\u2019s system for \u00a0\u00a0\u00a0\u00a0\u00a0Quantity Theory of Money functions and Fisher\u2019s lack of understanding of \u00a0\u00a0\u00a0\u00a0\u00a0the business cycle. To help support \u00a0\u00a0\u00a0\u00a0\u00a0his views Mises drew upon three other economists. Bohm-Baewerk\u2019s Capital Theory discusses \u00a0\u00a0\u00a0\u00a0\u00a0the structure of capital (money). Explain his Capital Theory in good \u00a0\u00a0\u00a0\u00a0\u00a0and poor economic times. \u00a0[4 Points]a. Explain how Keynes disagrees with Adam Smith\u2019s Classical \u00a0\u00a0\u00a0\u00a0\u00a0System. b. Explain how Keynes would stimulate the economy. c. \u00a0\u00a0\u00a0\u00a0\u00a0Explain the reasoning why \u00a0\u00a0\u00a0\u00a0\u00a0Keynes believed his approach works to stimulate the economy. [12 Points]a, Explain Marx\u2019s Labor Theory of Value. b. Explain Marx\u2019s Theory of \u00a0\u00a0\u00a0\u00a0\u00a0Surplus Value. [8 Points]Discuss Aquinas\u2019s view of government on the following topics: \u00a0\u00a0\u00a0\u00a0\u00a0what is the purpose of government? Who is qualified to govern? What form of government does Aquinas prefer? [4 \u00a0\u00a0\u00a0\u00a0\u00a0Points]a. Discuss how reformers Luther and Calvin view the church\u2019srolein government. b. Discuss what is Luther\u2019s view of \u00a0\u00a0\u00a0\u00a0\u00a0government. \u00a0c. Discuss and Explain \u00a0\u00a0\u00a0\u00a0\u00a0what form of government Calvin deems the best. [12 \u00a0\u00a0\u00a0\u00a0\u00a0Points]Discuss Machiavelli\u2019s view of the forms of government (the \u00a0\u00a0\u00a0\u00a0\u00a0purpose of government, who should rule, how should they rule, etc.) [4 \u00a0\u00a0\u00a0\u00a0\u00a0Points]a. Explain what Hobbes means by a \u201cSocial Contract\u201d and the \u00a0\u00a0\u00a0\u00a0\u00a0responsibilities of the populace and the responsibilities of the \u00a0\u00a0\u00a0\u00a0\u00a0sovereign. b. Discuss what the \u00a0\u00a0\u00a0\u00a0\u00a0populace must give the sovereign for the social contract to exist. [8 \u00a0\u00a0\u00a0\u00a0\u00a0Points]a. Discuss what is Locke\u2019s Labor Theory of Estate. b. Discuss how his Theory ties-in \u00a0\u00a0\u00a0\u00a0\u00a0with his view of the Social Contract. [8 Points]a. Discuss what Rouseau means by the General Will. b. Discuss \u00a0\u00a0\u00a0\u00a0\u00a0the forms of government Rouseau prefers. [8 \u00a0\u00a0\u00a0\u00a0\u00a0Points]a. Discuss how Burke views a society\u2019s history will effect how \u00a0\u00a0\u00a0\u00a0\u00a0a government develops and evolves. b. Discuss the form of government Burke advocates. [8 \u00a0\u00a0\u00a0\u00a0\u00a0Points]In Marx\u2019s view, Discuss what the government would \u00a0\u00a0\u00a0\u00a0\u00a0be like after capitalism falls as an economic system. [4 \u00a0\u00a0\u00a0\u00a0\u00a0Points]<\/p>\n \n

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