History of Economic Thought (ECOM3103)
BSc. Economics - ECN
Semester: First Semester
Level: 300
Year: 2017
REPUBLIC OF CAMEROON THE UNIVERSITY OF BAMENDA
Peace — Work: — Fatherland P.O. BOX: 39 Bambili
FACULTY OF ECONOMICS AND MANAGEMENT SCIENCES DEPARTMENT: Economics
FIRST SEMESTER EXAMINATIONS 2016/2017 ACADEMIC YEAR
Course Code & Title: ECON 303 - History of Economics Thought Credit Value: 5 Status: C
Course Lecturers: Dr. Sundjo Fabien and Legha Kinga Bertila Time: 11:30 - 14:30
Date: 06/05/2017
Venue: CCAST HALLS
Instruction: Answer ALL Questions
1) While some economists have questioned the veracity of studying history of economic
thoughts nowadays, some have however insisted on the relevance of this discipline. Why
Study the History of Economic Thought? (10 marks)
2) The earliest trade theory is not the classical trade theories but the mercantilist ideas. The
Mercantilist Economic System holds that International trade is a zero sum game and they
employed the labor theory of value. After explaining the concept of zero sum game and the
labor theory of value according to the mercantilists, briefly state and explain the 4 school of
thought that make up this. (10 marks)
3) What do you understand by the Paradox of Mercantilism? In the early 1700s, questions began
to emerge regarding the logic of mercantilism. What is the Challenge to Mercantilism by Early
Classical Writers as David Hume? (10 marks)
4) State without explaining the three main authors that makes up the marginalists school of
thought, the books they each published, the date of publication, their country of origin and in
one phrase state their major contribution as concern the theory of value. (10 marks).
5) Compare the socialist and the Keynesian schools of thought (10 marks)
6) In not more than five sentences write short notes on the contributions of the following in the
history of economics thought
a) Thomas Aquinas f) Milton Fredman
b) Thomas Malthus g) Robert E. Luca
c) Alfred Marshall h) Joseph Alois Schumpter
d) David Hume i) John Von Neumann
e) Jean Baptist Say j) Lawrence Klien (20 Marks)
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