SUBJECT CONTEMPORARY ISSUES ON WESTERN ECONOMIC THOUGHT
LECTURER Muhammad Shulthoni, Lc., MA., MSI
TIME 09.00-11.15
DAY/DATE Friday, 3rd January 2020
VENUE PS. 307
DEPT/PROGRAM Economics - IPIEF TYPE/RULE Closed Book
- Please pray before and after doing your exam!
- Read carefully every single question, and provide your answers on the available sheets!
- You may use dictionary to help answer your exam!
- Any form of cheating is NOT entertained. Therefore, this exam is considered VOID and will be calculated in your final results.
Answer the following questions until you are reaching 100 (a hundred) marks!
Question 1 (25 Marks)
a. Contrast and compare Marx’s and Hegel’s theories of history! (15 marks)
b. Explain Marx’s distinctions among capitalism, socialism, and communism! (10 marks)
Question 2 (30 Marks)
a. How does marginal utility explain the diaomond-water paradox? (15 marks)
b. Contrast the scope and method of economics accoding to Jevons, Menger, and Walras! (15 marks)
Question 3 (30 Marks)
a. The classical theory of distribution is not concerned with the issue of product exhaustion, unlike marginal productivity theory of distribution. Explain! (15 marks)
b. Explain the role of marginal productivity concepts in arguments that minimum wage legislation causes unemployment! (15 marks)
Question 4 (30 Marks)
a. Distinguish the institutionalist thought of Veblen, Mitchell, and Commons! (15 marks)
b. How would Veblen respond to the argument that the market directs self-interest toward societal interest? (15 marks)
Question 5 (25 Marks)
a. What is the relationship between mercantilist theory and Keynesian theory? (10 marks) b. Why were most classical economist pessimists in their views of growth theory? (15 marks)
FINAL EXAM, ODD SEMESTER 2019/2020
INTERNATIONAL PROGRAM FOR ISLAMIC ECONOMICS AND FINANCE (IPIEF) DEPARTMENT OF ECONOMICS, FACULTY OF ECONOMICS AND BUSINESS
UNIVERSITAS MUHAMMADIYAH YOGYAKARTA
