BADM 7200 COMPREHENSIVE EXAM
STUDY GUIDE COMPLETE QUESTIONS AND
SOLUTIONS
●● Scientific method
Answer: What do you economists use to answer questions about how in
humans interact?
●● Micro economics, macro economics, econometrics
Answer: What are the three pillars of economics?
●● Managerial economics
Answer: Focuses on the application of economic concepts tools and
methodologies to solve practical problems in business
●● Neo classical
Answer: The standard modern economics curriculum approach
●● Empirical techniques
Answer: Using this predictions stemming from these models are tested
●● Adam smith
,Answer: Wrote the wealth of Nations
●● Jeremy Bentham
Answer: Known as the founder of modern utilitarianism
●● Jermey Bentham
Answer: Opposed natural law (god given rights), advocated for
individual rights
●● Population growth is exponential. Technology might increase the
standard of living for a short time, but then people will have more
children. Population growth will outpace agricultural production. The
result is famine
Answer: the Malthusian trap
●● David Ricardo
Answer: Introduce the value of labor and capital; Made advancements in
trade theory
●● John Stuart Mill
Answer: Member of British Parliament; known for work on
utilitarianism
●● Alfred marshall
, Answer: The principles of economics; known as one of the founders of
neo classical economics; wrote one of the first comprehensive
economics texts
●● Karl Marx
Answer: Argues against market-based economics; says centralized
planning is a superior economic system; the bourgeoisie owns capital
and employs the proletariat labor (this doesn't work because eventually
the proletariat will object and political revolution is inevitable)
●● Francis Ysidro Edgeworth
Answer: Translated Econ into mathematics; the utility function and the
indifference curve
●● John Maynard Keynes
Answer: His work was Controversial because he said that the
government can play a role in smoothing short to medium term business
cycle fluctuations
●● Freidrich Hayak
Answer: Road to serfdom;
●● Paul Samuelson
Answer: Economic models became mathematical
STUDY GUIDE COMPLETE QUESTIONS AND
SOLUTIONS
●● Scientific method
Answer: What do you economists use to answer questions about how in
humans interact?
●● Micro economics, macro economics, econometrics
Answer: What are the three pillars of economics?
●● Managerial economics
Answer: Focuses on the application of economic concepts tools and
methodologies to solve practical problems in business
●● Neo classical
Answer: The standard modern economics curriculum approach
●● Empirical techniques
Answer: Using this predictions stemming from these models are tested
●● Adam smith
,Answer: Wrote the wealth of Nations
●● Jeremy Bentham
Answer: Known as the founder of modern utilitarianism
●● Jermey Bentham
Answer: Opposed natural law (god given rights), advocated for
individual rights
●● Population growth is exponential. Technology might increase the
standard of living for a short time, but then people will have more
children. Population growth will outpace agricultural production. The
result is famine
Answer: the Malthusian trap
●● David Ricardo
Answer: Introduce the value of labor and capital; Made advancements in
trade theory
●● John Stuart Mill
Answer: Member of British Parliament; known for work on
utilitarianism
●● Alfred marshall
, Answer: The principles of economics; known as one of the founders of
neo classical economics; wrote one of the first comprehensive
economics texts
●● Karl Marx
Answer: Argues against market-based economics; says centralized
planning is a superior economic system; the bourgeoisie owns capital
and employs the proletariat labor (this doesn't work because eventually
the proletariat will object and political revolution is inevitable)
●● Francis Ysidro Edgeworth
Answer: Translated Econ into mathematics; the utility function and the
indifference curve
●● John Maynard Keynes
Answer: His work was Controversial because he said that the
government can play a role in smoothing short to medium term business
cycle fluctuations
●● Freidrich Hayak
Answer: Road to serfdom;
●● Paul Samuelson
Answer: Economic models became mathematical
