Institutional Economics Final Study Guide
Institutional Economic Theory, Economics 451, Final Examination Review
According to the institutional (functional) theory of resources: resources are functionally scarce *resources are a function of knowledge resources are a function of nature neutral stuff is converted into resources but remains scarce
Which of the following is a prerequisite to capital accumulation according to Institutionalists? saving interest money *none of the above
For Institutionalists, mass production is a crime against good taste *has increased material well being and is therefore good sacrifices quality for quantity destroys excellence because it destroys rarity
According to Institutionalists values and valuing occur in the ceremonial process only *are unique among human experiences can be validated or "instrumentally" chosen converge as a ceremonial process
According to Institutionalists what people consume is determined primarily by Income wealth Price *status
The combination principle is best understood as which of the following *the "great man" theory of invention is correct individuals are not necessarily entitled to income as a result of inventions all inventions are functions of previous inventions change is associated with inventions of new tools
According to Veblen the code of pecuniary beauty may be illustrated all of the below except: *threadbare sleeves. fast horses and pet dogs. close-cropped lawns. Shiny cars
Doing what the "right" people do, while ceremonial behavior: is behavior that does exist in fact. *is behavior that is not objective but depends on subjective motives. is identical in intent with the judgment that determines the choice of a tool by a mechanic. being a value judgment, is not subject to scientific analysis.
The President of the United States asks the "positive" economist, "We have money for an Academy of Science or an Academy of
According to the institutional (functional) theory of resources: resources are functionally scarce *resources are a function of knowledge resources are a function of nature neutral stuff is converted into resources but remains scarce
Which of the following is a prerequisite to capital accumulation according to Institutionalists? saving interest money *none of the above
For Institutionalists, mass production is a crime against good taste *has increased material well being and is therefore good sacrifices quality for quantity destroys excellence because it destroys rarity
According to Institutionalists values and valuing occur in the ceremonial process only *are unique among human experiences can be validated or "instrumentally" chosen converge as a ceremonial process
According to Institutionalists what people consume is determined primarily by Income wealth Price *status
The combination principle is best understood as which of the following *the "great man" theory of invention is correct individuals are not necessarily entitled to income as a result of inventions all inventions are functions of previous inventions change is associated with inventions of new tools
According to Veblen the code of pecuniary beauty may be illustrated all of the below except: *threadbare sleeves. fast horses and pet dogs. close-cropped lawns. Shiny cars
Doing what the "right" people do, while ceremonial behavior: is behavior that does exist in fact. *is behavior that is not objective but depends on subjective motives. is identical in intent with the judgment that determines the choice of a tool by a mechanic. being a value judgment, is not subject to scientific analysis.
The President of the United States asks the "positive" economist, "We have money for an Academy of Science or an Academy of