Answer Economic Questions

1) Explain the five levels of influence that stabilize a society’s institutional framework, according to C E Ayres. (3)
2) What is the general purpose of conspicuous behavior, and how has conspicuous behavior changed over time? What consequence for societies results from people’s tendency towards conspicuous behavior? (3)
3) How is the ceremonial-instrumental dichotomy of institutions reflected within companies? What follows for the relation of businesses and society in general? (3)
4) How does Marx’s understanding of economy and society differ from the equilibrium perspective of the classical economists? (2)
5) Briefly explain, which are the main inherent weaknesses of capitalist systems according to Marx? (4)
6) Where is the imbalance of power rooted in a capitalist system in a Marxist view? How does power expand beyond the economic sphere? (3)
7) What is the role of government in the Marxist view? (1)
8) How is the concept of exploitation explained in the Marxist system? (2)
9) Galbraith points out possible weaknesses of the Marxist analytical system. Explain two of these. (3)
10) Give an economic example for the fallacy of composition. Describe the fallacy of composition in general terms first. (3)
11) Outline Keynes’ explanation for persistent involuntary unemployment. (3)

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