MAASAI MARA UNIVERSITY
REGULAR UNIVERSITY EXAMINATIONS
2018/2019 ACADEMIC YEAR
SECOND YEAR SECOND SEMESTER
SCHOOL OF BUSINESS & ECONOMICS
BACHELOR OF SCIENCE INECONOMICS
BACHELOR OF SCIENCE IN FINANCIALECONOMICS
BACHELOR OF SCIENCE IN ECONOMICS
AND STATISTICS
COURSE CODE: ECO 2107
COURSE TITLE: HISTORY OF ECONOMIC
THOUGHT I
DATE: 10TH DECEMBER 2018 TIME: 0830 – 1030 HOURS
INSTRUCTIONS TO CANDIDATES
Answer Question ONE and any other THREE questions
This paper consists of 2 printed pages. Please turn over.
QUESTION ONE
(a)Alfred Marshall favored partial equilibrium over general equilibrium
analysis. Discuss his key contributions to economic analysis. (6mks)
(b) Compare and contrast classical and marxian political economies.
(15mks)
(c)Explain David Ricardo’s contribution to theory of rent.
(4mks)
QUESTION TWO
(a) Discuss the contributions of the ancient Greek to development of
economic thought. ( 5 mks)
(b) Discuss the contributions of the mercantilists to economic theory.
(10mks)
QUESTION THREE
Compare and contrast the ideas of Menger, Jevons and Walras, the three
economists who are credited with initiating the marginal revolution in
economics. (15 mks)
QUESTION FOUR
(a)Differentiate between preventive and positive checks as explained by
Robert Malthus in his theory of Population. (6mks)
(b) Discuss Say’s law of markets. (5mks)
(c)Explain the main economic thought of physiocracy. (5mks)
QUESTION FIVE
(a)Adam Smith argues that laissez- faire, invisible hand of markets and
theory of value are a critical component in a nations wealth creation.
Discuss. (8mks)
(b) Discuss John Stuart Mill’s economic ideas on production and
distribution . (7mks)
