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ECN 202 Hult International Business School Final Exam Questions

ECN 202 Hult International Business School Final Exam Questions

Question Description

Answer two of the following questions published 13th December: Submission due 18th December 23.59. Late penalties apply.

Write the questions you are answering in your answer doc and upload here.

For each question, you should write as much as you would in 40 minutes in an exam, aim for 500-1500 words.

Do not use other peoples words, this doc will pass through plagiarism software.

Exam Questions ECN 202 Fall 2020

  1. Explain and assess the arguments for ‘sound finance’, and austerity to reduce public debt, and weigh them against the arguments in favour of Keynesians and ‘functional finance’.
  2. Give an account of the financial crash of 2008.
  3. Inflation and deflation can both be damaging. Explain how, and what monetary policies can be used to counter both.
  4. The Marginal Productivity theory of income determination implies everyone gets paid for the value they produce. Critically assess this claim, explore the arguments and evidence that count against it and outline the most prominent alternative theory of income distribution and inequality.
  5. Explain why GDP is a flawed measure of well-being and explain the virtues and pitfalls of available alternative approaches and ways of thinking about this.
  6. Why does asymmetric information cause market failure? Explore the examples of Akerlof’s ‘market for lemons’ and of health insurance, used by economists to explain this phenomenon. Why hasn’t it resulted in the collapse of markets in either of these cases?
  7. Explain how free-market conservatives differ from Keynesians with regard to the following: i) The spontaneous tendencies of markets with regard to full employment. ii) Fiscal policy and recessions iii) The danger of inflation and how it relates to stimulus policy iv) The interaction of aggregate demand and aggregate supply and the price mechanism
  8. I) Explain the difference between cyclical, seasonal, frictional and structural unemployment. II) Explain how and why different policies are appropriate to tackle structural as opposed to cyclical unemployment. III) Explain the concept of a natural rate of unemployment and how it assumes the truth of a conservative ‘free market’ theory of how capitalism works which Keynesian might challenge.
  9. Compare the claims of the standard microeconomic theory of rational choice with the claims of Behaviourists. Which is more convincing? What do you think your answer imply for the ‘laws’ of economics?


ECN Takeaway Exam Grading (1)

ECN Takeaway Exam Grading (1)

Criteria Ratings Pts

This criterion is linked to a Learning OutcomeCriteria-Accuracy of focus on the question and fullness of answer, comprehensiveness of coverage of issues
-Adequacy of understanding as proved by clarity of explanations
-Power of analysis and argument
For specifics on individual questions see model answers

100.0 to >89.9 pts


Well focussed on the question. Full answer and comprehensive coverage of issues. Clear writing and explanation that displays full understanding.

89.9 to >79.9 pts


Intelligent. Good writing displaying good understanding and coverage of most issues.

79.9 to >69.9 pts


Acceptable but with some lack of focus, weaknesses of writing or understanding and/or missing elements.

69.9 to >59.9 pts


Weak. Showing one or more of the following: Poor understanding and/or confusion and/or poor coverage of issues and/or weak writing

59.9 to >0 pts



100.0 pts

Total Points: 100.0

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