1. Briefly identify and state the significance of each of the following to the history of economic thought: merchant guilds, craft guilds, natural order, laissez-faire, Quesnay, Tableau Economique, Turgot, and sterile class.

2. When did the physiocratic school begin? When did it end? Why was the school so short-lived?

3. In what respects was the physiocratic school a reaction to mercantilism? Why did it develop in France?

4. Briefly summarize the key elements of Quesnay's Tableau Economique. In what way did this table foreshadow the contemporary circular flow diagram and national income accounting? Could one table be derived from the other? Explain.

5. What do Colbert and Turgot have in common, other than their reputation as French economic thinkers? Contrast their general economic perspectives.