Karl Marx
A. believed that the state would eventually "wither away."
B. Believed that the factory owner, by paying his workers meager wages, was able to use this surplus to buy more capital goods.
C. Said whoever controlled a society's capital controlled that society.
D. All of the statements about Karl Marx are true.
D. All of the statements about Karl Marx are true.
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________ choose the quantities of factors of production to hire, and ________ choose the quantities of goods and services to produce
A) Entrepreneurs; firms B) Firms; firms C) Markets; markets D) Factor markets; goods markets E) Firms; households
Of the following, demand is likely to be the most elastic for
A) food. B) cars. C) Sony Blu-ray players. D) personal computers.
The default risk premium is measured
A) by an index published monthly by the Securities and Exchange Commission. B) by an index published monthly by The Wall Street Journal. C) as the difference between the yield on a non-Treasury security and the yield on a U.S. Treasury security of the same maturity. D) as the difference between the nominal yield on the security and the real after-tax yield on the security.
In the DMP model
A) the market wage is equal to the marginal product of labor. B) the market wage is equal to the marginal rate of substitution of leisure for consumption. C) the wage is equal to the marginal rate of transformation. D) the wage is determined by bargaining between the firm and the worker.