Karl Marx said all of the following, except that
A. in the long run, capitalism would collapse.
B. capitalists and workers generally had the same economic interests.
C. one's social consciousness was determined by one's relationship to the means of production.
D. whomever controlled a society's capital controlled that society.
B. capitalists and workers generally had the same economic interests.
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Tom and Jerry have two tasks to do all day: make dishes and build fences. If Tom spends all day making dishes, he will have make 16 dishes. If he instead devotes his day to building fences, Tom will build 4 fences. If Jerry spends his day making dishes, he will make 14 dishes; if he spends the day building fences, he will build 7 fences. If Jerry decides to specialize in building fences, what are the limits to his terms of trade?
A. Jerry will accept no less than 7 dishes for each fence. B. Jerry will accept no less than 2 dishes for each fence. C. Jerry will accept no less than 7 fences for each dishes. D. Jerry will accept no less than 2 fences for each dishes.
If a 10 percent rise in price leads to a reduction in quantity demanded of more than 10 percent,
a. demand is elastic. b. demand is inelastic. c. elasticity of demand is unitary. d. None of the above is correct.
Figure 10.1 depicts a firm's marginal revenue product curve. If the prevailing hourly wage increases:
A. the marginal revenue product curve shifts upward. B. the marginal revenue product curve shifts downward. C. the marginal revenue product curve does not shift, but there is a movement upward along the curve. D. the marginal revenue product curve does not shift, but there is a movement downward along the curve.
A transaction deposit is
A. the liquidity approach. B. a checkable and debitable account. C. a fiduciary monetary system. D. opportunity cost.