Karl Marx believed that inevitably there would be a clash between ____________ and _____________, leading to an overthrow of capitalism.
Fill in the blank(s) with the appropriate word(s).
capitalists; workers
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Which of the following would cause the price elasticity of demand for a variable input to be greater?
A) the smaller the price elasticity of demand for the final product B) the longer the time period being considered C) the smaller the proportion of total costs accounted for by the variable input D) The harder it is for a variable input to be substituted for by other inputs.
If both prices increase by 10 percent and money income remains constant, the budget line for both goods in question will:
a. become steeper b. become flatter c. will have the same slope d. will become vertical.
One method of addressing an excess demand in a market that is created by a price ceiling is to
a. decrease price b. ration the good c. create a price floor d. decrease supply e. have the government buy up the surplus
If the government removes a binding price ceiling from a market, then the price paid by buyers will
a. increase, and the quantity sold in the market will increase. b. increase, and the quantity sold in the market will decrease. c. decrease, and the quantity sold in the market will increase. d. decrease, and the quantity sold in the market will decrease.