Which description of capitalism was coined by Karl Marx?
A. The capitalist is led by an invisible hand to promote an end which was no part of his intention.
B. By pursing his own interest he frequently promotes that of the society more effectively than when he really intends to promote it.
C. The factory owner, by paying his workers meager wages, is able to use this surplus to buy more capital goods.
D. None of these statements were coined by Karl Marx.
C. The factory owner, by paying his workers meager wages, is able to use this surplus to buy more capital goods.
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Aggregation means the:
A. worsening of an economic situation. B. adding up of individual economic variables to obtain economy wide totals. C. participation in national economic policy discussions D. enhancement of the power and wealth of a nation.
A professor in your microeconomics lectures derived a labor demand curve in the lecture
Given some reasonable assumptions, she showed that the demand for labor depends negatively on the real wage. You want to put this hypothesis to the test ("show me") and collect data on employment and real wages for a certain industry. You try to estimate the labor demand curve but find no relationship between the two variables. Is economic theory wrong? Explain. What will be an ideal response?
Considering changes to the monetary base, are discount loans and federal funds borrowing equivalent? Explain.
What will be an ideal response?
The price of pineapples has risen dramatically. Which of the following is likely to happen?
A. The quantity of pineapples supplied will increase. B. The quantity of pineapples supplied will decrease. C. The supply of pineapples will decrease. D. The supply of pineapples will increase.