Karl Marx and Friedrich Engels believed that the ideal communist society would come about when
A. the state withered away.
B. the state gained control of the economy's means of production.
C. there was private ownership of the means of production.
D. all large corporations remained in private hands, but were regulated by the government.
A. the state withered away.
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What is TRUE when the credit market is in equilibrium?
A) The legal minimum wage equals the actual wage. B) Desired saving equals desired investment. C) Desired employment equals the number of jobs available. D) Desired consumption spending equals the total of saving plus investment.
The figure above shows the U.S. demand for labor curve. If there is a simultaneous increase in the nominal wage rate of 10 percent and a 10 percent increase in the price level, there will be a
A) movement upward along the demand for labor curve from a point such as C to a point such as B. B) leftward shift of the demand for labor curve. C) movement downward along the demand for labor curve from a point such as A to a point such as B. D) rightward shift of the demand for labor curve. E) None of the above answers is correct because there is no change in the demand for labor curve.
Suppose that the interest rate paid to savers increases. As a result, Tom wishes to save more. This suggests that, for Tom,
A) the substitution effect is greater than the income effect. B) the income effect is greater than the substitution effect. C) utility maximization is not occurring. D) future consumption is a luxury.
Unemployment is a:
A. leading indicator, because the business cycle follows it. B. lagging indicator, because the business cycle follows it. C. leading indicator, because it follows the business cycle. D. lagging indicator, because it follows the business cycle.