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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Fiat money refers to a monetary system in which gold backs up paper money
Indicate whether the statement is true or false
In a perfectly competitive market, there are
A) many buyers and many sellers. B) many buyers, but there might be only one or two sellers. C) many sellers, but there might be only one or two buyers. D) one firm that sets the price for the others to follow.
In the long run, supply curves tend to be relatively elastic. This is because
a. demand is also elastic in the long run b. in the short run, fixed costs are fixed c. in the long run, suppliers can adjust the quantities of all resources used in production d. in the long run, suppliers can eliminate inefficient resources e. in the long run, suppliers will enter and exit other industries
Here's a taste of economic history: in the United States, the government's Office of Price Administration (OPA) introduced a rationing system in
a. 1929 b. 1932 c. 1942 d. 1967 e. 1973