Which statement most closely reflects the viewpoint of Karl Marx?
A. Whoever controls a society's capital controls that society.
B. By pursuing his own interest, a business owner frequently promotes that of the society more effectually than when he really intends to promote it.
C. The capitalist, who has saved for years to buy his machinery and factory is entitled to all the profits he earns.
D. The worker and the capitalist are both exploited by the government.
A. Whoever controls a society's capital controls that society.
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What are the distinctions between domestic and national, and gross and net?
What will be an ideal response?
Which of the following describes the infant industry argument for protectionism?
A) Domestic producers require time to gain experience and lower their unit costs; this will allow these producers to compete successfully in international markets. B) Domestic producers in high-wage countries must be protected from foreign producers in low-wage countries to produce a level playing field. C) An industry must be protected in its early stages of development so that firms can compete with government-subsidized foreign competition. D) Some strategic industries must be protected to ensure adequate supplies of resources needed for national defense in emergencies.
How do public goods differ from private goods?
What will be an ideal response?
Which of the following is NOT a characteristic of a market in equilibrium?
A. There is neither excess supply nor excess demand. B. Sellers can sell as many units as they want at the equilibrium price. C. Neither buyers nor sellers want the price to change. D. Buyers can buy as many units as they want at the equilibrium price.