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Capitalism
a. Independent British farmers would raise sheep, shorn them, and spin and weave their wool to make their own cloth which they then cut and sew for garments. Show the circuit of production for this way of getting clothes. How is this circuit changed if the farmers exchange some of the wool for money that they use to buy finished apparel?
b. Is there any tendency for farmers like this to increase their production?
c. Merchant capitalists start buying wool from the farmers and hiring some to work spinning and weaving it into cloth that they then sew into clothes to sell for the money to pay the farmers and workers. Show the circuits of production involved in making clothes this way. Is there any tendency for these merchants to increase their production?
d. How can the merchant capitalist make profit from wage labor? What will the merchant capitalist do with her profits? How does this make capitalism an expansive system? How will she sell her increased production? How will she find additional workers? What happens to other forms of production with the expansion of capitalist production.
Suppose OPEC breaks apart and oil prices fall substantially. Initially, which curve shifts in the aggregate supply/aggregate demand model? In what direction does it shift? What happens to the price level and real ouput (GDP).
We cut down trees and sell the timber for $8000. The timber is sawn up into lumber that sells for $18,000. The lumber is used to build furniture that sells to consumers for $30,000.Which of the following unemployed workers would be an example of ..
Apply the coefficient-of-variation decision criterion to these alternatives to find out which is preferred by the angel investor, assuming that he/she is risk-averse. b) Apply the maximin criterion, assuming that the worst outcome in Business 1 ..
The exhibit shows how supply and demand might shift in response to specific events. Suppose a spring frost destroys one-third of the nation's artichoke crop. Which panel best describes how this will affect the market for mayonnaise, which is a com..
Write a JavaScript function that uses for Statement and document. Write to output the even numbers between 1 and 11. Do not write the open and closed script tags (or) Java Script comments.
Water is important for life. is the marginal benefit of a glass of water large or small?
Illustrtae which single type of product has the greatest impact on your employer
"Because firms in any industry can always make greater profits by colluding, there is an inevitable tendency for competitive industries to become cartels over time." Is the first part of this statement correct? Is the second part? Explain.
Compute estimated attendance for a Sunday game, during week 3, with an average ticket price of $40, if the team's winning percentage is 100%.
Explain why the demand for dollars is inversely related to the real exchange rate
The principle upon which Adam Smith first claimed that free trade benefits all countries. It holds that a country benefits from trade when it produces a particular good at a lower cost (in terms of labor input) than it costs to produce the good in..
Elucidate why not the change in the price of military goods will be reflected in how the United States measures inflation.
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