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Karl Marx argued that all value in goods and services (commodities) came from the expenditure of labor in production. Profit, interest, and rent are therefore the results of appropriating the surplus product of workers and hence constitute exploitation of the working class. Many economists argue, to the contrary, that entrepreneurship is a factor of production which adds value to the production process and therefore earns a legitimate return to its exertion. How would you evaluate these two contrasting views, and what are their implications for society?
Would you expect the price elasticity of demand to be higher at the level of an individual school (e.g., Baker) or at the aggregate level
Explain why the need to have both a high aggregate demand and a high profit rate for firms to be profitable are two requirements that may stand in contradiction to each other, which in turn may lead to problems in the accumulation of capital and ev..
Does the company behave like a monopoly or more like a competitive firm Has the monopoly been cited for monopoly behavior If so, discuss the behavior and the final outcome of the case. (Hint: Both Microsoft and Wal-Mart have been found guilty of m..
Three students have each saved $1000. Each has an investment opportunity in which she can invest up to $2000. Here are the rates of return on the students' investment projects: Minji: 5% Yanrong: 8% Dorothy: 20%
A person chooses between leisure and consumption. The utility derived from any combination of leisure and consumption is given by the formula: u = LC - 88C where u is utility, L is the number of leisure hours per week, and C is the number of dolla..
Suppose the government imposes a tax of $1 per unit to reduce widget consumption and raise government revenues. What will the new equilibrium quantity be? What price will the buyer pay? What amount per unit will the seller receive?
Write a situation that would cause a shift in labor supply and demand. The following areas have had high job growth values and can be used for your scenario:
Two types of food: Slow and Fast.
question 1. suppose ve rational roommates are deciding on a place to have coee together. there are four alternatives
Determine whether a permanent increase in the size of the labor force and an improvement in technology, other things held constant, would lead to an increase, a decrease, or no change in long-run aggregate supply
In the economic model of the fishery developed in this chapter, compare the effect on fishing effort of an increase in cost of a fishing license with an increase in a per-unit tax on fishing effort that raises the same amount of revenue. Assume th..
What is the most important factor leading to rising health care costs in the United States since 1980? a)The increased use of expensive medical technology b)Teh aging U.S. Population
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