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Knowing that a neoclassical, capitalist economy depends on continuous economic growth (by making its production, distribution, and consumption more efficient), what might a savvy political economist say in argument against the prevailing economic system? Answer a. The economic individual maximizes her utility, is self-interested and rational; therefore, her endeavors will be successful with hard work. More of her peers should look to her; that attitude would really help our economy grow. b. The government should assist the economy by giving large amounts of money to help improve the efficiency of a few big firms during slow economic times and let inefficient, smaller firms file for bankruptcy. c. The earth's resources are finite, and the economy depends on those finite resources because it is a subset of the environment. Thus, there are biophysical limits to growth, and the neo-classical economy should re-think its system before it dooms our planet. d. I don't want to be a political economist anymore. It's too hard, the system is already set in its ways. I want to get a job that makes a lot of money! Which of the follow is NOT a characteristic of capitalism? a. private ownership b. pursuit of profitc. government control of the economy d. competition and consumer sovereignty
An institution through which buyers and sellers interact and engage in exchange is Answer A. a central authority. B. a market. C. a production frontier. D. "laissez-faire." Which of the following does NOT explain the breakdown in feudalism? Answer A. Breakdown of the guilds B. Rise of Catholicism C. Urbanization D. Creation of the Nation-State.
What is Inherent Limitation?
Determine the Gross domestic product Gross domestic product is the total value of an economy's domestic output of goods and services. Gross national product is the similar as
Snake Farm Inc. (SFI) has been offered to submit a competitive bid for building 31 and 22, 18, and 11offshore pits per year for Athletic Inc. over the next four years. If the bid
Sally's Silk Screning produces specialty T-shirts that are primarily sold at special events. She is trying to decide how many to produce for an upcoming event. During the event its
Q. Evaluate Nominal wages? Nominal wages W = (W/P).P The nominal wage is equal to the real wage times the price level. Because the real wag
concept of static and dynamic multiplier
Shows the productivity for the countries Pin and Pang. Machines Bread Pin 4 or 3 Pang 3 or 8 1) If the working population of Pin and Pang are both 6 million, divide
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Consider the impact of an increase in thriftiness in the Keynesian-cross analysis. Assume that the marginal propensity to consume is unchanged, but the intercept of the consumption
Suppose that an individual stock's return is normally distributed with a mean of 9% and a standard deviation of 4%. What is the probability that the stock's return will be less tha
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