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- Explain the process of accumulation as Smith and Marx saw it (Note: The descriptions by Smith and Marx are essentially the same). What are the underlying motivations of the firm that produce this behavior? How has the process of accumulation changed since the time of Smith and Marx?16 Calculate the implied growth rate of technology in each scenario. Assume labor's share of output is 60% and capital's share of output is 40%. Instructions: Enter numbers rounded to two decimal place in each box. Growth Rate of Labor (8) Growth Rate of Capital (8) Scenario A B C D Growth Rate of Output (8) 3.0 4.2 3.0 4.2 2 3 2 1 2 3 1 4 Implied Growth Rate of Technology (8)8 what is the major source of human capital formation in an country explain ????
- 7. Wages and salaries comprise the price of labour. What happens to the market forlabour when immigration increases?(A) Demand rises; wages go up.(B) Demand declines; wages go down.(C) Supply rises; wages go down.(D) Supply declines; wages go up 8. Under a Malthusian paradigm, why do wars, pandemics, and famines cause a temporary increase in per-capita wealth? (A) The corporations associated with weapons, pharmaceuticals, and agriculture profit, thus increasing economic growth.(B) The available resources are shared between fewer individuals, since many have died.(C) The available resources increase in price, since demand rises.(D) Per-capita wealth never rises under a Malthusian paradigm. 13. According to Statistics Canada (base year=2002), the CPI in Canada for 1914 is 6. In 2020, the CPI is 137. Suppose that in 1914, $20.67 could purchase a custom tailored suit. How much is this in 2020 dollars?(A) $9.05.(B) $471.97.(C) $0.91.(D) $4,719.65.9- Prior to industrial revolution sales team was not required because: a. People do not want to sell anything b. Marketing was not considered as a subject at that point of time c. Small Scale Enterprises were dominant in the economic scene d. People were not considered as a subject at that point of timeCompare and contrast human capital, H, and physical capital, K. How is H different from labour, L?
- How did the Industrial Revolution increase the economic growth rate and income levels in the United States?Say that the average worker in the U.S. economy is eight times as productive as an average worker in Mexico. If the productivity of U.S. workers grows at 2 for 25 years and the productivity of Mexicos workers grows at 6 for 25 years, which country will have higher worker productivity at that point?Why would division of labor without trade not work?
- 4) a. More labor inputs can explain all of the increases in U.S. real GDP during the last 62 years or so. none of the increases in U.S. real GDP during the last 62 years or so. some of the increases in U.S. real GDP during the last 62 years or so. most of the increases in U.S. real GDP during the last 62 years or so. b. Since at least 1995 the majority of increases in U.S. real GDP are from productivity growth. labor growth. technological change. capital growth. c. Rearrange the following contributors to the growth of productivity in descending order of their quantitative importance: economies of scale, quantity of capital, improved resource allocation, education and training, and technological advance. Technological advance, quantity of capital, education and training, economies of scale, and improved resource allocation. Improved resource allocation, technological advance, education and training,…In economics, what does capital correspond to?Select one:a. Money.b. To the productive factors supplied by nature.c. To productive factors that have been produced by other factors.d. To economic resources that are primary.e. To the inflation of each market.Why isn’t money considered a capital resource in economics? Why is entrepreneurial ability considered a category of economic resource, distinct from labor? What are the major functions of the entrepreneur?
