Answered: If labor produces value, why labor…

If labor produces value, why labor continue to live in poverty and misery? If financiers did not create value, how did they become so rich?

Microeconomics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506893

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter13: Earnings, Productivity, And The Job Market

Section: Chapter Questions

Problem 6CQ

See similar textbooks

Related questions

Q: In a given year, an estimated 7.8 million Mexican-born immigrants were employed in the United…

A: a) Total Mexican-born immigrants were employed in the United States=7.8 millionNow,70% mexican-born…

Q: Potential GDP AA 2006 2008 2010 2012 2014 2016 Time In the above figure, which point represents a…

A: There are four phases of business cycle namely peak,trough,expansion and contraction. Output gap is…

Q: For following three questions, use macroeconomic information given below:“ Year 2020-e 8100 82 Year…

A: Since you have posted a question with multiple sub-parts, we will solve first three sub parts for…

Q: Demographers have been very surprised that total fertility rates have fallen below 2.0, especially…

A: Demographic: It stands for the statistical study of human beings and it includes the population,…

Q: why being poor is expensive? expand

A: The economics as an area of study deals with the use of resources in the economy, or society. The…

Q: How did current labor market in the United States change by covid?

A: The labour force is the total number of individuals looking for employment, including both employed…

Q: “In 2019, I started my small business by selling prints of my photographs. Now it’s temporarily…

A: Opportunity cost refers to the next best alternative that is foregone to select the best…

Q: 6. Reread the Country Focus on moving white-collar jobs offshore. Who benefits from the outsourcing…

A: Outsourcing refers to the situation where the domestic country completes the work by using the…

Q: Which is the correct interpretation of the Invisible Hand? (A) The corporations associated with…

A: Invisible Hand is referred to as a metaphor used in a free market economy where the individuals who…

Q: entrepreneurs, freedom, opportunity, and a little bit of money are to economic growth and…

A: The correct answer is given in the second step.

Q: Cririca/ Thinking Many developed countries, includingthe U.S., have in recent decades become…

A: The service industry is considered the 3rd sector of the economy after manufacturing and raw…

Q: Explain how do the following events affect the emergence of globalization and interconnections among…

A: Globalization refers to the concept wherein the countries open their domestic economies to all the…

Q: What are the factors that can influence a country’s standard of living?

A: Standard of living indicates the degree of wealth or availability of material goods and services to…

Q: Demographers have been surprised that total fertility rates have fallen below 2.0, especially…

A: If we take an example of China, where they limit their citizens to one or two children only for the…

Q: Imagine that you are a barber in a world without money. Explain why it would be tricky to obtain…

A: The money anything which is widely accepted by the people and serves as the medium of exchange in…

Q: Why are some countries today much poorer than other countries? Are today’s poor countries destined…

A: Economic growth in a country occurs when more output can be produced within a specific time period.…

Q: SHORT ANSWER Workers on the manufacturing floor are being replaced by robots. For the U.S. economy…

A: The technological advancements are considered to be an integral part of growth, and development of…

Q: 9.In Nunn and Wantchekon (2011) the authors find that trust is a key mechanism through which the…

A: Introduction Slavery is the treatment when human being treated as deprived in many forms throughout…

Q: Now that we've talked a little about what economics is, let's consider the concept of value. When we…

A: Circular flow of money shows how money moves within society, from producer to laborer in form of…

Q: Answer the questions below. 1. Why does the rural-urban differentiation has a significant…

A: The economies in the world have several considerations, activities and events that might cater to…

Q: Define the term all men created equal what might Jefferson have meant when he wrote this

A: The phrase "all men are created equal" appears in the country U's Declaration of Independence, which…

Q: hat are some of the economic problems Filipinos face in the present time? What needs to be done?

A: Unemployment , inflation, low growth , deflation , stagflation ,poverty ,income inequality etc are…

Q: ick on the items on the left to read a description. Then, drag each item to the correct implication…

A: The government takes several measures in order to enhance the export and overall trade of an…

Q: ccording to Hickel how do rich countries de-develop? And the effects on it to the countries

A: According to Hickel, they may de-develop by restricting economic development and abuse, which leads…

Q: What are the effects of globalization on food security? A. Supermarkets are so far the only way in…

A: As a rule, globalization diminishes the expense of manufacturing. This implies that organizations…

Q: 2. Identify the answer which includes only the maeroeconomic topics. 1) Economic growth, inflation,…

A: Macroeconomics deals with the aggregate changes in the economy such as growth rate, gross domestic…

Q: Explain in general what mean World Unemployment and Labor Markets ?

A: An agreement that is entered between an employee and an employer for providing certain services in…

Q: The main factor that separates wealthy from poor countries is A.) Differences in productivity…

A: Rich countries are those which have a high level of GDP and per capita income. Poor countries are…

Q: Is globalization, characterized by a rapid exchange of goods, people, capital across different…

A: As a result of cross-border commerce in commodities and services, technology and investment, people,…

Q: n relation to Marx, what are the central dynamics driving globalization?

A: Globalization is defined as the global expansion of surplus capital in order to complete the capital…

Q: Home has 12,000 units of labor available. It can produce two goods, apples and bananas. The unit…

Q: The value of what Burger King produces in France is included in the United States and in the French.…

A: The value of Burger King produces in France would be included in the French GDP because it is…

Q: Reflect on the changes in China. Can the country continue to be a manufacturing floor for the rest…

A: In the past three decades China has revolutionized global manufacturing. There is considerable…

Q: Answer the following: (Choose the options below) Q#5) Consider a prosperous country with an…

A: The productivity curve is the curve of all mixed products that will use available resources most…

Q: High cost of money transfer requires visits of migrant workers to their countries for helping…

A: In this digital era the cost of money transfer is very less.

Q: In some countries it is very difficult or impossible to define ownership because there are no…

A: It does matter whether people have titles to their property due to following reasons: Then when…

Q: 3. Standard of living of a country can be raised if it increases A. O Labour force B. O Production…

A: The quality and quantity of goods and services available to the population is referred to as the…

Q: Consider the “dot-com” companies of the 1990s. There were thousands of these “dot-com” companies…

A: Dot-Com Companies: The Internet has changed the way a business performs. With the introduction of…

Q: Philippines that can be qualified as a Global City

A: Yes , there is Manila that can become a global city in Philippines . In the recent years, Metro…

Q: Explain this, Instead of utilizing humans to produce wealth, we have to utilize wealth to produce…

A: Human capability refers to the set of various functioning skills that an individual possesses in…

Q: QUESTION 24 According to Swift, which is the most accurate statement? The proposal O a. makes good…

A: Many philosophers, sociologists and economists make their theories relates to the paste and current…

Q: ‘How and when did the leading edge in global economic and military power pass from “East” to “West”?…

A: Some experts place the period at which the West overtook the East around 1850, others in 1800, and a…

Q: The main reason that some nations have higheraverage living standards than others is thata. the…

A: Average living standard reflects the average consumption level of goods and services in an economy.…

Q: gold is more

A: Total utility is the complete amount of satisfaction being gained. Marginal utility is the…

Q: What was/were the most important feature(s) of the colonial economy and their relationship to the…

A: Colonialism is the act of building a territory by sovereignty. The features of colonial economy are…

Q: Empowerment aims to harness the people's own potential to allow them to take responsibility for…

A: The economies around the world operate with the major motive of enhancing their growth, and…

Question

If labor produces value, why labor continue to live in poverty and misery? If financiers did not create value, how did they become so rich?

Please solve this but copy paste

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Capital is a particular kind of money that incorporates ___________. a proxemics b symbols c time d kinesics e subcultures
Consider the “dot-com” companies of the 1990s. There were thousands of these “dot-com” companies that emerged to take advantage of the Internet and new information technologies. Some thrived and remained as household names such as Amazon and Google, while many others struggled and failed. How does the market determine which companies succeed and which ones fail? More specifically, how does the market determine what goods and services will be produced?
State true or false with reason Nation is developed only when it achieves a high rate of employment
how money contributes to economic growth and\or development? If there is no money will society find a way to exchange goods and services without it? Explain.
Why don’t wages measure the full return to labor? Why is human capital the most important factor of production in a modern economy?
Show how a fall in the matching efficiency technology can effect output, wages, the unemployment and vacancy rates. How could economists differentiate this from a fall in labor productivity if they could view the four above pieces of data over many years? [In other words, how would these two events produce different patterns in the data?]
Latin American and Caribbean citizens who migrate to the United States earn salaries there that are higher than what they were earning at home. Since the migrants have the same skills as when they lived in Jamaica, why are they apparently more productive in their new country?
Reflect on the changes in China. Can the country continue to be a manufacturing floor for the rest of the world as more Chinese move up in their income categories? What are the implications of the country’s incredible growth?
Just by having money doesn't make a country rich. It's what the country can produce that makes a country rich. Inflation/deflation is all around us. Have you notice any price changes in the everyday purchase you make? Just for example, for my 1st semester at UH, it cost me $1500 for 12 credit hours. Today it will cost close to $4000. What kind of impact do these price changes have on your life? you budget? Please describe in detail.
The price of capital is ------------------------
What are the current productivity trends in Australia?
As productivity growth in an economy is picking up, then a. Inflation is restrained b. Inflation accelerates c. GDP declines d. Consumer incomes decline