In Capital Marx begins his analysis by pointing out that the wealth of societies in which the capitalist mode of production predominates appears as an immense collection of ___________ Select one: a)Exchange values b)Goods c)Usage values
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- Polanyi criticised formal definition of economics, a)because it only takes into account capitalist market system b)because it defines economics in terms of scarcity c)because it defines economics in terms of abundance d)because it eliminates the greatest part of man's historySeveral characteristics of capitalist economic systems are listed here. Indicate in the space beside each characteristicwhether it best describes individualistic capitalism (IC) or communitarian capitalism (CC).____ a. government and business cooperation____ b. high job mobility____ c. profit maximization____ d. more value placed on the interests of employees and consumers____ e. self-interest paramount____ f. long-range economic planningAs may have been blatantly obvious to you all along, since Miranda is the only inhabitant of the island, all she's really doing is catching fish for herself and eating them. However, even a single agent economy such as this one has all of the features any economy would, such as supply and demand curves, and equilibrium prices and quantities. Miranda plays many roles in this economy, as all of the profit earned by Miranda the producer is transmitted to Miranda the shareholder, which represents additional income that Miranda the consumer can spend on fish in addition to the labor income earned by Miranda the worker. (a) Suppose Miranda earns both labor income and profit, so that pq = wl + π(p). Rewrite her utility maximization problem and find the new demand for fish qd(p) and leisure r(p). (b) Find the equilibrium price p* and quantity q* of fish. (c) Find the equilibrium hours of labor l* and labor r*.
- In a Capitalistic economy, due to the "mixed market" and economic freedoms that are a part of this system, is there a greater gap between the rich and the poor?What are some deficiencies of the capitalist model?An important insight by early economists was that an economy based on free-market transactions is ▼ group self objective-organizing. Adam Smith developed the idea that ▼ self-interest equality goodwill, not benevolence, is the foundation of economic order.
- TRISTAN WALKER is the founder of Walker & Company, which makes health and beauty products for people of color, and Code 2040, which fosters and supports minority engineering and tech talent. A former executive from Twitter and Foursquare, Walker pitched multiple ambitious, high-tech ideas to the venture capitalists at Andreessen Horowitz before discovering a relatively low-tech business that was in front of him all along: the Bevel line of shaving products. On asked about the best advice he ever received he mentioned: Actor and producer Tyler Perry said he realized his potential as an entrepreneur after he figured out that the trials you go through and the blessings you receive in life are the exact same things. The trials you go through are blessings in disguise. It has given me a lot of peace. About his opinions on difficult lessons he learnt on job he said: The importance of authenticity. After leaving Foursquare, I spent seven months as an…According to Rushkoff (2009), the philosophy of corporatism is: A. To suppress lateral interactions between people and redirect value towards investors B. To make as much money as possible for everyone involved in the company C. To increase production at all costs, usually via outsourcing D. To eliminate production serves the public goodDiscuss the concept of path dependence as it relates to the selection and implementation of technology or a product. What is the importance for economic theory if path dependence/creation plays a role in technology implementation?
- Per Adam Smith, what three principles are required for a Lassiez-Faire economic policy to be effective? Would Adam Smith be in favor of the government managing electricity services? Define mixed economic system. Karl Marx predicted that a capitalist economy would have what consequences?Which of the below statements DOES NOT capture what Charles Wheelan has expressed in chapter 6 Productivity and Human Capital of Naked Economics? A) Even the most prosperous economy will contiue to require certain manual tasks that do not require advanced college degrees. These tasks cannot be replaced with automation. Expecting Ph.D.s or people with professional education to do such tasks will have a high opportunity cost. B) Economics tells us that there is no theoretical limit to how well we can live or how widely our wealth can spread. C) The economic prosperity of an economy requires that every person in that economy have a Ph.D. degree. D) Wheelan argues that the free market system does not make poverty inevitable. Economic development is not a zero-sum game.Determine whether the following statements is valid or not. The problem of scarcity is due to the human unlimited wants.