re ‘the butcher, the brewer and the baker’ just the product of Adam Smith’s prolific imagination? Rather, are they real agents of economic history? Enumerate and discuss in detail 2 argument
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Are ‘the butcher, the brewer and the baker’ just the product of Adam Smith’s prolific imagination? Rather, are they real agents of economic history? Enumerate and discuss in detail 2 arguments?
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- 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?]analyze two (2) other major contributionsof Ricardo to the development of economic thought.explain the relevance of the stages of production in economics to a business operator
- Thomas Malthus presented a dismal forecast for man-kind, largely due to the effects of population growth. Show that immigration, like population growth, tends to create unemployment in the short run and reduce the standard of living of workers in the long run, even though it does enhance the economy’s ability to produce. (Use diagram and analysis)According to Adam Smith, which one was not the reason why division of labor increases output? Select one: a. Invention of new machinery. b. Increase labor skills. c. Time-consuming. d. Increase efficiencyIn Economics, "______________________ is the sum total of skills embodied within an individual: education, intelligence, charisma, creativity, work experience, entrepreneurial vigor, and even the ability to throw abaseball fast." Which of the below correctly fills the blank at the start of the above quote? Group of answer choices Productivity Capitalism Human capital Socialism
- Why isn’t money considered capital in economics? Which of the following are microeconomic issues? Which are macroeconomic issues? a. How will an increase in the price of Coca-Cola affect the quantity of Pepsi Cola sold? b. What will cause the nation’s inflation rate to fall c. How does a quota on textile imports affect the textile industry? d. Does a large federal budget deficit reduce the rate of unemployment in the economy? Explain the importance of the ceteris paribus assumption for an economic model. Analyze the positive versus normative arguments in the following case. What statements of positive economics are used to support the requiring of airbags? What normative reasoning is used? Should the Government Require Air Bags? Technological advances continuously provide new high-tech options to save lives that add to the price of cars, such as cameras, radar, and airbags. Airbag advocates say airbags will save lives, and the government should require them in all cars.…Economics Refer to the figure above. If cars are capital intensive and furniture is labor intensive, then according to the HO theory, then this country.. (select all that apply)Please no written by hand solution For Veblen like Marx, history is shaped by class struggle, though not in battles over the means of production, but as permanent conflict between leisure class and the working class. Please explain their similarities and differences on the subject.
- Entrepreneurship is unique among factors of production because itWhat is the advantages and disadvantages of machination of progress?The Black Death: (a) Wages were higher after the Black Death because of diminishing returns. Our production model exhibits diminishing returns to labor: each additional unit of labor increases output by less and less. So if the amount of labor is reduced, the marginal product of labor — and hence the wage — increases. The reason is that capital stays the same: each remaining worker is able to work with more machines, so his productivity rises. In fourteenth-century Europe, the marginal workers could move to better land and discard old broken-down tools. Graphically, this can be seen by considering the supply-and-demand diagram for labor in Figure 4.2(b). If the supply of labor shifts back (because a large number of workers die), the equilibrium wage rate increases. Draw this graph — including the shift in the labor supply curve — to see the result for yourself. Mathematically, the result can be seen in the solution for the wage rate in our production model,…
