SSWH.H.43.b Which of the following quotes summarizes Karl Marx's response to capitalism? "It is not from the benevolence [goodness] of the butcher that we expect our dinner, but from their regard to their own interest." "Consumption [Purchasing] is the sole end and purpose of all production." "..production, therefore, develops technology, and the combining together of various processes into a social whole, only by sapping the original sources of all wealth-the soil and the laborer."
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- Using Fisher's Intertemporal Choice model, consider the following scenario: Suppose Milo earns $1,750 in the first period and $2,500 in the second period. If he consumes $1,200 in the first period and $1,550 in the second period, what is the interest rate? Now if Milo’s consumption changes to $1,800 in the first period and $2,000 in the second period, what is the new interest rate?sekect one answer. 1. Which of the following statements about the Affluent Society era is false? a. John Kenneth Galbraith’s, The Affluent Society, criticized the underlying structures of an economy dedicated only to increasing production and the consumption of goods. b. Galbraith’s analysis was so insightful that the title of his book has come to serve as a ready label for postwar American society c. Galbraith warned that an economy where “wants are increasingly created by the process by which they are satisfied” was unsound, unsustainable, and, ultimately, immoral. d. The contradictions of the Affluent Society defined the decade: unrivaled prosperity alongside persistent poverty, expanded opportunity alongside entrenched discrimination, and new liberating lifestyles alongside a stifling conformity. e. None of the above statements are false 2. Which of the following statements concerning the rise of the suburbs is false? a. The seeds of a suburban nation were planted in New…Consider an economy composed of 16 consumers. Of these, 5 consumers each own one right shoe and 11 consumers each own one left shoe. Shoes are indivisible. Everyone has the same utility function, which is Min(2R, L}, where R and L are, respectively, the quantities of right and left shoes con sumed. A) (10%) Is the status quo (where each individual has his own shoe) Pareto efficient? If so, briefly explain why. If not, provide a Pareto improvement b) (10%) Characterize all Pareto efficient allocations
- Discuss 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?give 1 of the following statements that is NOT true regarding the production function and the production possibilities curve?a. Both the production fuunction and the production possibilities curve maximise the amount of output attainable.b. The production function describes the capacity of a single firm, whereas the production possibilities summarises theoutput capacity of the entire economy.c. A production function tells us the maximum amount of output attainable from the use of all resources.d. The production possibilities curve expresses the ability to produce various combinations of goods given the use of allresourcesThe International Monetary Fund (IMF) expects the Sultanate's GDP to grow 3 per cent next year compared to -2.8 per cent in 2020, as the COVID- 19 pandemic adversely impacts economies globally, a report said. According to the IMF's World Economic Outlook, oil exporting nations in the Middle East and Central Asia are expected to see a 3.9 per cent decline in GDP growth this year, rising however to 4.6 per cent in 2021, while growth in oil-importing countries is expected to decline to -0.8 per cent this year, rising to 2.9 per cent next year. "The COVID-19 pandemic is inflicting high and rising human costs worldwide," the multilateral global lender said in the Executive Summary of its report. "Protecting lives and allowing health care systems to cope have required isolation, lockdowns, and widespread closures to slow the spread of the virus. The health crisis is therefore having a severe impact on economic activity." According to the Fund, many countries face a multi-layered crisis…
- b. Using Fisher's Intertemporal Choice model, consider the following scenario:i. Suppose Milo earns $1,750 in the first period and $2,500 in the second period. If he consumes $1,200 in the first period and $1,550 in the second period, what is the interest rate? ii. Now if Milo’s consumption changes to $1,800 in the first period and $2,000 in the second period, what is the new interest rate? c. Graphically depict and explain the Consumer’s optimum in the Fisher’s Intertemporal Choice Model.As a student, Jordyn spends 40 hours per week writing term papers and completing homework assignments. On one axis of her production possibilities frontier is measured the number of term papers written per week. On the other axis is measured the number of homework assignments completed per week. Jordyn's production possibilities frontier is a straight line if Question 3 options: she faces no trade-off between writing term papers and completing homework assignments. she can switch between writing term papers and completing homework assignments at a constant rate. the rate at which she can switch between homework assignments and term papers depends on the number of homework assignments she is completing and on the number of term papers she is writing. she is required by her professors to spend half of her time on term papers and the other half of her time on homework assignments.Suppose a person can work up to 80 hours per week at a pre-tax wage of $20 per hour but faces a constant 20% payroll tax. Assume that under these conditions the person maximizes utility by choosing to work 50 hours each week. The government proposes a negative income tax so that everyone receives $300 per week regardless of how much they work. To pay for the negative income tax, the payroll tax would be increased to 50%. Using the labor-leisure model, graphically show whether a person would be better off if the negative income tax is adopted and indicate whether hours worked increases or decreases due to the policy.
- Please explain how three forms of EMH can be explained by this graph respectively, and why?Sameena works as a free-lance worker at a software house in Rawalpindi. Supposeshe keeps awake for 110 hours a week. Also suppose that part of this time she canspend on earning money doing this job and using it for her consumption, and the restof the time she can spend on her leisure not earning money. At first she earns Rs.550for every hour she works. Draw a figure showing Saima’s budget constraint, herindifference curve for consumption and leisure and her optimum.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.…