Which of the following statements about David Ricardo is incorrect: David Ricardo was also a member of Parliament, businessman, financier and speculator. is credited with systematizing economics. was a defender of high tariffs and import restrictions. was one of the most influential of the classical economists, along with Adam Smith. amassed a considerable personal fortune (he was rich!)

Which of the following statements about David Ricardo is incorrect: David Ricardo was also a member of Parliament, businessman, financier and speculator. is credited with systematizing economics. was a defender of high tariffs and import restrictions. was one of the most influential of the classical economists, along with Adam Smith. amassed a considerable personal fortune (he was rich!)

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter1: Introducing The Economic Way Of Thinking

Section: Chapter Questions

Problem 20SQ

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What are the general philosophies of any two of the following famous economists? Is it possible to get help understanding why they are so significant? John Maynard Keynes, Milton Friedman, Adam Smith, Karl Marx, John Stuart Mills, Friedrich Hayek.
Please explain why the Classical School started to advocate liberal economic policies towards the end of the eighteenth century, despite the rapid growth of England in the Mercantilist period
You have been tasked with developing a research report based on an economy of your choice anywhere in the world. The economy you select should be a growing economy or an economy that has experienced growth at some stage in its development. Present the finding of your research under the following headings. THE ROLE OF PRICES An examination of the role that prices play in the economic system you have chosen. (150 - 200 words)
Classify the following topics as relating to microeconomics or macroeconomics. a family’s decision about how much income to save the effect of government regulations on auto emissions the impact of higher national saving on economic growth a firm’s decision about how many workers to hire the relationship between the inflation rate and changes in the quantity of money
After World War II, Germany was divided into two parts, the German Democratic Republic (informally known as East Germany) and the Federal Republic of Germany (West Germany). East Germany was controlled by the former Soviet Union, while West Germany was controlled by the other Allied governments: the United States, the United Kingdom, and France. The war had destroyed most of Germany’s economy. The Soviet Union as well as the Allied occupation forces sought to rebuild the economies of their respective parts. Before the fall of the Berlin Wall reunited East and West Germany in 1990, West Germany’s economy grew at an annual average growth rate of 4.4 percent, which was about 3 times higher than East Germany’s rate. Draw the parallel between the natural experiment discussed in the chapter and the case of East and West Germany. Based on the information given in the question and your own research, why do you think two otherwise similar areas had such divergent growth rates?
Classify each of the following statements as positive or normative. Explain. Society faces a short-run trade-off between inflation and unemployment. A reduction in the rate of growth of money will reduce the rate of inflation. The Federal Reserve should reduce the rate of growth of money. Society ought to require welfare recipients to look for jobs. Lower tax rates encourage more work and more saving.
Classify the following as microeconomics or macroeconomics and provide a justification for your choice.(a) Research into why the growth rate of total production increased.(b) A theory of how consumers decide what to buy.(c) An analysis of IBM's share of the personal computer market.(d) Research on why interest rates in a country were unusually high.
The neoclassical model of marriage focuses on productivity. This model says that there are gains from marriage that results from gains from trade (sharing production, specializing, etc.) List three OTHER gains from marriage (that are NOT associated with productivity advantages).
Classify each of the following statements as positive or normative. Explain. Society faces a short-run tradeoff between inflation and unemployment. A reduction in the rate of growth of money will reduce the rate of inflation. The Federal Reserve should reduce the rate of growth of money. Society ought to require welfare recipients to look for jobs. e. Lower tax rates encourage more work and more saving.
Classify the following as microeconomics or macroeconomics and provide a justification for your response. A comparison of alternative tax policies and their respective impacts on the rate of the nation’s economic growth The decision by McDonald’s to hire fewer workers because of an increase in the minimum wage. Susan’s decision about how much income to save The central bank announces that it is increasing the discount rate in an effort to slow the rate of inflation. Question 2 A snowboard company currently hires 10 skilled employees who are paid a weekly wage of $1,000.00. the cost of capital is $3000 and it is fixed, which means that it does not vary with output. The company is currently producing 240 snowboards. The company’s cost will be $13,500 if it produces an additional snowboard. A customer is willing to pay $550 for the 241st snowboard. Should the company produce and sell it? Timothy quits his job which pays $84000 a year, to enrol in a 2-year…
q23- The dramatic rise in living standards since the capitalist revolution resembles a hockey stick in many countries. Which of the following is not true about this change: Select one: a. The rise in living standards has been accompanied by an increase in population. b. The rise in living standards has been relatively equal across and within countries. c. Advances in technology contributed to the increase in living standards. d. The rise in living standards has been accompanied by an increase in adverse environmental impacts.
Which of the following is NOT studied in microeconomics? The effects of government regulations on automobile demand. The relationship between household income and household savings. A family’s decision on how much income should save in a year. The relationship between the inflation rate and changes in the quantity of money

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		was also a member of Parliament, businessman, financier and speculator.
		is credited with systematizing economics.
		was a defender of high tariffs and import restrictions.
		was one of the most influential of the classical economists, along with Adam Smith.
		amassed a considerable personal fortune (he was rich!)