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A: Value of Marginal Product = Marginal Product of labor* Price of the product.
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- What is Say’s Law?Discuss the validity of that theory for 21 century. What are the main critics towards Say’s Law?the father of classical school of economics was Adam Smith? a. True b. FalseWhy 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.…
- 2. What does Marx mean by the term primitive accumulation ,why might it be important in evaluating the legitimacy of the Transaction Cost Economics framework?Discuss the manner in which Smith can be said to be writing in the “enlightenment” tradition. Compare Smiths theories to those of Newton. Be sure to discuss the invisible hand, the propensity to truck barter and exchange, and the notion of a “self correcting” market.What is/are David Ricardo's key ideas and explain what is it about?
- Please explain classical political economy view of market mechanism in regards to Adam smith, Ricardo and SayWhy we study microeconomics ? Discuss the origins of macroeconomics . Also explain the reasons why classical theories of economic system failed at some points ?Using “The Evolution of Economic Thought” book by Randy R. Grant and Stanley L. Brue as reference, 1. Which tenets of neoclassical school became lasting contributions? 2. Whom did neoclassical school benefit or seek to benefit
- Which of the following are microeconomicissues? 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 tofall?c. How does a quota on textile imports affectthe textile industry?d. Does a large federal budget deficit reduce therate of unemployment in the economy?Why we study macroeconomics? Discuss the origins of macroeconomics. Also explain the reasons why the classical theories of economic system failed at some point“Dependency Theory belongs to a school of thinking that is not isolated from world events but took shape immediately after Latin American disappointment that the commercial benefits guaranteed by neoclassical theory failed to eventuate. Todaro (2000, p. 91) believed that, according to international dependence patterns, Third World countries are basically under the rule of the politics, institutions, and the economy of the developed countries themselves or of other countries of the world that are controlled by dominant wealthy countries” – critically explain how and why dependency theory emerged and also explain the importance of world system theory in the field of international and strategic relations?