1 the production possibilities schedule showsa the

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Reference no: EM13373709

1. The production possibilities schedule shows

a. the resources available to the economy.

b. the maximum combinations of inputs.

c. the maximum combinations of outputs that can be produced with existing capacity.

d. Marx's transformation problem.

e. all of the above.

2. A factor is classified as a policy factor if

a.it is decided upon by politicians.

b.that policy is inherent to the economic system.

c.it coincides with the system's environmental factors.

d the factor can be changed without changing the economic system.

e. none of the above.

3. Which of the following statements is not true about Marx's theory of capitalism?

a. Labor is the sole source of surplus value.

b. There is an inherent tendency in industry to substitute labor with fixed capital.

c. Employers can compel workers to produce more than the value of their labor.

d. all the statements are true.

Reference no: EM13373709

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