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present Adam Smith's theory of value and limitations. Is this answer is right to the following question? 1. Labor cost: he supported that everyone must produce his own goods using own labor and exchange the surplus with other goods. In this model of society no capital and no wage labor. The commodities are valued based on hours of labor that needed for the production. Based the above the only input that used to find the cost of a commodity is labor. Smith concludes that labor it is the only factor of production. Also it is easier to determine the price of a good when comparing with other goods 2. Labor Command : the value of commodities is determined by the quantity of labour that a given commodity can purchase. 3. cost of production is this the adding up theory of value? according to which the value of a commodity is determined by the sum of three natural incomes,that is, natural wages, natural profit and natural rents
If the policy interest rate is near zero, what less conventional monetary policy tools might a central bank use to stimulate the economy? How do these tools work? In what way is central banking in the euro-zone area different from or similar to th..
Suppose that there is an "inflation scare," that is, suppose market participants increase their expectations of future inflation.
Elucidate one or more of the criteria which you believe should be improved at your place of employment.
In a speech in late 2011, President Obama argued that: "Probably the single greatest cause of the financial crisis and this brutal recession has been the housing bubble that burst four years ago". What did President Obama mean by the "housing bub..
Explain why do economists attempting to forecast short run future changes in real GDP and employment look closely at data on business inventories and unfilled orders.
Who has the responsibility to decrease or eliminate unemployment. What is the role of business
Propylene is used to make plastic. The propylene industry is perfectly competitive and each producer has a long run total expenses function given through
If the First Bank sells $10 million of its fixed rate assets and replaces them with ratesensitive assets, what is the income gap for the bank? What will happen to profits next year if interest rates fall by 3 percentage points?
The owner of the Los Angeles Dodgers has commissioned a study that showed the demand by fans for stadium seats (per playing date) to be P = 22 - 0.2Q-How much revenue does the owner make at the current price?
Draw an AS/AD diagram which shows what happens if strong growth in AD has pushed actual RGDP to a level above potential (full employment) RGDP.
The fear of unwanted price wars may explain why many firms are reluctant and suppose that a new machine tool having a useful life of only one year costs $80,000. Exam: 050474RR - MACROECONOMIC MODELS AND FISCAL POLICY
Assume the firm raised the price to $4.00 while increasing the advertising expenditures by $100. Would this be beneficial. Explain. Illustrate your answer with the demand schedule.
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