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According to the Stagnation school of Marxist economics the slow economic growth and high unemployment we see today is typical of modern corporate capitalism where: (a) workers cannot afford to buy all that they make because of exploitation. (b) there is a shortage of profitable investments as compared to the large profits generated by giant corporations, leading to less investment spending. (c) there is not enough money to finance investment because the Federal Reserve is following a monetarist policy and is too afraid of inflation. (d) conservative economic policies based on Say's Law have restricted the use of fiscal policies that could stimulate the economy.
Over the last 25 years, FICA payroll taxes have been going to: (a) current social security benefits. (b) a trust fund to help pay for future benefits (c) both current benefits and a trust fund (d) Medicare only, social security benefits are paid for by income taxes.
According to Marx, businesses pay their workers less than the value of the product of their labor in order to make a profit. The businesses then reinvest these profits to be able to expand production. At the same time the workers cannot afford to buy what they have produced. This leads to: (a) the growth of the financial sector as workers borrow more and more. (b) more inflation as the central bank prints money so workers have more money. (c) a process of "creative destruction" where obsolete companies, products, and technology go bust, clearing the ground for innovation and economic growth. (d) crisis of overproduction, or what is known as recessions.
How would public choice economics explain why the airline industry was regulated by the CAB? What would you predict would happen to the equality of services (food, leg room, frequency of flights, etc.) offered by airlines after elimination of CAB reg..
Explain what Bounded Rationality is. Then discuss how this concept can affect the decision situation in SLP 1 - Also discuss how this concept can affect the data analysis in Case 1.
Draw a short-run production function: q=f(A,L,K ¯). Show that if some innovation results in higher productivity (A) but not increase in demand of the product, the innovation will reduce employment.
To illustrate inflation inertia in an aggregate demand–aggregate supply model, the short-run aggregate supply curve shifts upward because of increases in ______, and the aggregate demand curve shifts upward because of increases in ______.
Some people claim that recessions are caused by excessive saving on the part of the public. When people decide to save more, they are deciding to buy less now. Won’t that cause some goods to go unsold?
Mr. Smith has saved $1,800 each year for 20 years. A year after the saving period ended, Mr. Smith withdrew $7,500 each year for a period of 5 years. In the sixth and seventh years, he only withdrew $5,000 per year. In the eighth year, he decided to ..
Briefly analyze in terms of supply and demand the effects upon the given market of the following events. Are these changes a shift in the demand curve, a shift in the supply curve, a movement along the demand curve, or a movement along the supply cur..
Protectionist measures are enacted because they:
Tiffany is saving up towards her eventual retirement. She expects to retire 40 years from now, and plans to be able to support herself in retirement for 30 years after that. She is highly risk averse, and consequently wants to place her savings in lo..
The fact that the firms in an oligopoly are mutually interdependent means that each firm:
Globalization and global trade have led to increased competition in world markets and increased efficient allocation of scarce resources. Is it accurate to say that this is contributing to increased consumer surplus and reductions in inflationary pre..
Why don't these authors forget about the make their money in the stock market?
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