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Write 3-5 pages paper on this topic. The content of the paper will respond to the topic by including a summary of chapter 9 from History of economic thought (Acritical Perspective) by E. K. Hunt and Mark Lautzenheiser. Karl Marx argued that all value in goods and services (commodities) came from the expenditure of labor in production. Profit, interest, and rent are therefore the results of appropriating the surplus product of workers and hence constitute exploitation of the working class. Many economists argue, to the contrary, that entrepreneurship is a factor of production which adds value to the production process and therefore earns a legitimate return to its exertion. How would you evaluate these two contrasting views, and what are their implications for society?
Elucidate your reasons as to whether oligopolies are bad for society in part a and how it applies to the beer industry in part b. Submit your analysis in a one to three page paper.
Compute the marginal and average tax rates for three individuals respectively earning $70,000, $93,500 and $200,000 annually.
Suppose that $2100 is set aside each year and invested in a savings account that pays 8% interest per year, compounded continuously. Determine the accumulated savings in this account at the end of year 26
Can citizens who speak an official language or than majority language receive official personal documents in that language. What arrangements have been made in this respect.
In 2012, many unskilled workers in the United States earned the federal minimum wage of $7.25 per hour. By contrast, average earnings in 2012 were about $22 per hour, and certain highly skilled professionals, such as doctors and lawyers, earned $100 ..
Suppose that your employer offered you $4,000 in cash instead of health insurance coverage. Health insurance is excluded from state income taxes and federal income taxes. How different would this calculation look for a worker who earned $500,000 and ..
Illustrate what role did the policies of various governments play in influencing the international expansion strategies of both.
Union B faces a demand curve in which a wage of $6 per hour leads to demand for 30,000 person hours, whereas a wage of $5 per hour leads to demand for 33,000 person hours. Which union faces more elastic demand curve.
For given input prices, more expensive bundles of inputs are associated with:
Inflation is forecasted to remain consistent with its target over the next 1-2 years. Inflation arises when:
Consumers often identify brand names with quality. Do you think branded products usually are of higher quality than generic products and therefore justify their higher prices
A project was planned using PERT with three time estimates. Times expected completion times of the project was determined to be 36 weeks. The variance of critical path is 25. What is the probability that the project will be finished in 32 weeks or le..
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