6. Study Questions and Problems #6Which of the following accurately explain why Karl Marx believed the market system was doomed to collapse? Check all that apply.Capitalism would collapse due to its principle "from each according to his ability, to each according to his need."Wealthy owners would go too far and exploit workers because unrelenting greed for profits would lead the owners to pay starvationwages.A spontaneous revolution by oppressed workers would destroy a system benefiting only the owners of capital.Communism is the ideal system, which would evolve in stages from capitalism through socialism.

a. Incorrect: The principle is associated with communism, not capitalism. Marx believed that…

Answered: 6. Study Questions and Problems #6…

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter2: Thinking Like An Economist

Section: Chapter Questions

Problem 5PA

See similar textbooks

Similar questions

8. Describe the sociological approach to entrepreneurship. How can this approach be used to promote more entrepreneurship within the economy? 9. If immigrants are a major source of entrepreneurship in an economy, why do most countries limit the number of immigrants they allow in each year?
ASAP 1. Capitalist production begins and ends with money using the circuit: M-C-C'-M' where C is labor power, C' are commodities produced using labor power, and M' is the sale price of those commodities. . a) Use the circuit of production to explain the spread of capitalism throughout the world. b) Productivity, output per worker, has increased faster in 250 years under capitalism than in all of previous human history. Use the circuit of production to explain the efficiency of the capitalist mode of production.
1. Think of some new products, or techniques of production, that have been developed over the last few years. What old products did the new products displace? Which companies are leading the development of new technology? 2. Why would the functioning of capitalism tend to result in the equalization of profit rates? What offsetting tendencies are there? What do we know about which tendencies will prevail? 3. What are the three major forms of capitalist competition? Discuss each, making specific reference to their impacts on the determinants of the profit rate. 4. In what ways do larger firms have an advantage over smaller firms in their ability to make profits?
10. Strengths and weaknesses of the three basic types of economies Imagine you are a consultant who has been asked to summarize the strengths and weaknesses of Directavia, a nation with a pure command economy. Which of the following would you include in your report as weaknesses of Directavia's economy? Check all that apply. Workers' earnings are unequal, relative to a market economy. The economy cannot quickly change the type of goods being produced to meet new priorities. O Many goods are available only through a black market. The economy experiences persistent shortages and surpluses.
9 - According to Adam Smith, how were changes in production at the pin factory an example of how capitalism could benefit the entire community?
1. According to Juan Bosch, what percentage of the Dominican population depended upon Rafael Trujillo for their economic livelihood? What percentage of the Dominican population worked in a business directly owned by Trujillo?
1. In what sense are cities mediums of globalization? 2. Why is economic power the most crucial determinant of global city? 3. Why is there a lot of inequality in global cities?
2 What are the economic consequences of the war between Russia and Ukraine on the global economy ( U.S.A, E.U, Asia , and Africa) and on Russia specifically? Please try to identify a specific sector of the economy to illustrate your answer..
29. Assume a Ricardian, constant-cost world. There are two countries, the United States and Canada. Each country can produce cameras and milk. The table below shows production per man-hour for each country. United Canada States Cameras 2 Milk 1 2 The United States has a labor force of 1,000 workers, and Canada has a labor force of 500 workers. a) Use this information to graph production possibilities frontiers for both countries. Put cam- eras on the horizontal axis. b) Assuming that a world price is established at which both countries can gain from trade, show possible consumption frontiers for each country.
1. Consider the determinants of the rate of profit. We have discussed a variety of strategies capitalists might employ to raise the rate of profit. Does using these strategies to increase r necessarily hurt workers? If not, which strategies hurt workers and which do not? 2. Why would the functioning of capitalism tend to result in the equalization of profit rates? What offsetting tendencies are there? What do we know about which tendencies will prevail?
10. Strengths and weaknesses of the three basic types of economies Imagine you are a consultant who has been asked to summarize the strengths and weaknesses of Directavia, a nation with a pure command economy. Which of the following would you include in your report as weaknesses of Directavia's economy? Check all that apply. O Firms have no incentive to produce the so-called public goods, such as national defense, because private firms cannot prevent nonpayers from enjoying the benefits of public goods. O The economy cannot quickly change the type of goods being produced to meet new priorities. O Because government is responsible for all production, the variety of products tends to be limited. O Because nobody in particular owns resources, each person has less incentive to employ them in their highest-valued use, so some resources are wasted.
No Plagiarism Please! 8. Explain the difference between capitalism and communism. What role does the government play in each type of economic system?

SEE MORE QUESTIONS

Recommended textbooks for you

Essentials of Economics (MindTap Course List)

Economics

ISBN:

9781337091992

Author:

N. Gregory Mankiw

Publisher:

Cengage Learning

Brief Principles of Macroeconomics (MindTap Cours…

Economics

ISBN:

9781337091985

Author:

N. Gregory Mankiw

Publisher:

Cengage Learning

ECON MACRO

Economics

ISBN:

9781337000529

Author:

William A. McEachern

Publisher:

Cengage Learning

Essentials of Economics (MindTap Course List)

Economics

ISBN:

9781337091992

Author:

N. Gregory Mankiw

Publisher:

Cengage Learning

Brief Principles of Macroeconomics (MindTap Cours…

Economics

ISBN:

9781337091985

Author:

N. Gregory Mankiw

Publisher:

Cengage Learning

ECON MACRO

Economics

ISBN:

9781337000529

Author:

William A. McEachern

Publisher:

Cengage Learning

ECON MICRO

Economics

ISBN:

9781337000536

Author:

William A. McEachern

Publisher:

Cengage Learning

Principles of Economics 2e

Economics

ISBN:

9781947172364

Author:

Steven A. Greenlaw; David Shapiro

Publisher:

OpenStax

SEE MORE TEXTBOOKS