a) This economist argued that capitalism tends to create surplus value or the part of the...

a) This economist argued that capitalism tends to create surplus value or the part of the value of a commodity that exceeds the cost of labor and this is appropriated by the owners of the mean of production.

Select one: a. Karl Marx b. Adam Smith c. David Ricardo d. Alfred Marshall e. William Jevons

b)This economist argued that free markets promote growth and that selfish behaviour leads to economic, social and cultural development. The term "the invisible hand" is used frequently to make reference to his arguments.

Select one: a. Adam Smith b. Karl Marx c. David Ricardo d. Thomas Malthus e. Alfred Marsha

c)Alfred Marshall developed a very important model that is considered one of the cornerstones of modern economic theory. Under this model, when the Demand increases, we can expect that Select one

b. prices will increase and quantity traded will decrease in this market

c. prices will decrease and quantity traded will decrease in this market

d. prices and quantity traded will remain constant in this market e. prices will decrease and quantity traded will increase in this market

Expert Solution

a) a. Karl Marx.

Explanation:

Karl Marx argued that capitalism tends to increase surplus value or the part of the value of a commodity that exceeds the cost of labor and this is appropriated by the owners of the mean of production.

b) a.Adam Smith.

Explanation:

Adam Smith argued that free markets promote growth and that selfish behaviour leads to economic,social and cultural development.The term "the invisible hand" is used frequently to make reference to his arguments.

c) e. Prices will decrease and quantity traded will increase in this market.

Explanation:

Alfred Marshall developed a very important model that is considered one of the cornerstones of modern economic theory.Under this model when demand increases we can expect that prices will decrease and quantity traded will increase in this market.

Rahul Sunny answered 2 years ago

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Question

a) This economist argued that capitalism tends to create surplus value or the part of the...

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Expert Solution

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