Answered: What does Marx mean by the term…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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please only do: if you can teach explain each part
Using the language of and components of the circular flow diagram, identify which institution or group of institution (s) of the circular flow model is (are) missing? Explain how you might include those groups into this model. Answer the questions: In what way are business and households both sellers and buyers in this model? What are the flows in this circular flow model? Base your argument on an example from the current economic situation in the U.S. or abroad and explain why market economies usually do a better job than command economies.
Explain the weaknesses of the classical economic thought and the wayMarxist economic thought criticized it. Briefly explain main differences of the Marxist economicthought from the orthodox economics.
Explain how Marx's principle may or may not apply to today: - economics rules everything
Which of the following statements is/are correct? Because aggregate variables are essentially the sum of variables reflecting numerous individual decisions, microeconomics underpins all macroeconomic models. I. II. Microeconomics underpins all macroeconomic models since macroeconomic decision makers are expected to maximise utility functions when making decisions. Select one: a. O b. O d. Statement II is correct. Both statements I and II are correct. Both statements I and II are incorrect. Statement I is correct.
Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
Pls help with below homework.
What does the benevolence of the butcher quote mean?
According to Bowles’s adaptation of Eswaran and Kotwal’s model, what determinesthe difference between economic positions? What are the differences between purewage worker, small capitalist and pure capitalist?
Question 3 How does the Specific-Factors model discussed in this chapter differ from the Ricardian model we covered in Chapter 2? The Ricardian model assumes labor is the only factor of production, while the Specific-Factor model assumes labor, land, and capital are all factors of production. The Factor-Specific model assumes constant opportunity cost, while the Ricardian model does not. O The Specific-Factor model contends that trade generates gains for some factors and losses for others. On the other hand, the Ricardian model assumes trade generated gains for all workers. O The PPF in the Specific-Factors model is bowed outwards, while in the Ricardian model it is a straight line. The Ricardian model assumes movement across workers, while the Specific-Factors model does not.
2) Explain why E≡Y and M.V≡P.Q are equivalent to each other but can be used to give different interpretations of how the macroeconomy works.
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