economics, marx v smith philosophy

which of the following is a positive statement

• free college should be made available by the government to increase the productivity rate in the economy

• ddfs

• raising the wealthys' taxes will romote development within the are

what is utility

• limited resources

• the benefit of something

• something given up for another resource

A popular bakery has only a few ingredients left to make their products.  They could bake muffins or cookies, but they can’t make both.  The bakers decide to make cookies for their customers.  What is the opportunity cost of their decision?

• muffins 
• cookies 

What is a cost-benefit analysis?

• The taxes that people pay when they buy something.

• A process that allows businesses and individuals to analyze where to spend money.

• The amount of money required to have or do something

what are the 2 flaws in the cost-benefit analysis

• it is somewhat of an intuition process

• benefits aren't always monetary

• you need to have a complex understanding of economics

• most cannot make the decision with precision

what is the correct order of economic analysis

• careful observation, theory, measurement, description

• description, careful observation, measurement, theory

• careful observation, description, measurement, theory

• theory, careful observation, measurement, description

What is Adam Smith's most famous work?

• Das Kapital

• The Theory of Moral Sentiments

• The Communist Manifesto

• An Inquiry into the Nature and Causes of Wealth of the Wealth of Nations

What differing role did the government play between Marx and Smith's philosophies?

• Marx: the government protects the rich's use of exploitation on workers

  Adam: the government needs to be involved with economic affairs

• Marx: the government should be limited, but still protects the working class with labor laws

  Adam: the government protects the rich's use of exploitation on workers

• Marx: the government protects the rich's use of exploitation on workers

  Adam: the government should be limited, but still relevant because of its contribution to education and defense

• No differences, in both philosophies, the government shouldn't be involved with the economy

Who were the "oppressed poor" as Marx called them?

• Proletariat
• Bourgeoisie
• Soviets
• Slaves

The bourgeoisie were

• the "oppressed poor"
• the thriving middle class
• the owners of the means of production
• the strong working class