Homework Answers
The policy of minimum government interference in or regulation of economic activity, advocated by Adam Smith and the Classical economists, was known as Laissez-faire.
Laissez-faire is an economic theory that doesn't allow government
intervention in business affairs. More clearly stated, it means
that the less the government is involved in the economy, the better
off business will be.
Add Answer to:
According to the labor theory of value, The policy of minimum government interference in or regulation of economic...
Discuss Adam Smith’s several theories of value. Explain Adam Smith’s analysis of the role of supply...
Discuss Adam Smith’s several theories of value. Explain Adam Smith’s analysis of the role of supply and demand in relation to the determination of short run and natural price. Why does Adam Smith reject the labor theory of value? What are the primary causes and factors in Smith’s view of the process of economic growth? Discuss Adam Smith’s several theories of wages. Why does Ricardo abandon the pure labor theory of value – and to what extent does he abandon...
The Labor Theory of Value was used by Smith, Ricardo, and Marx to explain what determined...
The Labor Theory of Value was used by Smith, Ricardo, and Marx to explain what determined the underlying value (and therefore “relative prices”) of reproducible commodities. Compare and contrast how these three political economists explained and used the LTV (in depth explanation)
According to Adam Smith’s Invisible Hand Theory involving specialization and division of labor, People specialize where...
According to Adam Smith’s Invisible Hand Theory involving specialization and division of labor, People specialize where opportunity costs are at a maximum. People specialize where their opportunity costs are lowest. People do not specialize. People specialize in the activity that pays the highest wage. People specialize in the activity that they enjoy the most, no matter what the salary is.
Of the following government policies, which would be considered a neoclassical response to an economic recession?...
Of the following government policies, which would be considered a neoclassical response to an economic recession? an increase in government spending adjusting the minimum wage higher dissolving labor unions If you are explaining the theory of rational expectations to a friend, you would say that the change in an agents’ expectations is ________ and therefore ________ the effectiveness of monetary or fiscal policy. based on historic information; always improves immediate; precludes slow; increases If a government expands its fiscal policy...
8. According to the Labor Theory of Value: a. money is the only necessary resource for...
8. According to the Labor Theory of Value: a. money is the only necessary resource for production b. labor is the only necessary resource for production b. labor is one of three equally valuable and necessary resources (factors of production) d. labor is the only real source of the value of products
According to the Crowding out theory, if the government engages in expansionary fiscal policy, which of...
According to the Crowding out theory, if the government engages in expansionary fiscal policy, which of the following will take place? an increase in the deficit, an increase in demand for loanable funds, an increase in interest rates and a decrease in AD an increase in the deficit, an increase in demand for loanable funds, a decrease in interest rates and a decrease in AD an increase in the deficit, a decrease in demand for loanable funds, a decrease interest...
in economic theory, a " hurdle rate" is the minimum return that a person requires before...
in economic theory, a " hurdle rate" is the minimum return that a person requires before they will make an investment. a research report says that annual returns from specific class of common equities are distributed according to a normal distribution with mean of 12 percent and a standard deviation of 18 percent. a stock screener would like to identify a hurdle rate such that only 1 in 20 equities is above that value. where should the hurdle rate be...
1. In the "The Wealth of Nations", Adam Smith dise production and introduces the idea of...
1. In the "The Wealth of Nations", Adam Smith dise production and introduces the idea of the of Nations", Adam Smith discusses the concept of manufacturing and Which discusses the way in which duce a good or service is divided into a number of tasks that are the work required to produce a good or service is divided into a numbe performed by different workers. A. division of labor B. opportunity cost C. individual free enterprise D. free market 2....
The trade theory that says the government should work to maintain and maximize a trade surplus...
The trade theory that says the government should work to maintain and maximize a trade surplus is known as ________. Group of answer choices mercantilism absolute advantage comparative advantage import substitution _____________________________ Which one of the following is consistent with "mercantilism"? Group of answer choices establishing bilateral trading agreements with other countries limiting exports limiting imports and subsidizing exports encouraging the development of manufacturing in their colonies __________________________________________________ The campaign slogan "Buy American" is an example of which of the...
The most influential theory of corporate responsibility of the past century is: the free society economic theory. the...
The most influential theory of corporate responsibility of the past century is: the free society economic theory. the neoclassical economic theory. the social contract theory. the stakeholder theory. In which of the following ideas are the ethical roots of the economic model of corporate social responsibility found? The interests of stakeholders are as important as the interests of the corporation's stockholders. Managers are ethically obliged to make as much money as possible for their stockholders because to do otherwise would...
8. According to the Labor Theory of Value: a. money is the only necessary resource for production b. labor is the only necessary resource for production b. labor is one of three equally valuable and necessary resources (factors of production) d. labor is the only real source of the value of products
According to the Crowding out theory, if the government engages in expansionary fiscal policy, which of the following will take place? an increase in the deficit, an increase in demand for loanable funds, an increase in interest rates and a decrease in AD an increase in the deficit, an increase in demand for loanable funds, a decrease in interest rates and a decrease in AD an increase in the deficit, a decrease in demand for loanable funds, a decrease interest...
1. In the "The Wealth of Nations", Adam Smith dise production and introduces the idea of the of Nations", Adam Smith discusses the concept of manufacturing and Which discusses the way in which duce a good or service is divided into a number of tasks that are the work required to produce a good or service is divided into a numbe performed by different workers. A. division of labor B. opportunity cost C. individual free enterprise D. free market 2....
Most questions answered within 3 hours.
-
3. (10 pts) You grow a corn crop that yields 150 bushels ac-1,
with the following...
asked 46 seconds ago -
7. The term Six Sigma refers to:
Select one:
a. The control limits established in a...
asked 10 minutes ago -
Wildhorse Company follows the practice of pricing its inventory
at the lower-of-cost-or-market, on an individual-item
basis....
asked 12 minutes ago -
For the following reaction: A(g) + 2 B(g) ⇌ 2 C(g) Calculate the
equilibrium constant K...
asked 12 minutes ago -
Which of the following best describes tidal volume? options:
1.The amount of oxygen in the air...
asked 29 minutes ago -
1. Smaller cost distortions occur when the traditional systems'
single indirect-cost rate and the activity-cost-driver rates:...
asked 37 minutes ago -
Using either a FMECA approach or some other appropriate RCA
tool, identify five risk treatment actions...
asked 37 minutes ago -
If for a test the P-value is between 0.0025 and 0.005, what
conclusion can you draw?...
asked 49 minutes ago -
Using Python. Write a function clean2(aList) that takes a list
of integers aList as argument, and...
asked 55 minutes ago -
Intrapreneurship is defined as the
development of an enterprise culture with an existing (Nandan,
2009). An...
asked 1 hour ago -
QUESTION 1 Tamiflu is a drug used to treat influenza. A study
found that Tamiflu reduced...
asked 1 hour ago -
Which of the following would be less likely to be used to
allocate factory overhead when...
asked 1 hour ago