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Economics An Introduction
Quiz 20: Prices, Profits, and Exploitation
Path 4
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Question 1
Short Answer
Whats defention of terms: -rate of profit
Question 2
Short Answer
Whats defention of terms: -surplus
Question 3
Short Answer
Whats defention of terms: -transformation problem
Question 4
Short Answer
Explain how the relative value of products is determined by the amount of labor in a simple economy. -What is meant by the term
Question 5
Essay
Explain how the relative value of products is determined by the amount of labor in a simple economy. -Explain how the number of chickens could be the "price" of a pig in the simple economy.
Question 6
Essay
Explain how the relative value of products is determined by the amount of labor in a simple economy. -How does the example in this chapter use the amount of labor used to produce a product to determine the relative value of one product in terms of another product, such as the value of pigs in terms of chickens? What types of labor go into producing the product?
Question 7
Essay
Explain how the relative value of products is determined by the amount of labor in a simple economy. -How does the use of term "surplus" in this chapter differ from its use in chapter 2?
Question 8
Essay
Explain how the relative value of products is determined by the amount of labor in a capitalist market economy. -State the key factors that make the analysis of the labor theory of value more complex in a capitalist market economy. Explain.
Question 9
Essay
Explain how the relative value of products is determined by the amount of labor in a capitalist market economy. -How do prices in an advanced economy help measure the relative value of two different commodities? How are the prices of various goods measured in an advanced market economy?
Question 10
Short Answer
Explain how the relative value of products is determined by the amount of labor in a capitalist market economy. -Explain how money helps facilitate trade and enables economies to grow.
Question 11
Short Answer
Explain how the relative value of products is determined by the amount of labor in a capitalist market economy. -How is labor input into a product measured in a capitalist market economy? Explain using an example.