Introduction to Economics

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Question 9

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Surpluses become more necessary in class societies such as slavery, feudalism and ____________.
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Question 10

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He believed that the net product is created not just from workers being exploited but also from the use of social knowledge and institutions.
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Question 8

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Exploitation occurs as capitalists are able to pay workers wages but then extend their workday beyond this to produce a surplus product which is then sold on the market at a price which generates a surplus.
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Question 7

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Substituting labor for capital raises labor productivity but it also reduces the productivity of capital as the rate of investment rises faster than GDP.
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Question 6

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Under this advanced system,there is a monetary expression of surplus and exploitation.
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Question 5

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She discussed a number of situations in which workers not being paid according to their marginal productivity leads to exploitation and higher surplus for corporations.
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Question 4

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The Chinese authorities have set in motion a style of mercantilism where it has encouraged competition, globalization and the expansion of capital accumulation.
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Question 3

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The historical rationale for capitalismis the production of a large surplus through ______________ and industrial reorganization.
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Question 2

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If competitive conditions were instituted, thiswould rise and the price of the commodity would decline to even lower level of workers' marginal product.
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Question 1

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He studied comparative data for the late 1990s and found varying rates of neoclassical exploitation ranging from high (UK, Australia, Canada) to medium (Japan, Netherlands, US) to low (Norway, Switzerland, Finland).
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Question 10

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These goods recognizes social view of surplus and exploitation functions can operate within institutions and these social relationships are in essence the foundation of long-term profit and growth.
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Question 9

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The third type of egalitarian system is where there is a_________________ cooperative as a systemic response to social needs of workers and production.
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Question 8

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A structural deficit indicates that even at full employment, spending is too high or revenue collection too low to balance the budget.
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Question 7

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This is the first type of system where the profit-sharing corporate system of democratic capitalism of workers receive a share of the profits according to the rate of profit and their position in the firm.
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Question 6

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These are government-funded programs that are exempt from the normal budgeting process because they have their own sources of funding separate from congressional appropriation.
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Question 5

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A policy of running surpluses during good economic times and running deficits in bad economic times is called countercyclical policy.
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Question 4

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This is how much revenues exceed expenditures on a yearly basis.
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Question 3

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The cumulative total of net budget deficits is the international debt.
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Question 2

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The transformation of use values through transport itself creates ____________and ensures the greater circulation of capital.
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Question 1

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President Bush passed the American Economic Recovery Act which had a mix of infrastructure spending and tax cuts intended to increase aggregate demand.
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Question 10

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This is a fundamental characteristicwhere other things equal as price falls, the quantity demanded rises and as price rises, the quantity demanded falls.
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Question 9

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In market economies, this is the forces of supply and demand primarily determines these products produced.
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Question 8

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This is an obstacle that deters consumers from buying.
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Question 7

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Supply is a schedule or curve showing the amounts of a product that producers will make available for sale at each of a series of possible prices during a specific period.
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Question 6

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The vast majority of goods that are unrelated to one another are called Inferior goods.
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Question 5

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A change in quality demanded is a movement from one point to another point on a fixed demand curve.
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Question 4

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Supply and demand are ____________that make market economies work where they determine the quantity of each good produced and the price at which it is sold.
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Question 3

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This is when change in the demand schedule or a shift in the demand curve.
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Question 2

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These goods are one that can be used in place of another good.
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Question 1

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They bring together potential buyers and sellers of art, livestock, used farm equipment, and sometimes real estate.
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