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☆☆☆☆☆Cards in this guide (14)
Who was the first economist to challenge the views of Adam smith
David Ricardo , A+
Who is responsible for the law of diminishing returns
Thomas Malthus
What of these concepts was proven by the neoclassical economists
interference from governments had been harmful to the growth of economies during the nineteenth century
Who theorized the economic system of socialism
Karl Marx
Which of these was not supported by Jean-Baptiste Say
Economic Democracy
Which modern theorist's work in monetarist thought earned him a Nobel prize in economic sciences
Milton Friedman's work in monetarist thought earned him a Nobel prize in economic sciences.
According to Karl Marx what gives an item its value
The law of value (German: Wertgesetz) is a central concept in Karl Marx's critique The labour has to materialize itself in some kind of object which has value.
John Stuart Mill was best known for his support of which concept
economic democracy
From 1900 to 1929 what happened to the salarly of an average worker in the United states
The salary of the average worker in the United States was lowered from 1900 to 1929 due to the depression and high unemployment.
According to the Keynes how can the imbalance between microeconomics and macroeconomics be corrected
through government involvement in banking and fiscal policies
A woman bought a new thermos to keep her coffee hot on her drive to work the new thermos satisfied of the desired to have hot coffee in the morning what is this an example of
Utility
Which of following was not included in Adam smith's theory of wealth accumulation
When labor tasks become divided, productivity decreases. A+
In the development of general equilibrium who discovered how to analyze and measure the economy as a whole
Léon Walras
What two theorists did Alfred Marshall borrow the concept of the importance of cost to the supply of goods
a
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