final Q1 Flashcards
Alfred MArshalls’s concept of value was based from?
John Stuart Mill and William Jevons
Karl Marx called ________ the dictatorship of the bourgeoisie
Capitalism
He proposed the concept of marginal utility derived from demand curved, leading to a downward sloping curve
Jules Dupuit
________ Holds that there is a utility that is being conferred by the resources to the final products
Value theory
Two inputs in the production cost
Labor and Capital
_______ claims that it is only meaning ful to ask which option is better than the other but is meaningless to ask hom much better it is or how good it is
Ordinal Utility
__________ wrote goods are valuable because they serve various uses whose importance differs
Carl Menger
it measures the magnitude of change in the quantity supplied and demand for commodities when there are changes in price, income, and price of relatred goods
Elasticity
If monopolies arise then the individual entrepreneur will be able to increase his own utility at the expense of social utility.
Antimony of Value
In the 1870s he wrote a small number of tracts on international trade and the problems of protectionism
Alfred Marshall
______________, is an economic system where the means of production, such as money and other forms of capital, are owned to some degree by the public through the state.
Socialism
Neo-classical economics is a school of economic thought that emerged in the late 19th and early 20th centuries as a respose to the ________ and _______ economic theories
Classical and Marxian
HE campaigned for socialism and became a significant figure in the International Workingmen’s Association
Karl Marx
__________implies that if positive excess demand exists in one market, negative excess demand must exist in some other market
General Equilibrium
__________
He writes abt the types of cost in production, explaining the short run and intermediate time period of production.
Alfred Marshall
under a socialist system, the decides how wealth is distributed among public institutions.
Government
He was self-taught economist during the Neo-classical economics era
Jules Dupuit
The use of
imposes the assumption that levels of absolute satisfaction exist so that the magnitudes of increments to satisfaction can be compared across different
situations.
Cardinal Utility
A market economic system operates on the premise that what is good for all is good for one
and vise versa
False
Leon Walras was the first to develop the standard supply and demand graph demonstrating
a number of fundamentals regarding supply and demand, like the market equilibrium.
False
Coumot competition is an economic model describing an industry structure in which rival
companies offering an identical product compete on the amount of output they produce,
independently and at different time.
False
Jules Dupuit, provided the initial ideas of consumer surplus
True
Most countries have a blended economic system including elements of both capitalism and
socialism.
True
Böhm-Bawerk argued that capitalists do exploit their workers.
False
Leon Walras suggests that equlilibrium will be achieved through a process of trial and error.
True
Marx was explaining that the workers were given their proper wages when they created value to the products they were producing, thus labor was a mere commodity that could gain only
subsistence wages.
False
Bourgeois means town dweller.
True
According to Karl Marx, it was not the pressure of labor pools that drove wagesto the subsistence level but rather the existence of a large army of unemployed, which he blamed on capitalists
True
he is known as one of the founders of neoclassical economics
Alfred Marshall
