Econ 205 - Study guides, Class notes & Summaries

According to Karl Marx, a proletarian is: - -A member of the working class. -According to Marx, a bourgeois is: - -An owner of productive capital. -In the long run under capitalism Marx thinks that workers' wages will: - -Be roughly equal to the cost of surviving. -True or false: Marx believes that if the police knew how capitalist employers were treating their employees, they would take action to punish the bosses. - -False -Marx thinks that capitalists are able to exploit workers ...

In Peter Singer's "Famine, Affluence, and Morality," the example of the drowning child in the shallow pond was meant to illustrate that: - -We are morally obligated to prevent terrible things from happening when we can do so without making comparably significant sacrifices in the process. -Which of the following would Peter Singer recognize as a legitimate reason to keep one's money rather than donating it to poverty relief organizations? - -Donating money to poverty relief organizations ...

Blackburn agrees with Butler that not all people act so as to maximize the intensity or duration of any specific psychological state because:Question 1 options: Too many agents are irrational. Thanos killed them all. There is too much diversity in the psychological states that agents have. Question 2 (1 point) Olson argues that no one will contribute anything to a commons. (Hint: Olson is discussed by Ostrom.) Question 2 options: True False Question 3 (1 point) Which strategy do Coa...

In Peter Singer's "Famine, Affluence, and Morality," the example of the drowning child in the shallow pond was meant to illustrate that: - -We are morally obligated to prevent terrible things from happening when we can do so without making comparably significant sacrifices in the process. -Which of the following would Peter Singer recognize as a legitimate reason to keep one's money rather than donating it to poverty relief organizations? - -Donating money to poverty relief organizations ...

What is the law of one price? - -identical products should sell for the same price everywhere. -What is arbitrage? - -the practice of buying a product in one market at a low price and reselling it in another market at a high price. -What are transaction costs? - -all costs included to make a sell happen -What is price discrimination? - -charging different prices to different customers for the same product when the price differences are not due to differences in cost. -Under what circ...

Which of the following can increase the opportunity cost of attending college for students? - -. An increase in wages paid to workers without college degrees -Suppose a small economy produces only pizzas and jeans. If resources are used inefficiently in the economy, - -Suppose a small economy produces only pizzas and jeans. If resources are used inefficiently in the economy, -. An increase in the price of steel increases the cost of producing cars. The impact in the market for cars will be...

Creative destruction is related to .. - -Economic activity when the new industries displace the old ones -Examples of the creative destruction process are? - -Innovation in the Transportation and Communication industries -According to Alm & Cox, Society cannot reap the benefits of creative destruction unless? - -We are willing to accept that some may be worse off as a result -Creative Destruction benefits are related to ? - -Increased Productivity -Economic Egalitarianism suggests th...

In Peter Singer's "Famine, Affluence, and Morality," the example of the drowning child in the shallow pond was meant to illustrate that: - -We are morally obligated to prevent terrible things from happening when we can do so without making comparably significant sacrifices in the process. -Which of the following would Peter Singer recognize as a legitimate reason to keep one's money rather than donating it to poverty relief organizations? - -Donating money to poverty relief organizations ...

Oligopoly - -A market structure in which a small number of interdependent firms compete -Marginal revenue =marginal cost - -Firms maximize profit by producing where -Game theory - -Analyses completion/ business strategies among oligopolists -40% - -A concentration ratio greater that what percent indicates the an industry is an oligopoly -Concentration ratios - -Published every 5yrs shows sales of four largest firms/ do not include foreign firms

EBecause people respond to incentives, we would expect that if the average salary of accountants increases by 50 percent while the average salary of teachers increases by 20 percent, a) Fewer students will attend college b) Some students will switch majors from accounting to education c) Some students will switch majors from education to accounting d) None of the above - -Some students will switch majors from education to accounting -Trade-offs are required because wants are unlimited...