Karl Marx Argued That

question 59

Multiple Choice

Karl Marx argued that

• A)technological change was not important in improving living standards.
• B)a free-market system would produce a low level of total output.
• C)benevolence,not self-interest,produced an effective economic order.
• D)centrally planned economies could provide a more equitable distribution of total output than capitalist economies.
• E)the unfettered market system driven by self-interest leads to the best social outcome.

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Definitions:

Investment

Investment pertains to the allocation of resources, such as capital or time, with the expectation of generating an income or profit.

Services

Economic activities that provide intangible products, such as healthcare, education, and financial services, to consumers.

Durable Goods

Items or products that are expected to last for several years under normal use, such as appliances and vehicles.

Nondurable Goods

Items with a short life span which are consumed or used up quickly, such as food and most consumer packaged goods.