Which of the Following Economists Believed That the Factory Owner,by

question 86

Multiple Choice

Which of the following economists believed that the factory owner,by paying his workers meager wages,was able to use this surplus to buy more capital goods?

• A)Adam Smith
• B)Thorstein Veblen
• C)Milton Friedman
• D)Karl Marx
• E)John Maynard Keynes

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Definitions:

New Prices

The latest prices for goods or services, updated from previous values due to factors such as inflation, demand, or production costs.

Utility Function

A representation of a consumer's preference ranking over a set of goods and services, quantifying the satisfaction from each possible choice.

Reservation Price

This is another term for reserve price, meaning the lowest price at which someone is willing to sell a good or service.

Tape Recorder

An electronic device used for recording sound on magnetic tape and usually capable of playback.