ECO1010F Course Outline Quiz

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Who is credited with the phrase 'By pursuing his own interest he frequently promotes that of the society more effectually than when he really intends to promote it'?

Adam Smith (correct)

Karl Marx

John Stuart Mill

David Ricardo

What is the main idea behind Karl Marx's 'The Communist Manifesto'?

Capitalism is the most efficient economic system

The proletariat will overthrow the government

The history of mankind is the history of class struggle (correct)

The division of labour leads to social inequality

What did Karl Marx predict would happen in England?

Capitalism would reform itself

A proletarian revolution would occur (correct)

The bourgeoisie would become the working class

The land-owning classes would become the ruling class

Who is the Convener of the ECO1010F course?

Corné van Walbeek Signup and view all the answers

What is the name of Karl Marx's book that critiques capitalism?

Das Kapital Signup and view all the answers

What is the term used to describe the ruling class in Marxist theory?

Bourgeoisie Signup and view all the answers

What is the purpose of the course outline document?

To provide an overview of the course structure and assessments Signup and view all the answers

What is Professor Corné van Walbeek's research focus?

Economics of Excisable Products Signup and view all the answers

What is recommended for students to achieve success in the course?

Work consistently and attend lectures Signup and view all the answers

Who is the Head Tutor of the ECO1010F course?

Keratiloe Dube Signup and view all the answers

When did Professor Corné van Walbeek start working at UCT?

2000 Signup and view all the answers

What is the opportunity cost of going to watch the rugby?

R220 Signup and view all the answers

What is the economic cost of going to watch the rugby?

R470 Signup and view all the answers

What is the net benefit of attending the rugby?

R300 Signup and view all the answers

What is the decision rule when deciding between alternatives?

Take the action if the total benefit is greater than the economic cost Signup and view all the answers

What is economic rent?

The benefit from choosing the best option Signup and view all the answers

What is the formula for economic rent?

Net benefit from option taken - net benefit from next best option Signup and view all the answers

What is the economic rent of going to the rugby in the given example?

R80 Signup and view all the answers

Why does specialization increase productivity of labour?

Because we become better at producing things when we each focus on a limited range of activities Signup and view all the answers

What is required for people to specialize?

A way to acquire the other goods they need Signup and view all the answers

What is the comparative advantage of Greta in terms of production?

Wheat Signup and view all the answers

What type of society uses markets to acquire goods?

Capitalist society Signup and view all the answers

What does Greta have in the production of both crops?

Absolute advantage Signup and view all the answers

What is the rate of exchange between wheat and apples in the trade?

1 ton of wheat = 40 apples Signup and view all the answers

What is the rationale for trade between Greta and Carlos?

Because Carlos has comparative advantage in wheat Signup and view all the answers

What is the result of trade between Greta and Carlos?

Total output between the two of them will increase Signup and view all the answers

What is the absolute advantage of Greta in terms of production?

Both apples and wheat Signup and view all the answers

What percentage of her time did Greta choose to spend producing apples at the outset?

40% Signup and view all the answers

What is the comparative advantage of Carlos in terms of production?

Apples Signup and view all the answers