Podcast
Questions and Answers
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'?
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'?
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?
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?
Who is the Convener of the ECO1010F course?
What is the name of Karl Marx's book that critiques capitalism?
What is the name of Karl Marx's book that critiques capitalism?
What is the term used to describe the ruling class in Marxist theory?
What is the term used to describe the ruling class in Marxist theory?
What is the purpose of the course outline document?
What is the purpose of the course outline document?
What is Professor Corné van Walbeek's research focus?
What is Professor Corné van Walbeek's research focus?
What is recommended for students to achieve success in the course?
What is recommended for students to achieve success in the course?
Who is the Head Tutor of the ECO1010F course?
Who is the Head Tutor of the ECO1010F course?
When did Professor Corné van Walbeek start working at UCT?
When did Professor Corné van Walbeek start working at UCT?
What is the opportunity cost of going to watch the rugby?
What is the opportunity cost of going to watch the rugby?
What is the economic cost of going to watch the rugby?
What is the economic cost of going to watch the rugby?
What is the net benefit of attending the rugby?
What is the net benefit of attending the rugby?
What is the decision rule when deciding between alternatives?
What is the decision rule when deciding between alternatives?
What is economic rent?
What is economic rent?
What is the formula for economic rent?
What is the formula for economic rent?
What is the economic rent of going to the rugby in the given example?
What is the economic rent of going to the rugby in the given example?
Why does specialization increase productivity of labour?
Why does specialization increase productivity of labour?
What is required for people to specialize?
What is required for people to specialize?
What is the comparative advantage of Greta in terms of production?
What is the comparative advantage of Greta in terms of production?
What type of society uses markets to acquire goods?
What type of society uses markets to acquire goods?
What does Greta have in the production of both crops?
What does Greta have in the production of both crops?
What is the rate of exchange between wheat and apples in the trade?
What is the rate of exchange between wheat and apples in the trade?
What is the rationale for trade between Greta and Carlos?
What is the rationale for trade between Greta and Carlos?
What is the result of trade between Greta and Carlos?
What is the result of trade between Greta and Carlos?
What is the absolute advantage of Greta in terms of production?
What is the absolute advantage of Greta in terms of production?
What percentage of her time did Greta choose to spend producing apples at the outset?
What percentage of her time did Greta choose to spend producing apples at the outset?
What is the comparative advantage of Carlos in terms of production?
What is the comparative advantage of Carlos in terms of production?
