Macroeconomics: Private and Public Choice
15th Edition
ISBN: 9781285453545
Author: Russell Sobel; Richard Stroup; James Gwartney; David Macpherson
Publisher: South-Western College Pub
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Chapter 3, Problem 8CQ
To determine
Explain the statement in which industries are winners and losers.
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What is an ideal industrial society?
what was the economic and managerial legacy of the Industrial Revolution? what were the challenges?
What does this mean?
“Capitalism is the supreme expression of human creativity and freedom, an economy of mind overcoming the constraints of material power. It is dynamic, a force that pushes human enterprise down spirals of declining costs and greater abundance. The cost of capturing technology is mastery of the underlying science. The means of production of entrepreneurs are not land, labor, or capital but minds and hearts.”
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Macroeconomics: Private and Public Choice
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- How can intellectual property rights help spur innovation?arrow_forwardWhy isn’t it possible for all manufacturing jobs to leave the United States and go overseas (as some people fear)?arrow_forwardWhy would multinational corporations from the U.S. be interested in emerging and developing markets (e.g. Latin America, Africa, Central and Southeast Asia)? Would MNCs be better off focusing their efforts on more industrialized markets (US, Canada, western Europe, Australia, Japan)? Explain?arrow_forward
- What would make industries winners or losers in a country like Dubai?arrow_forwardIn 2005, manufacturing workers in the United States earned an average wage of $23.65 per hour. That same year, manufacturing workers in Mexico earned an average wage of $2.63 per hour. How can U.S. manufacturers possibly compete? Why isn’t all manufacturing done in Mexico and other low-wage countries?arrow_forwardI feel that the strongest moral consideration in favor of capitalism would be the freedom to pursue a business for private ownership or have private ownership of your own business by building it from the ground up. If you want to start your own business, you can do that. If you are interested in a specific job, you can figure out a plan to get yourself educated in that field, prove your worth through applying and interviewing, and you can eventually find yourself in that dream position through persistence and hard work. At the end of the day, it all depends on what you want to do. All of the pressure is on you to create the future you ideally want through the choices you make in the current market. I feel the strongest objection to capitalism is oftentimes the large majority of the profits go to the higher-up executives in many large companies. With the freedom of conducting business, upper management has the ability to control wages the way they feel necessary, which means the…arrow_forward
- Some less-developed nations are unable to devote resources to various research and development projects. Attempting to increase their economic growth, sometimes they acquire pharmaceutical or technological goods and reverse engineer them to determine how they’re made, then sell them in domestic markets. Is it ethical and/or necessary to produce and sell a product without having developed it and not having a patent for the product? What could be the short run and long run consequences of such an action?arrow_forwardCapitalism has accomplished many different things. While in the past, if you were a member of a lower class and poor, you would have most likely stayed there forever. Thanks to capitalism, those individuals are now able to improve financial situations by creating a business, a product, etc. Capitalism also encourages competition, which means that various areas, such as technology, are always improving in an effort to be better than the other competition. This competition also allows for a lot of innovation. We are constantly being presented with new products or companies that are delving into a market that hasn't yet been explored. However, I don't feel that the future prospects of capitalism will be as beneficial for the general public as they were in the past. It is much harder for smaller companies to stay afloat. It states in the textbook, "Karl Marx (1818–1883) argued that capitalism leads to oligopolies—a con-centration of property and resources, and thus economic power, in the…arrow_forwardHow did Europe's Industrial Revolution contribute to the Age of Imperialism? Select THREE answers that apply. SELECT ALL THAT APPLY O Factories needed raw supplies that could more readily be found in places like India and Africa. O The invention of fireworks led to explosives being used in mining. O Steam-powered boats allowed manpower and goods to be transported more quickly. The advances in weapons allowed Europeans to dominate other lands using machine guns.arrow_forward
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