Question 1 1 pts In the Marxian equation M -C1 -C2 -M' the value of M' is more than M because the merchants buy the commodities "cheap" and sell them "dear." O True False Question 2 1 pts Not Marx but Ricardo first distinguished the difference between labor and labor power. O True O FalseQuestion 3 1 pts Marx defined a commodity as a product made by the household for self-consumption. O True O False Question 4 1 pts Is it true that Marx defined concrete labor as labor that would produce the use-value of a commodity and not the exchange value? O True O FalseQuestion 5 1 pts Is it true that Marx defined abstract labor as labor that would produce the exchange value of a commodity? Question 6 1 pts According to Marx, two commodities of X and Y will be exchanged for one another if they have the same or equal use value.Question 7 1 pts The "paid labor" to the laborer in Marxian economics equals the value of the labor performed by the laborer. Question 8 1 pts In Marxian economics, is it true that commodities in the market are exchanged not based on their individual value (in exchange) but their social value (in exchange)? True False Question 9 1 pts The Marxian concept of the "socially necessary labor time" is dened as the individual laboring time expanded on the production of a commodity. True False Question 10 1 pts Suppose a worker can survive by daily consumption of $20 value of commodities as determined by the socially necessary labor time of 4 hours. If a capitalist hires this worker to work for him 8 hours a day, how much will the capitalist be paying him within the Marxian framework? Suppose a worker can survive by daily consumption Of pZU value Of commodities as determined by the socially necessary labor time of 4 hours. If a capitalist hires this worker to work for him 8 hours a day, how much will be the unpaid labor in this hiring following the Marxian framework? 0 O $20 O $40 None of the above. Question 12 1 pts Suppose a worker can survive by daily consumption of $20 value of commodities as determined by the socially necessary labor time of 4 hours. According to Marx, if a capitalist hires this worker to work for 8 hours a day, how much surplus value will he produce? O $0 O $20 O $40 O None of the above.Question 13 1 pts Suppose a worker can survive by daily consumption of $20 value of commodities as determined by the socially necessary labor time of 4 hours. Suppose a capitalist hires this worker to work for 8 hours a day on raw materials valued at $20. How much value will this worker produce following the Marxian economic framework? Question 14 1 pts According to Keynes, in a recessionary economy, the government should take proper correction measures. the private sector will invest more. Question 15 1 pts Keynes's economics is: Supply-oriented economics. Demand-oriented economics. Question 16 1 pts Say's Law states that "demand creates its own supply." Keynes said it should be another way around for supply creates its own demand. O True O FalseQuestion 17 1 pts Keynesian economics did not gain any favorable attention until the 1970s. O True O False Question 18 1 pts Keynes argued that governments should play a significant role in economic management. This view marked a break with the classical economics of laissez-faire. O True O FalseQuestion 19 1 pts The main conclusion of Keynesian economics is that there is a strong automatic tendency for output and employment to move toward full employment levels. True False Question 20 1 pts According to Keynes, government intervention in the economy is necessary for moderating the business cycle. True False Question 21 1 pts Keynes argued against the classical economists on the question of unemployment. Unlike the classicals, Keynes did not believe that the disequilibrium in the market was due to keeping the wages artificially high. O True O False Question 22 1 pts Keynes believed lowering the wages would not make the economy solve the issue of its market disequilibrium. O True FalseQuestion 23 1 pts Keynes argued that the lower wages would encourage employers to hire more workers, thus increasing the economy's total income and aggregate demand. True False Question 24 1 pts Some politicians and economists criticized Keynes, calling him a socialist. True False Question 25 1 pts With Keynes, the economics studies took two parts: Microeconomics and Macroeconomics. Keynes's main concentration was on Macroeconomics. O True O False