1. What is production, in political economy? | Text |
2. Which of the following provides a service? | Supplement |
a. An automatic car-washing machine." /> An automatic car-washing machine.
b. The oceans.
c. An accountant.
d. A street musician.
e. All of the above.
3. Which of the following is part of the process of production?
a. Retail marketing.
b. Advertisement.
c. Shipping.
d. Packaging.
e. All of the above.
4. Name and define the three modes of production, in the order that they naturally arise. | Text |
5. Why did George place so much stress in correcting the mistake expressed in "the alleged law of diminishing returns in agriculture"? What was the mistake? | Text |
6. Why is it necessary to consider the meanings of space and time in political economy? | Text |
7. What kind of relation is space? | Text |
8. What kind of relation is time? | Text |
9. The growth of the Internet has
a. helped to revitalize many local businesses.
b. increased the value of some sites and decreased others.
c. greatly de-emphasized the element of space in production.
d. effectively increased the quantity of land.
10. What fallacy as to the nature of land has persisted among economists? | Text |
11. In today's global economy, the most valuable natural resource is
a. Petroleum reserves.
b. Strategic minerals, such as coltan or titanium.
c. Urban land.
d. Arable land.
e. Biological diversity.
12. Explain why there are diminishing returns beyond a point of maximum productivity in all forms of production. | Text |
13. Illustrate the law of diminishing returns with an example from some form of production. | Text |
14. How is the principle of diminishing returns used to make profit-maximixing decisions? | Text |
15. Is there a law of diminishing returns in time as well as in space? Illustrate. | Text |
Please read Part III, Chapters 1-6