Economic Schools of Thought: Labour Perspectives
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Overview6 Topics
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Background information10 Topics
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Endnotes
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References
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Interactive learningDeepen your knowledge2 Quizzes
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Training materialExercises2 Topics
Overview
The activity is designed for students to understand the differences between the theories of value explained in this chapter. As the concepts may be confusing, it is suggested to give a brief recap of specifically this topic before the quiz.
Aims
- to solidify the concepts explained around the theories of value and its connection with labour
Materials and time
No materials are needed. We suggest you use an online platform like myquiz.org (for free up to 25 students). Time can be adjusted from 30 minutes to an hour.
Group size
Individually
Instructions for trainers
- The trainers should provide the students with the link of the quiz that should be prepared in advance.
- The instructor reads out the questions for each round (see Quiz Questions below) and can pause the activities if students have any questions.
- After finishing the quiz, the instructor can see who is the winner and provide the student with a prize (it can be symbolic!) . In total, this part of the activity should take between 20 to 30 minutes.
Quiz Summary
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Results
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Question 1 of 12
1. Question
The first author to associate the value of commodities with labour is:
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Question 2 of 12
2. Question
For Riccardo, the primary regulator of prices is:
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Question 3 of 12
3. Question
Ricardo´s main addition to Smith’s value theory is:
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Question 4 of 12
4. Question
Despite their differences, Smith and Ricardo agreed that:
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Question 5 of 12
5. Question
The crucial differences between the classics and Marx in the value theories are:
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Question 6 of 12
6. Question
According to Marx ´the magnitude of the value of a commodity changes directly to the quantity of labour and inversely to the productive capacity of the labour invested in it?
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Question 7 of 12
7. Question
Marx´s socially ´the necessary labour time constitutes the regulator of prices and profit´ is analogous to Smith´s
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Question 8 of 12
8. Question
Marx defined surplus value as…
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Question 9 of 12
9. Question
The school that came to replace labour value theory with utility theory was:
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Question 10 of 12
10. Question
The main reason why labour value theory was abandoned was:
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Question 11 of 12
11. Question
For the Marginalist school, the value of a commodity is determined by its utility that refers to the satisfaction that drives from the consumption of a good. True or false?
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Question 12 of 12
12. Question
Marshall’s main contribution to theory of value is:
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