midterm key - Russian Economy Fall 2010 Midterm Exam Your...

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Russian Economy Fall 2010 Midterm Exam Your name: ___________________________________________________________________________
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This part of the exam asks you to analyze certain sections of the Communist Manifesto, as we did in class. Quote 1 (10 pts): “Hence, the cost of production of workman is restricted, almost entirely, to the means of subsistence that he requires for his maintenance, and for the propogation of his race. But the price of a commodity, and therefore also of labour, is equal to its cost of production .” The bolded part of the quote summarizes what theory of value? _________ Labor theory of value ______________ (fill in the blank) As we did in class, call the quantity discussed in the first sentence (the subsistence wage) Y, and the quantity discussed in the second sentence (the price of a commodity) X. In Marxist theory, X – Y= ____ Surplus value _____________________ (fill in the blank) Quote 2 (5 pts): “For many a decade past the history of industry and commerce is but the history of the revolt of the modern productive forces against modern conditions of production, against the property relations that are the conditions for the existence of the bourgeoisie and of its rule.” We agreed in class that in this sentence Marx is talking about _ The Business Cycle or Commercial Crises , which he sees as evidence for the inevitable collapse of capitalism.
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The following questions pertain to early phases of the Soviet economy. Short answer (20 pts)
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This note was uploaded on 12/29/2010 for the course ECON 4313 taught by Professor Staff during the Fall '08 term at Minnesota.

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midterm key - Russian Economy Fall 2010 Midterm Exam Your...

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