A government state/country issued thing
Answer: It tells us that there was a lot of change going on as time progressed.
You cannot. These states are high in population which has a major impact on the presidential votes. If one does not win over said states, they will mostly lose the election.
It encourages spending, which increases other kinds of tax.
<u>Explanation:</u>
Increasing the minimum wages increases the standard of people from the poverty line. It not only increases the welfare but also increases the spending among the people. But raising the wages also creates a negative effect causing inflation and higher costs for the business. This would decrease the profit of the firm.
The spending profile of employees helps us to access how they spend their extra earned money on purchasing things which is acquired by the government in the form of taxes. The combination of these direct and indirect effects results in lower economic activity.
The correct answer is Keynes.
Keynes supported free markets but as long as these were regulated by state intervention in order to soften the peaks and troughs in the business cycle. Therefore, in his opinion, the three economic questions (what to produce, how and for whom) should be answered by the economic agents in the markets, but always under the supervision of the state.
Smith was an advocate of free markets and of supressing state interventionism. On the other hand, Marx was in favour of massive intervention of the state because he considered markets to produce un unfair distribution of wealth in the states, where the richer ones exploited the poor.
