BCOR 1015 MIDTERM 1 EXAM STUDY GUIDE WITH COMPLETE SOLUTIONS
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Module
BCOR
Institution
BCOR
BCOR 1015 MIDTERM 1 EXAM STUDY
GUIDE WITH COMPLETE SOLUTIONS
the main economic questions (rational economic problem) - Answer️️ -1.
What product am I making
2. who is going to make it
3. who gets the product
scarcity is either... - Answer️️ -real or articficial
hayek - Answer️️ -...
market economy - Answer✔️✔️-use price - Economic decisions are made by
individuals or the open market.
Central Planned Economy - Answer✔️✔️-decided by state - The central
government makes ALL the decisions on production
cox view on production - Answer✔️✔️-switch from production of profit to
production of use
would Hayek agree with cox - Answer✔️✔️-NO
UBI - Answer✔️✔️-universal basic income
conservatives would support this because it would streamline gov't
programs
rent control - Answer✔️✔️-the idea of price controls interferes with the
market and price signals
fairness - Answer✔️✔️-you get what you give
agreeing what is thought to be right
no discrimination
equality - Answer✔️✔️-everyone gets the same
state of being equal
equity - Answer✔️✔️-- giving people more than others in order to achieve
equal
- justice in the way people are treated
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