Bcor 1015 Study guides, Class notes & Summaries

What are Hayeks views on planning and decision making? - Answer-he believes in decentralized knowledge HAYEK: what is decentralized knowledge? - Answer-spreading knowledge amongst people is Hayek against centralization? - Answer-yes HAYEK: how does the price system coordinate resources? - Answer-price signals are used to make decisions and send information to other groups because prices are lower or higher what are price signals? - Answer-signals wrapped up in incentives; prices can consta...

BCOR 1015 Final Exam Questions With 100% Correct Answers What are Hayeks views on planning and decision making? - answerhe believes in decentralized knowledge HAYEK: what is decentralized knowledge? - answerspreading knowledge amongst people is Hayek against centralization? - answeryes HAYEK: how does the price system coordinate resources? - answerprice signals are used to make decisions and send information to other groups because prices are lower or higher what are price signals? - ans...

BCOR 1015 Final Exam Questions and Answers Verified What are Hayeks views on planning and decision making? he believes in decentralized knowledge HAYEK: what is decentralized knowledge? spreading knowledge amongst people is Hayek against centralization? yes HAYEK: how does the price system coordinate resources? price signals are used to make decisions and send information to other groups because prices are lower or higher what are price signals? signals wrapped up in incentives; pric...

BCOR 1015 Final EXAM | Questions and Correct Solutions | Latest Update 2024/2025 | Graded A+ What are Hayeks views on planning and decision making? - Answer -he believes in decentralized knowledge HAYEK: what is decentralized knowledge? - Answer -spreading knowledge amongst people is Hayek against centralization? - Answer -yes HAYEK: how does the price system coordinate resources? - Answer - price signals are used to make decisions and send information to other groups because prices ar...

Hayek argues that central planning of the economy: a. Is likely to have long-run benefits for society, even if short-term economic growth is sometimes handicapped. b. May sometimes lead to low economic growth if information is lacking, but also tends to create greater corporate social responsibility. c. Can often be effective, but is most effective when it is delegated to organized industries. d. Is typically less efficient than decentralized decision-making by many individuals. - Answer-I...

According to Cohen, there are two types of reciprocity. Which type does he see as less desirable because it emphasizes doing things for other people because you need or want some service from them? a. Market reciprocity b. Economic reciprocity c. Social reciprocity d. Communal reciprocity - Answer-Market reciprocity According to Cohen, there are two types of reciprocity. Which type does he see as more desirable because it emphasizes doing things for other people on the basis of your commi...

BCOR 1015 Midterm To Final Terms With Complete Solutions BCOR 1015 Midterm To Final Terms With Complete Solutions Diversity Correct Answer: all of the characteristics and experiences that define each of us as individuals System Correct Answer: an interconnected and coordinated set of elements and processes that converts inputs to desired outputs Value chain Correct Answer: all the elements and processes that add value as raw materials are transformed into the final products made available...

the main economic questions (rational economic problem) 1. What product am I making 2. who is going to make it 3. who gets the product scarcity is either... real or articficial hayek believed that knowledge is incomplete, prices are the signals, decision making must be decentralized Hayeks view on markets markets are a systematic process that allows us to pool knowledge hayek thinks economic problems arise due to ... change

Which regulations can be employed on just price? - Answer-price floors, ceilings, minimum wage, living wage Who came up with just price theory? - Answer-Thomas Aquinas What type of economy does Vance think creates just prices? - Answer-Laissez Faire Creative Destruction - Answer-the hypothesis that the creation of new products and production methods simultaneously destroys the market power of existing monopolies Disruptive Innovation - Answer-a process by which a product or service takes r...