Capitalist economy - Study guides, Class notes & Summaries

A) Hayek said, "Due to the underlying challenge of knowing the value of any given resource to any given individual at any place and time...." - ANSWER ..."decentralized market exchange facilitated via the price system allocates scarce resources more effectively than any other system of organization" What does Hayek believe regarding knowledge? - ANSWER - needed for rational economic order - markets provide systematic process that allows us to pool our individual knowledge - price signa...

What is the supreme law of the land - Answer- ▪The constitution What does the constitution do? - Answer- ▪ sets up the government ▪ defines the government ▪ protects basic rights of Americans The idea of self-government is in the first three words of the Constitution. What are these words? - Answer- ▪ We the people What is an amendment? - Answer- ▪ a change (to the Constitution) ▪ an addition (to the Constitution) What do we call the first ten amendments to the Const...

What is the supreme law of the land CORRECT ANSWER ▪The constitution What does the constitution do? CORRECT ANSWER ▪ sets up the government ▪ defines the government ▪ protects basic rights of Americans The idea of self-government is in the first three words of the Constitution. What are these words? CORRECT ANSWER ▪ We the people What is an amendment? CORRECT ANSWER ▪ a change (to the Constitution) ▪ an addition (to the Constitution) What do we call the first ten ame...

Sociology 101 Straighterline Exam Questions and Complete Solutions __________ involves aspects of social life that have to do with order, stability, and social organization that allow societies and groups to hold together and endure. - Answer: Social statics Herbert Spencer viewed society as a system, having important similarities with - Answer: a biological organism __________ refers to processes of social life that pattern institutional development and have to do with social change. -...

Chapter 01 The Economic Problem     
Multiple Choice Questions
  1. What do economists mean when they say that the economy faces scarcity? 
A. There are fewer resources available than there were in the 1960s.
B. It is quite evident that the world is running out of resources.
C. The economy is producing far below its capacity to produce.
D. The resources available are not sufficient to produce all that everyone wants.   
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Revolutionary socialists - ANSWER-Marx and Engels Rosa Luxemburg Social democrats - ANSWER-Beatrice Webb Anthony Crosland Third way socialists - ANSWER-Anthony Giddens Marx and Engles - human nature - ANSWER-human nature, originally fraternal and altruistic, has been contaminated by capitalism, instilling the 'false consciousness' of bourgeois values Marx and Engles - the state - ANSWER-the existing liberal bourgeois state is a tool of the dominant capital class, it must be destr...

GVPT 282 Midterm Latest 2023 Asian Infrastructure Investment Bank (AIIB) The AIIB is a financial institution focused on multilateral development in the Asia-Pacific region. This bank, with its 17-founding member and other joiners, competes with the IFIs established under the Bretton Woods System, mainly the World Bank and IMF. As a result, it threatens U.S.'s power to advance its foreign policy through conditionality for loans. Instead, IFIs may not compete, and this competition allows developi...

MGT 409 Exam 3 Review Questions & Answers 2024/2025 A+ Graded The opening quotation concerning Bath Fitter illustrates the following benefits of vertical integration a) Technical economies from the physical integration of processes b) Avoiding transactions costs involved monitoring and enforcing contracts with external suppliers c) Economies of scale d) None of the above - ANS-b) Avoiding transactions costs involved monitoring and enforcing contracts with external suppliers Corporate str...

Applying material from Item D and your own knowledge, evaluate Marxist explanations of the role of families in society today [20 marks] Item D: Marxist sociologists argue that families continue to perform a key role in maintaining capitalism. Families support the economy and play an important part in transmitting ideology that helps to legitimise the capitalist system. However, some sociologists argue that Marxists place too much importance on the role of families in supporting capitalism a...

Florida Civic Literacy Study Guide (Latest 2024/ 2025 Update) Questions and Verified Answers| 100% Correct| Grade A Q: Why is the Declaration of Independence important? Answer: It says America is free from British control. It says all people are created equal. It identifies inherent rights. It identifies individual freedoms. Q: What founding document said the American colonies were free from Britain? Answer: Declaration of Independence Q: Name two important idea...