Centrally planned economy - Study guides, Class notes & Summaries

People face trade-offs correct answers (principle 1 of economics) To get one thing, you have to give up something else. Making decision requires trading off one goal against another. efficiency correct answers the property of a resource allocation of maximizing the total surplus received by all members of society. Refers to the size of the economic pie equality correct answers the property of distributing economic prosperity uniformly among the members of society. Refers to how the pie is ...

Social Studies 10-1: Unit 3 - Economic Globalization Already Passed Nationalize The taking over of ownership by a government from private businesses Common Market An agreement between or among countries that includes the free trade of goods and services and the free movement of capital and labour within the trading bloc International Bank for Reconstruction and Development (IBRD) An institution of the World Bank that helps low & middle income countries re-develop International D...

1) The recent global economic crisis has led to which of the following? A) governments seeking to impose more constraints on capitalism B) governments seeking to eliminate constraints on capitalism C) governments seeking to increase the interdependence of developing economies D) governments seeking to eliminate the interdependence of developing economies : A) governments seeking to impose more constraints on capitalism 2) Which of the following is most likely a true statement about the glo...

Economics correct answers the study of how society manages its scarce resources 5 principles correct answers 1. People Face Trade-Offs 2. Opportunity Cost 3. People respond to incentives 4. Markets are usually a good way to organize economic activities 5. Governments can sometimes improve market outcomes 1. People Face Trade-Offs correct answers Individual Trade-Offs Society's Trade-Offs -efficiency and equality -ex: progressive income tax (equ. inc, effic. dec) 2. Opportunity...

ECON 1B03 Chapter 1 questions and answers

Hayek's argument - Answer-He asserts that a centrally planned economy could never match the efficiency of the open market because what is known by a single agent is only a small fraction of the sum total of knowledge held by all members of society. A decentralized economy thus complements the dispersed nature of information spread throughout society. 3 main point of Hayek - Answer-Information is needed for rational economic order Information is decentralized dispersed knowledge Price me...

International Business Chapter 3 Latest Update 100% Pass Economic system Structure and processes that a country uses to allocate its resources and conduct its commercial activities Centrally planned economy Economic system in which a nation's land, factories, and other economic resources are owned by the government, which plans nearly all economic activity Mixed Economy Economic system in which land, factories, and other economic resources are rather equally split between private...

Economics correct answers the social science that studies how individuals, institutions and society make optimal choices under conditions of scarcity. Scarcity correct answers limited resources Opportunity Cost correct answers the lost or forgoing of the next best thing to recieve an additional unit of something Utility correct answers the benefit an indicidual recieves from the consumption of a good or service Marginal Cost correct answers the cost of consumption of one additoinal u...

Chapter 03 National Differences in Economic Development True / False Questions 1. GNI allows a more direct comparison of living standards in different countries. True False 2. In Sen's view, development is an economic process that should be assessed by material output measures such as GNI per capita. True False 3. Life expectancy at birth is one of the measures used by the Human Development Index (HDI) to measure the quality of human life in different nations....

ANSC 1401 Final Exam Review Cortisol - answera hormone produced by the adrenal cortex. It is elevated during stress and has been used as a gauge for degree of stress an animal is under Dark Cutter - answeran animal which is stressed at the time of slaughter Flight or fight response - answerresponse to a perceived harmful event , attack, or threat to survival Flight zone - answerthe distance that an animal is caused to flee from the intruder, animal's personal space Point of balance - an...