According to hayek - Study guides, Class notes & Summaries

ANALYZED ECONOMIC – 1002 FINAL EXAM The _________ refers to the continually reoccurring periods of expansion and contraction of real GDP - CORRECT ANSWER -business cycle The Business Cycle Reference Dates reported by the NBER keep track of when _________________ in the united states begin and end - CORRECT ANSWER -recessions A _______________ is a very severe and long-lasting recession - CORRECT ANSWER -depression An employed worker is part of the economy's ___________________ - CORR...

BCOR 1015 Set Complete Questions And Answers Graded A+ BCOR 1015 Set Complete Questions And Answers Graded A+ "What is the problem we wish to solve when we try to construct a rational economic order?" Hayek Correct Answer: How to secure the best uses of resources to everyone in society, and that everyone have the knowledge of these uses. the main economic questions (rational economic problem) Correct Answer: 1. What product am I making 2. who is going to make it 3. who gets the produc...

ECO 473 Test Bank 1 Which of the following is not included in M1? a. currency b. traveler's checks c. transaction deposits d. savings deposits e. checking accounts - d. savings deposits The functions of money include all of the following, except as a: a. medium of exchange b. store of value c. barter d. unit of account e. standard of deferred payment - c. barter Monetary aggregates are groupings of financial assets that are combined based on their degree of liquidity. Which of th...

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; prices can constantly adapt and update in resp...

BCOR 1015 Final Exam 2023 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;...

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 m...

David Alfaro Siqueiros A Mexican painter. He was one of three main Mexican muralists: Orozco, Rivera, and Siquieros. He painted murals in Mexico after the Mexican Revolution. His murals and other works are more realistic than those of Rivera and Orozco, but they also show aspects of Pre-Colombian culture and its relationship with colonial culture in Mexico. He was very influenced by the politics and his works have Marxist messages. all his works are in Mexico City. Among his best known pieces a...

ECON 496 Midterm Answered;2022. How many times did Adam Smith use "invisible hand" in the Wealth of Nations? How many times did Adam Smith use "ientrepreneur" in the Wealth of Nations? How many times did Adam Smith use "laissez faire" in the Wealth of Nations? How many times did Adam Smith use "system of natural liberty" in the Wealth of Nations? Which term is used more in Wealth of Nations, "supply" or "demand"? How many times is "supply" mentioned in Wealth ...

Blackburn agrees with Butler that not all people act so as to maximize the intensity or duration of any specifc psychological state because: Question 1 options: Too many agents are irrational. Tha nos killed them all. There is too much diversity in the psychological states that agents have. Question 2 (1 point) Olson argues that no one will contribute anything to a commons. (Hint: Olson is discussed by Ostrom.) Question 2 options: True False Question 3 (1 point) Which strategy do Coakley & Kates...

BCOR 1015 Final Exam 2023 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;...