Bcor 1015 Study guides, Class notes & Summaries
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BCOR 1015 Final Questions With 100% Solved Solutions!!
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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...
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BCOR 1015 PACKAGE DEAL 2024 ,2025
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BCOR 1015 PACKAGE DEAL 2024 ,2025
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BCOR 1015 Final Exam Questions With 100% Correct Answers
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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...
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BCOR 1015 Final Exam Questions and Answers Verified
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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...
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BCOR 1015 Final EXAM | Questions and Correct Solutions | Latest Update 2024/2025 | Graded A+
- Exam (elaborations) • 8 pages • 2024
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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...
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BCOR 1015 Quiz #1 -Scarcity and Property Rights Questions With 100% Solved Solutions!!
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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...
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BCOR 1015 Quiz #2 - Fairness and Equality Questions and Answers 2024 with complete solution
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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...
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BCOR 1015 Midterm To Final Terms With Complete Solutions
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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...
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BCOR 1015 MIDTERM 1 LATEST 2023 RATED A
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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
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BCOR 1015 Final Exam - Competition and Monopoly Questions & Answers Already Passed!!
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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...
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