Hayek - Study guides, Class notes & Summaries
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A level edexcel economics a paper 1 mark scheme 2023
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Mark Scheme (Results) 
Summer 2023 
Pearson Edexcel GCE A Level 
In Economics A (9EC0) 
Paper 01: Market and Business Behaviour 
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Test Bank for Cohn Global Political Economy Theory and Practice 7th Edition
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Test Bank for Cohn Global Political Economy Theory and Practice 7th EditionChapter 1 Introduction 
Multiple Choice 
1) Theorists who define globalization primarily as an economic phenomenon with little effect on the primacy of states are 
a) moderate globalists. b) hyperglobalists. c) internationalists. d) liberal economists. 
Answer: c; Page 7 
2) Theorists who emphasize the fact that international relations is a “self- help” system are most often 
a) historical materialists. b) liberals. c...
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BCOR 1015 Midterm Exam Questions and Answers (Scored A)
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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...
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BCOR 1015 Final Exam 2023 Questions and Answers Verified
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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;...
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BCOR 1015 Final Questions and Answers Graded A
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BCOR 1015 Final Questions and Answers Graded A 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 consta...
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BCOR 1015 Final EXAM | Questions and Correct Solutions | Latest Update 2024/2025 | Graded A+
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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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Social 10-1 Related Issue 3 Latest Update Graded A+
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Social 10-1 Related Issue 3 Latest 
 
Update Graded A+ 
 
economic globalization the increasing interconnectedness of people and places as a result of 
advances in transport, communication and info tech that cause political, economic and cultural 
convergence 
 
cultural convergence cultures coming together which then influences each other with their 
ideologies, traditions and beliefs 
 
william tabb (globalization is healthy but does not benefit all people economically) he's 
neutral about gl...
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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 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 MIDTERM 1 QYESTIONS WITH B100 % CORRECT ANSWERS | VERIFIED
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the main economic questions (rational economic problem) - Answer-1. What product am I making 
2. who is going to make it 
3. who gets the product 
scarcity is either... - Answer-real or articficial 
hayek - Answer-believed that knowledge is incomplete, prices are the signals, decision making must be 
decentralized 
Hayeks view on markets - Answer-markets are a systematic process that allows us to pool knowledge 
hayek thinks economic problems arise due to ... - Answer-change 
Hayek thinks scarci...
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Social Studies 10-1: Unit 3 Latest Update Graded A+
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Social Studies 10-1: Unit 3 Latest Update 
 
Graded A+ 
 
Big economic boom example 
In the 1920s - The rebuild after WWI caused an economic 'boom' around the world. 
What happened to the economy during the Great Depression? 
1929 - USA's stock market crashPre-crash = closest to "true" capitalism 
Economic interconnectedness = Global recession -> Global depression 
 
1930's - banks failed- people lost savings- mass unemployment/poverty- nations turned inwards- 
high tariffs- world trade...
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