Hayek said - 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...

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...

Fitzgerald: "I get to the end of all the logic about non-resistance, and there, like an excluded middle, stands the whole heritage of youth. The surrealists have a perspective closest to that of Freud Communism can be defined as state ownership of the means of production Mussolini's establishment of a National Council of Experts, a minimum wage, a retirement system, and high, progressive tax rates helped to inspire Roosevelt's New Deal The prosperity of the 1920s broug...

If God is dead, Ivan Karamazov insists, everything is permitted An invention of the late 1800s: the light bulb The problem of normativity concerns the gap between is and ought Nietzsche wants science to become more playful Dostoevsky: the vision of the anointed inevitably leads to narcissism A two-level theory includes a deep level that ____ what happens at the surface level. determines and explains Doyle's vision is tragic in that Sherlock Holmes has to mak...

Social 10-1 Related Issue #3 Exam Questions and Answers 100% Pass economic globalization - Answer- 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 - Answer- cultures coming together which then influences each other with their ideologies, traditions and beliefs william tabb - Answer- (globalization is healthy but does not benefit all people ...

Thomas Robert Malthus - Answer-population will always tend to outrun the food supply and that the increase of population will take place in a geometrical progression John Stuart Mill - Answer-key figure in the movement known as utilitarianism & founding the concept of human well being in being proponent in the liberal philosophy. Gary Stanley Becker - Answer-Human behavior relates to economics. "My work on human capital began with an effort to calculate both private and social rates of re...

Buying stock on the margin is a way to use leverage. - ANSWER-True Austrian economists tend to favor free market solutions to economic problems, and Keynesians tend to favor an active government. - ANSWER-True If a product faces an elastic demand curve, total revenue will increase when the price increases. - ANSWER-False Opportunity cost is - ANSWER-that which you give up in the best alternative choice when making a decision An increase in gross domestic product (GDP) would be a posi...

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...

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...