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BCOR 1015 Study guides, Class notes & Summaries
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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
- Exam (elaborations) • 5 pages • 2024
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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 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 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 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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BCOR 1015 Midterm Review Questions & Answers Already Passed!!
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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...
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BCOR 1015 exam 1 Questions & Answers Already Graded A+
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business - Answer-any profit-seeking organization that provides goods and services designed to satisfy 
customers' needs 
revenue - Answer-money a company brings in through the sale of goods and services 
business model - Answer-a concise description of how a business intends to generate revenue 
profit - Answer-money left over after all the costs involved in doing business have been deducted from 
revenue 
competitive advantage - Answer-some aspect of a product or company that makes it more ap...
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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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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...