Bcor 1015 midterm exam Study guides, Class notes & Summaries
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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 Midterm Exam Review with Complete Solutions
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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 m...
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BCOR 1015 Midterm Exam Questions and Answers Graded A+
- Exam (elaborations) • 4 pages • 2023
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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 m...
-
BCOR 1015 Midterm &BCOR 2205 Final Exam Bundle Solutions Pack
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BCOR 1015 Midterm1 Exam 2023
BCOR 1015 Midterm Exam Questions and Answers Graded A+
BCOR 1015 Midterm Exam Review with Complete Solutions
BCOR 2205 Final Exam Latest Updated with Complete Solutions
BCOR 1015 MIDTERM 1 EXAM GRADED A+
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BCOR 1015 MIDTERM 1 EXAM GRADED A+
- Exam (elaborations) • 5 pages • 2023
- Available in package deal
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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 th...
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