Bcor 1015 Study guides, Class notes & Summaries
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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 EXAM QUESTIONS AND ANSWERS (2023) (VERIFIED ANSWERS BY EXPERT)
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BCOR 1015 EXAM QUESTIONS AND ANSWERS (2023) 
(VERIFIED ANSWERS BY EXPERT)
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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 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 Midterm1 Exam 2023
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the World's Economic Systems - ANSWER-how a society allocates its resources to provide goods and services. There are unlimited demands and limited resources. 
 
the role of profit - ANSWER-The extent to which the factors of production are owned and/or directed by private interest or publically by the government. Impact: ownership, control, competition, consumer preferences, employment options, profit/taxation 
 
communism - ANSWER--all factors owned by all the people. 
-no competition, *Cuba, N...
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BCOR 1015 Full Bundled Exam 1,Module 1-3 AMidterm Exams Latest Solutions With Questions And Answers
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BCOR 1015 Full Bundled Exam 1,Module 1-3 AMidterm Exams Latest Solutions With Questions And Answers
BCOR Module 2 Complete Solutions With Latest Questions And Answers
BCOR Module 3 Questions And Answers With Latest Tests
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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 MIDTERM 1 Questions And Answers With Latest Solutions
- Exam (elaborations) • 5 pages • 2023
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BCOR 1015 MIDTERM 1 Questions And Answers With Latest Solutions 
BCOR 1015 MIDTERM 1 Questions And Answers With Latest Solutions 
BCOR 1015 MIDTERM 1 Questions And Answers With Latest Solutions 
BCOR 1015 MIDTERM 1 Questions And Answers With Latest Solutions
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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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