Centrally planned economy Study guides, Class notes & Summaries

ECON 101 DSM 2 Exam - Questions and Answers Contracts, insurance, patents, and accounting rules are: inventions that make the market work better The principle of increasing marginal opportunity cost states that the more resources are devoted to any activity, the ________ the payoff to devoting additional resources to that activity Smaller An outward shift on the PPF curve is most lively caused by: a technological advance that affects both variables In what type of economy does the government d...

ANSC 1401 Final Exam Review Cortisol - answera hormone produced by the adrenal cortex. It is elevated during stress and has been used as a gauge for degree of stress an animal is under Dark Cutter - answeran animal which is stressed at the time of slaughter Flight or fight response - answerresponse to a perceived harmful event , attack, or threat to survival Flight zone - answerthe distance that an animal is caused to flee from the intruder, animal's personal space Point of balance - an...

IB Economics HL 2023 Ceteris paribus - ANS-all other things are being held equal positive economics - ANS-matters of economics that can be proven to be right or wrong by looking at the facts normative economics - ANS-matters of economics that are based upon opinion and so are incapable of being proven to be right or wrong scarcity - ANS-the limited availability of economic resources relative to societys unlimited demand for goods and services land - ANS-the physical factor of producti...

state autonomy is - Answer- the ability of the state to wield power independent of public and international actors Which of the following combinations of capacity and internal autonomy best fits the United States - Answer- Low autonomy, high capacity Examples of states that are not or have not been considered failed states - Answer- UK, USA, Japan, India Which of the following states most closely fits the ideal model of a nation-state? - Answer- Japan Which of the following historica...

What is Macroeconomics The study of the economy as a whole including topics such as inflation unemployment and economic growth What is the current unemployment rate 4.1% What are the 3 economic ideas about how people make choices in the market 1 people are rational 2 people respond to economic incentives 3 optimal decisions are made at the margins What does people are rational mean people take into account all available information when making a decision What do...

Hayek - The Use of Knowledge in Society - ANSWER -Complexity of pricing is so complex no person can determine it. -Argued that decision-making must be decentralized to take into account this dispersed knowledge -No one person is as knowledgeable as all of us together. -Markets provide a systemic process that allows us to pool our individual knowledge. -Business people make decisions using price signals. -Price signals allow for sophisticated coordination even when individuals have never me...

NES 102 practice test questions and answers graded A+ Informational Texts Meant to teach the reader facts about a subjects Pragmatics The study of language in its use Literal Comprehension Understanding the meaning of words in a passage, identify topic sentence or supporting detials Inferential Comprehension Using information explicitly stated in the passage to determine info that is not stated. evaluative Comprehension Analysis or making Judgements about info presented in the text. Phoneme...

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...

1. International macroeconomics studies: A) decisions of individual households in other countries. B) decisions by governments in other countries. C) the interrelationship of large-scale economic issues across countries. D) the interrelationship of politics and economics within a country. 2. International macroeconomics focuses on: A) isolated nations. B) economy-wide variables such as interest rates, income, prices, and wealth. C) city-level economic problems. D) market-s...

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...