Discuss the process of transformation of resources

Reference no: EM131686000

Assignment

1-In Mark Skousen's article, "What is Economics, Anyway?," he bemoans the apparent fact that the modern definition of economics is incomplete. What does he say is missing?

A. relationship between means and ends
B. the concept of scarcity
C. the process of transformation of resources
D. allocation toward competing ends

2- The "Broken Window" fallacy is one of the most famous metaphors in free market economics circles. In the story, what exactly does Hayek say is fallacious about the crowd's thinking?

A. Their belief that the hoodlum is somehow a public benefactor by breaking the window.
B. The crowd's accusation of the hoodlum as a menace.
C. That the glazier will be no more unhappy to learn of the breaking of the window than an undertaker to learn of a death.
D. Their inclusion of the glazier and baker in the solution to the problem

3- True or False/Then Explain your answer (in 2 sentences, no more!):

From the perspective of the defeated nation, wartime destruction is an economic blessing. Hint: think Germany during both World Wars.

4- We discussed the concept of "concentrated benefits, dispersed costs." In a few short sentences, please explain what this means and give an example of its application.

Reference no: EM131686000

Questions Cloud

Explain the factors that will affect demand and supply : Explain the factors that will affect demand, supply, and prices of that product. Analyze any comparative advantages and international trade opportunities.

Discuss how the geopolitical competition in north america : Discuss how the geopolitical competition in North America from the late 1500s to the 1770s shaped the thirteen English colonies

What type of compensation policy would you expect to observe : What type of compensation policy would you expect to observe in an industry with rapidly changing technology? Explain.

Find the regression of charitable contributions on income : The following table gives information on the incomes (in thousands of dollars) and charitable contributions (in hundreds of dollars) for the last year.

Discuss the process of transformation of resources : Discuss the process of transformation of resources. In the story, what exactly does Hayek say is fallacious about the crowd's thinking?

Discuss ways the negative impacts from invasive species : Discuss ways the negative impacts from invasive species could be minimized or prevented

Compute the standard deviation of errors : The following data give information on the lowest cost ticket price (in dollars) and the average attendance (rounded to the nearest thousand).

Define ecosystems important to environmental science : Why is understanding the cycling of matter and energy in ecosystems important to environmental science

How can asymmetric information lead to loans defaults : What will be the content of your talk? How can Asymmetric information lead to loans defaults, how can the bank solve this problem and so on.

User Account

All Pages