Connect Online Access for Essentials of Economics
11th Edition
ISBN: 9781260521269
Author: Bradley Schiller, Karen Gebhardt
Publisher: Mcgraw-hill Higher Education (us)
expand_more
expand_more
format_list_bulleted
Question
Chapter 1, Problem 8QFD
To determine
The kind of knowledge central planners must possess to efficiently manage the economy.
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
Distinguish between theory of planning and theory in planning
Hayek suggests the best solution to society's problem is central planning.
True or False
Write a Comprehensive Note on the Major Problems of Economic Planning.
Chapter 1 Solutions
Connect Online Access for Essentials of Economics
Knowledge Booster
Similar questions
- Hello, I sent those questions earlier and was told that all of them could not be answered at the same time. So I have the explanations for a, b, and c. And now I would like help for d, and e. Thank youarrow_forwardHow has your study of Economics so far provided insight to the business world around you?arrow_forwardEconomist Friedrich Hayek argued that when knowledge is decentralized and disbursed among many people. a) the greater the share of knowledge the heads of firms and governments can and must know to be successful. b)the smaller the share of knowledge the heads of firms and governments can know to be successful. c) the greater the need for centralized, top-down planning within large firms and governments. d) the greater the need for firms and governements to avoid markets.arrow_forward
- Economics came from the Greek word Oikos which means scarcity. Select one: True Falsearrow_forwardFrom where concept of economic planning is derived?arrow_forwardIf a macroeconomist studying the causes of unemployment suspects that changes in technology might play a role, then this macroeconomist is at which step in the process of developing an economic model? Compare the model with the data. Conduct prediction and policy analysis. Develop a model. Identify the endogenous variables. Identify the exogenous variables.arrow_forward
- What argument, based on macroeconomic theory, might a government use to justify shutting down a newspaper critical of its policies? If you were asked to provide a counterargument, what would it be? Explain.arrow_forwardAn economic model is a complex version of reality used to analyse real world economic situation True or Falsearrow_forwardWhat are the responsibilities of an economic analyst? Elaborate in complete sentences using mathematical terms.arrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you