Economics: History and Concepts
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Questions and Answers

What is entrepreneurship?

  • The process of hiring and managing employees
  • The study of economic theories and models
  • The act of buying and selling goods
  • The intentional pursuit of new economical value (correct)

    • What is the Cost Theory of Value according to the text?

  • The idea that value is estimated based on willingness to pay
  • The belief that value is based on utility and usefulness
  • The theory that value is determined by amount of labor required to produce it
  • Exchange value is determined by total cost of its production (correct)

    • Who proposed the Labor Theory of Value?

  • Adam Smith
  • Karl Marx (correct)
  • Aristotle
  • John Stuart Mill

    • What does economics estimate as willingness to pay?

    <p>Utility</p> Signup and view all the answers

    What is wrong with the business school?

    <p>Treating people as utility functions, teaching administration</p> Signup and view all the answers

    What did Aristotle understand about value according to the text?

    <p>He was the first person to understand value</p> Signup and view all the answers

    Which theory suggests that value comes from 'socially necessary labor'?

    <p>Subjective Utility Theory</p> Signup and view all the answers

    Who laid out 4 logical axioms enabling expected utility to be widely modeled?

    <p>Von Neumann and Morgenstern</p> Signup and view all the answers

    What does 'diminishing marginal utility' imply?

    <p>The more you have of something, the less it's worth</p> Signup and view all the answers

    Which theory suggests that we cannot perfectly predict people's behavior?

    <p>Subjective Value Theory</p> Signup and view all the answers

    What did psychologists attempt to do in the Reproducibility Crisis?

    <p>Replicate studies</p> Signup and view all the answers

    What is 'utility'?

    <p>How useful something is</p> Signup and view all the answers

    Who suggested that utility could be treated as a unit of analysis and mathematical models could be derived to compute the maximization of a utility function?

    <p>Alfred Marshall</p> Signup and view all the answers

    'Bounded rationality' refers to making decisions based on:

    <p>Limited information and perception</p> Signup and view all the answers

    'As if' theory is associated with which approach to economics?

    <p>'Positivist approach'</p> Signup and view all the answers

    'Subjective Value Theory' suggests that:

    <p>'We value things, They don’t have value'</p> Signup and view all the answers

    What is the meaning of 'entrepreneurship' according to the text?

    <p>The intentional pursuit of new economic value</p> Signup and view all the answers

    What determines the exchange value of a product?

    <p>Total cost of its production</p> Signup and view all the answers

    What did Aristotle comprehend as the basis for value?

    <p>Value coming from socially necessary labor</p> Signup and view all the answers

    What is the Labor Theory of Value associated with?

    <p>Marx</p> Signup and view all the answers

    What is 'utility' estimated as in economics, based on the text?

    <p>Willingness to pay</p> Signup and view all the answers

    What is 'value' determined by?

    <p>Amount of labor required to produce it</p> Signup and view all the answers

    What does the Marginal Revolution propose?

    <p>Value is determined by the lowest use value that a good's supply can meet</p> Signup and view all the answers

    What does Subjective Utility Theory emphasize?

    <p>Reality is perceived through a limited lens of perception</p> Signup and view all the answers

    What is the problem with 'As if' theory according to the text?

    <p>It developed from past behaviors that contradict economists' predictions</p> Signup and view all the answers

    What was the outcome of the Reproducibility Crisis according to the text?

    <p>Only 40 out of 100 studies could be replicated</p> Signup and view all the answers

    What does the Subjective Value Theory suggest?

    <p>We value things, but they don’t have inherent value</p> Signup and view all the answers

    What did Alfred Marshall suggest about utility?

    <p>Utility is still the source of value and it's marginal</p> Signup and view all the answers

    What is the focus of Game Theory according to the text?

    <p>The study of mathematical models for decision-making and interaction among rational decision-makers</p> Signup and view all the answers

    'Bounded rationality' refers to making decisions based on:

    <p>Reality perceived through a limited lens of perception and limited information</p> Signup and view all the answers

    'Utility' is defined as:

    <p>'Usefulness' of something</p> Signup and view all the answers

    What does the Marginal Revolution propose regarding diminishing marginal utility?

    <p>The more you have of something, the less it's worth</p> Signup and view all the answers

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