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This document contains questions and instructions for an introductory macroeconomics exam, covering various economic concepts and principles as taught in the course.
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Contending Economic Theories: Neoclassical, Keynesian, and Marxian.
Hayek (1899-1992) is known for his vision of the market economy as an information processing system characterized by spontaneous order: the emergence of coherence through the independent actions of large numbers of individuals, each with limited and local knowledge, coordinated by prices that arise from decentralized
Meaning of econ in English economics as a subject of study: It would be a bad idea to start studying econ if you're no good at math.
An economic theory is a set of ideas that attempt to describe a large variety of economic phenomena and explain the inner workings of how an economy functions. There are a variety of different economic theories, each with its own unique perspective on how the economy works.
The primary theory of classical economics states that market economies are, by definition, self-regulating systems that are ruled by the laws of production and exchange.
Microeconomics is the branch of economics that considers the behaviour of decision takers within the economy, such as individuals, households and firms. The word 'firm' is used generically to refer to all types of business.
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As previously mentioned, an economic theory is a model that economists use to analyze, predict, and understand economic behavior. Each theory is based on a set of conditions, relationships, and interrelated factors that are assumed to exist in the economy.

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ECON 10233 is an economics course that typically covers fundamental concepts in microeconomics and macroeconomics, focusing on how individuals and societies allocate resources.
Students who are enrolled in the economics program or fulfilling general education requirements may be required to take ECON 10233.
Students fill out ECON 10233 by following the course syllabus instructions, submitting assignments, and participating in class activities as outlined by the instructor.
The purpose of ECON 10233 is to provide students with a foundational understanding of economic principles, enhancing their analytical and critical thinking skills related to economic issues.
Students must report on course assignments, exam scores, participation metrics, and any research projects or presentations as outlined in the course requirements.
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