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In economics, a cardinal utility expresses not only which of two outcomes is preferred, but also the intensity of preferences, i.e. how much better or worse one outcome is compared to another. [1] In consumer choice theory, economists originally attempted to replace cardinal utility with the apparently weaker concept of ordinal utility.
The Basic State Exam (Russian: Основной государственный экзамен; OGE) is the final exam for basic general education courses in Russia. It serves to assess the knowledge acquired by students over 9 years of schooling and is also used for admission to secondary vocational education institutions (colleges and ...
Just before his death in 1946, Keynes told Henry Clay, a professor of social economics and advisor to the Bank of England, [67] of his hopes that Adam Smith's "invisible hand" could help Britain out of the economic hole it was in: "I find myself more and more relying for a solution of our problems on the invisible hand which I tried to eject ...
The expected utility hypothesis is a foundational assumption in mathematical economics concerning decision making under uncertainty. It postulates that rational agents maximize utility, meaning the subjective desirability of their actions. Rational choice theory, a cornerstone of microeconomics, builds this postulate to model aggregate social ...
The earlier term for the discipline was "political economy", but since the late 19th century, it has commonly been called "economics". [22] The term is ultimately derived from Ancient Greek οἰκονομία (oikonomia) which is a term for the "way (nomos) to run a household (oikos)", or in other words the know-how of an οἰκονομικός (oikonomikos), or "household or homestead manager".
For example, in 2017 September mock exam, a question featuring both the arts and technology was about the scientific origin and the artistic use of concrete architecture. In the 2019 exam, science and the humanities was mixed in a text about the differing viewpoints of Eastern and Western philosophers regarding the universe.
The American Civil War (1861–1865) was partly triggered by the tariff question. Southern agricultural states opposed any form of protection, while northern industrial states wanted to maintain protection. The fledgling Republican Party led by Abraham Lincoln, who called himself a "Henry Clay tariff Whig", strongly opposed free trade. Early in ...
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