BCOR 1015 Final Exam Questions With 100% Correct Answers

BCOR 1015 Final Exam Questions With 100% Correct Answers What are Hayeks views on planning and decision making? - answerhe believes in decentralized knowledge HAYEK: what is decentralized knowledge? - answerspreading knowledge amongst people is Hayek against centralization? - answeryes HAYEK: how does the price system coordinate resources? - answerprice signals are used to make decisions and send information to other groups because prices are lower or higher what are price signals? - answersignals wrapped up in incentives; prices can constantly adapt and update in response to new information HAYEK: what is arbitrage? - answerbenefitting from peoples ignorance; buying something cheap at a flea market then re-selling at a higher price Does Hayek argue that arbitrage is moral or immoral? - answerarbitrage is moral if its helping allocate resources What article did Cohen write? - answerWhy not socialism COHEN: what is the bourgeois equality of opportunity - answerremoval of socially constructed status restrictions COHEN: what is the leftest liberal equality of opportunity - answerremoval of the disadvantages of circumstances, even if not socially constructed (but leaves differences in opportunity related to "naive or inborn traits") COHEN:what is the socialist equality of opportunity - answercorrects for all unchosen disadvantages, that is, for which the agent cannot be held responsible, whether they be disadvantages What were the three inequalities Cohen thought existed? - answer1. Laws (formal) 2. Unchosen Social Disadvantages (informal) 3. Raw Talent Because of these 3 things, he wanted to diminish the equality of opportunity