BCOR 1015 Final Exam Questions and Answers (100% Pass)
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Course
BCOR
Institution
BCOR
BCOR 1015 Final Exam Questions and
Answers (100% Pass)
What are Hayeks views on planning and decision making? - Answer️️ -
he believes in decentralized knowledge
HAYEK: what is decentralized knowledge? - Answer️️ -spreading
knowledge amongst people
is Hayek against centralization? - A...
BCOR 1015 Final Exam Questions and
Answers (100% Pass)
What are Hayeks views on planning and decision making? - Answer✔️✔️-
he believes in decentralized knowledge
HAYEK: what is decentralized knowledge? - Answer✔️✔️-spreading
knowledge amongst people
is Hayek against centralization? - Answer✔️✔️-yes
HAYEK: how does the price system coordinate resources? - Answer✔️✔️-
price signals are used to make decisions and send information to other
groups because prices are lower or higher
what are price signals? - Answer✔️✔️-signals wrapped up in incentives;
prices can constantly adapt and update in response to new information
HAYEK: what is arbitrage? - Answer✔️✔️-benefitting 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? - Answer✔️✔️-
arbitrage is moral if its helping allocate resources
What article did Cohen write? - Answer✔️✔️-Why not socialism
COHEN: what is the bourgeois equality of opportunity - Answer✔️✔️-
removal of socially constructed status restrictions
COHEN: what is the leftest liberal equality of opportunity - Answer✔️✔️-
removal 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 - Answer✔️✔️-corrects
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? - Answer✔️✔️-1.
Laws (formal) 2. Unchosen Social Disadvantages (informal) 3. Raw Talent
Because of these 3 things, he wanted to diminish the equality of
opportunity
COHEN: what is the relationship between equality and community? -
Answer✔️✔️-According to cohen reducing inequality involves both
equalizing and also a redistribution policy
Is Cohen a socialist? - Answer✔️✔️-yes
FRIEDMAN: is income equality or inequality fair? - Answer✔️✔️-he thinks
inequality should be allowed due to practical and moral reasons
COHEN: what did he believe in, in regards to redistribution? - Answer✔️✔️-
Believed in redistribution through a flat tax rate - equality
People w/ higher incomes get taxed more than poor people and that is
UNFAIR
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