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BCOR 1015 MIDTERM 1 Questions and Correct Answers 2024/2025 | Graded A+
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BCOR 1015 MIDTERM 1 Questions and Correct Answers 2024/2025 | Graded A+
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BCOR 1015 MIDTERM 1the main economic questions (rational economic problem) - ANS1. What product am I making
2. who is going to make it
3. who gets the product
scarcity is either... - ANSreal or articficial
hayek - ANSbelieved that knowledge is incomplete, prices are the signals, decision making
must be decentralized
Hayeks view on markets - ANSmarkets are a systematic process that allows us to pool
knowledge
hayek thinks economic problems arise due to ... - ANSchange
Hayek thinks scarcity can be avoided by - ANStechnological advances and societal coordination
economic competition between enterprises... - ANSfuels the drive towards capital accumulation
Hayeks view on goevrnment - ANSfavors decentralized planning
Hayeks favored system - ANSbidding system or market
market economy - ANSuse price - Economic decisions are made by individuals or the open
market.
Central Planned Economy - ANSdecided by state - The central government makes ALL the
decisions on production
cox view on production - ANSswitch from production of profit to production of use
would Hayek agree with cox - ANSNO
UBI - ANSuniversal basic income
conservatives would support this because it would streamline gov't programs
rent control - ANSthe idea of price controls interferes with the market and price signals
fairness - ANSyou get what you give
agreeing what is thought to be right
no discrimination
, equality - ANSeveryone gets the same
state of being equal
equity - ANS- giving people more than others in order to achieve equal
- justice in the way people are treated
- freedom from bias
why not socialism wrap up - ANS- equalize and redistribute
- threats to socialism are human nature (selfish) and limit of social technology
-
option luck - ANSinequality that represents different preferences
market luck - ANSlike a Casino
friedman wrap up - ANS- property rights are a matter of law and social convention
- what is the justification of state intervention
- what is the effect of measures taken
- preferences and choices are okay with economic success
- principle of market economy is the cooperation of voluntary exchange
- capitalism allows for improvement of capacities
taxing on the wealthy according to friedman - ANStaxing the wealth does not lower their wealth
it lowers consumption
freedman's favored tax system - ANSflat rate on income
Friedman view on capitalism - ANSleads to less long run inequality
why does Cohen use a camping example - ANSgood example of socialist principles in a certain
situation
equality of outcome - ANSwe all reach the same finish line together
equality of access - ANSsame opportunities
equality of opportunity - ANSno status restrictions
community principles - ANSfocus on community
egalitarian principles - ANS- meaning that there are little to no distinctions in access or
acquisition of status
- equality of opportunity
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