Name That Reading!
What is "the Greatest Happiness Principle?"
Utilitarianism
What kind of economic system is Mercantilism?
A command economy - power and authority of government resolve conflicting interests
BONUS (+50): What kind of economic system is Capitalism?
What is the law of demand?
As price increases, quantity demanded decreases.
Define the rule of law
Nobody is above the law. It applies to everyone equally.
What principle were the professors demonstrating by auctioning off donuts in lecture?
How a free market works - supply and demand, how self-interest regulates price in a free market.
What reading makes a clear case for independence by critiquing the monarchy and hereditary success?
Thomas Paine, Common Sense
What form of liberty focuses on satisfying individual preferences, owning yourself, your labor, and the results of your labor?
Modern Liberty or Libertarianism
BONUS (+100): what is the difference between Libertarianism and the Liberal Tradition?
What is Opportunity Cost?
The total value of the next best option
BONUS (+50): What is the Law of Comparative Advantage?
Because of crowded city streets, the Provo city council passes an ordinance that forbids students from owning vehicles.
Which rule of law principle does this example violate?
Generality
BONUS (+300): give an example of a violation of Due Process
What did the story of Belly, Jeremiah, and Conrad demonstrate?
Our perceptions of Human Nature change the way we believe people will act.
What reading argues that changing the rules of the market affects the outcomes?
Sperling "Punching Steph Curry"
Name the 4 steps of the Human Predicament cycle AND the solution to the Human Predicament cycle
Tyranny
Revolution
Anarchy
Competing Groups
Solution: found a Good Society based on the values of Liberty, Equality, Community, and Prosperity
What would happen without specialization?
In the absence of this specialization and exchange process, we would all be living in caves—one hundred percent self-sufficient and incredibly poor.
Why were the colonists so upset about taxes?
They were being taxed without representation in parliament - a lack of consent.
Why were the professors cheerleading?
It demonstrated the telos of cheerleading and that in a Greek sense, roles and responsibilities are honorific.
Which author wrote argues that markets do not introduce wrongness where there was nothing wrong to begin with?
Brennan and Jaworski, "If You May Do It for Free, You May Do It for Money"
BONUS (2x points): Define Incidental Limits and the Principle of Wrongful Possession
Name the four ways to resolve collective action problems
Selective Incentives
Political Entrepreneurs
Mass Belief or Ideology
Coercion
BONUS (2x points): Name 3 examples of collective action problems
Give 3 examples of scarcity at BYU
Potential answers:
Room in the testing center on a Friday morning (TAKE YOUR TEST EARLY)
Free pizza during Homecoming Week
ROC tickets to football games
Seating in the library during finals week
Name the 5 aspects of the Rule of Law
Generality
Due Process
Publicity
Prospectivity
Consent
Aside from its being a work of art, why did the professors read Twilight aloud in class?
To demonstrate the debate between Jeremy Bentham and John Stuart Mill on whether there are higher and lower pleasures or not.
Justice chapter 8: According to Aristotle's ideology, where does justice come from?
Justice is honorific - it comes from knowing what virtues should be honored because of the telos of society. Therefore Justice is giving people what they deserve.
Name the two separate principles upon which the earliest colonies were founded.
Jamestown - gold; it was an economic venture
Puritans/Massachusetts Bay/Mayflower - God; they came to worship and create a covenant society
Minnie Mouse sells her hair bows for $5 each. Daisy Duck decides to sell her hair bows for $4 each. According to the role of profits, what will Minnie do?
Either she will lower her price and earn a slightly lower profit, or she will leave the market and find something else to sell.
Explain why Bentham's utilitarianism does not align with the Rule of Law.
According to Bentham, we do not have rights - we only must do what is best to maximize pleasure and minimize pain
BONUS (+100): Why does John Stuart Mill argue Utilitarianism aligns with rights?
What two views were they arguing in the clip from "Community?"
they were arguing about human nature
- is man good or evil?
(Bonus +50 points: distinguish the differences of belief on human nature between Hobbes and Locke)