Exam 1 Vocab

Question 1

sovereign

Answer 1

someone with absolute power which is indisputable according to Hobbes

Question 2

politics

Answer 2

the authoritative allocation of resources and values within a community

Question 3

delegation

Question 4

state of nature

Answer 4

what Hobbes thinks of the

Question 5

normative question

Answer 5

the way the world “should” be

Question 6

positive question

Answer 6

can help answer normative questions (not about how the world should be, but how it is)

Question 7

central challenge of constructing order

Question 8

factions

Question 9

auxiliary precautions

Question 10

principal

Answer 10

the person that is “hiring out” for the other to do the job

Question 11

agent

Answer 11

the person that is being “hired” to do the job

Question 12

adverse selection

Answer 12

when the information asymmetry exists before the contract is signed

Question 13

moral hazard

Answer 13

when the information asymmetry exists after the contract is signed

Question 14

contract

Answer 14

compensation in exchange for completion

Question 15

asymmetric information

Answer 15

when either the principal or the agent has information that the other does not have access to

Question 16

reservation utility

Answer 16

the outside option

Question 17

political community

Question 18

constitutive stories

Answer 18

accounts that present membership in a part

Question 19

economic stories

Answer 19

joining will advance your economic wellbeing

Question 20

political power stories

Answer 20

joining will advance power/social influence of each member

Question 21

stories of peoplehood

Question 22

public good

Answer 22

a non-excludable, non-rival good

Question 23

non-rival

Answer 23

anyone can accessit

Question 24

non-excludable

Answer 24

the use of it does not take away from anyone else

Question 25

free-riding

Answer 25

undermine the provision of a public good, they do not contribute to the public good

Question 26

collective good

Question 27

prisoners dilemma

Answer 27

the idea that if both stay silent, they will have the best possible outcome, but usually they will not both stay silent

Question 28

selective incentive

Question 29

coordination problem

Question 30

focal point

Question 31

implication

Question 32

primitive

Question 33

coercion

Question 34

elections

Question 35

special case of principal-agent relationship: citizens and elected officials