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Biochem 501 > Soc 125 Final Exam > Flashcards

Soc 125 Final Exam Flashcards

1
Q

positive v normative

A

Positive: how things are
Normative: how things ought to be

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2
Q

what has happened to income growth in the us?

A

until 2014, poor and middle class saw largest income growth now its very affluent

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3
Q

who saw an increase in income (elephant chart)

A

rising incomes in china and india

booming global elites

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4
Q

who saw an increase in income (elephant chart)

A

poorest are out of all growth

developed world middle class

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5
Q

what is a liberal democracy?

A
  • government power transferred by voters
  • citizens have rights to protect from government intrusion
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6
Q

what does the law of supply and demand state?

A

supply and demand will converge at a given price point

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7
Q

Pareto optimality

A

society is efficient and resources cannot be allocated to make someone better off without making someone else worse off

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8
Q

what does a classical liberal believe states should do?

A
  • security
  • infrastructure, education, and sanitation
  • ensure competition and limit negative externalities
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9
Q

classical liberal views on what a state should not do

A
  • create anti-poverty programs
  • fund higher education
  • set employer contracts
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10
Q

free market ideal

A

perfect information
costs reflected in prices
no transaction costs
no state interference
motivated by maximizing personal wealth

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11
Q

negative vs positive freedom

A

freedom from
- market is good at this
freedom to
- generates great inequalities

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12
Q

moral argument

A

market capitalism promotes freedom

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13
Q

pragmatic argument

A

market capitalism promotes social efficiency and wealth creation

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14
Q

Market failures

A

allocation of goods is not efficient; market cannot produce optimal outcomes

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15
Q

Market imperfections

A

real-world markets deviate from market ideals
- lack of information
- monopoly

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16
Q

positive externality

A

consumption or production of a good benefits more than just them

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17
Q

negative externality

A

production or consumption of a good impacts more than one group

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18
Q

short time horizon

A

firms only care about profit maximization now causing harm to future generations

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19
Q

sucker pentality

A

difference between your outcome depending on what the other person picks

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20
Q

conditional altruism

A

people are not selfish they just economically rationalize personal gain

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21
Q

opportunity cost

A

what you lost by doing something else

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22
Q

discount rate

A

rate which economic significance declines over time

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23
Q

what is the moral hazard problem?

A

there is no incentive to worry about cost because the bill is paid for

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24
Q

Glass Steagall Act

A

after GD:
- seperated investment banking from commercial banking
- FDIC creation

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25
Q

gramm-leach-biley

A

repealed glass stegal to allow for great efficiency and competitiveness

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26
Q

iron law of urban decay

A

cities will deteriorate overtime
- middle class flees and the tax base erodes causing poverty concentrations

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27
Q

What gini coefficient value corresponds with perfect equality of income distribution?

A

0

28
Q

What economic class percentage has the most wealth?

A

top 20%; bottom 40% has so little wealth they do not show up on the chart

29
Q

when is an inequality unjust?

A

unfair and something can be done to fix it

30
Q

what are the argument types of rhetoric of reaction?

A

futility- wont have any impact
perversity- will make things worse
jeopardy- will threaten something else of value

31
Q

what are the misleading plans for reform?

A

synergy- elements will work positively together
imminent danger- we must do something to prevent catastrope
right side of history- progress is baked into social forces

32
Q

Fair play vs fair share

A

Fair play: equal playing field
Directed towards future
not past
Fair share: resources equally reallocated

33
Q

normative arguements for inequality

A

fairness

34
Q

pragmatic argument for unjust inequality

A

greater the inequality, people work harder and benefit from it

35
Q

oppression vs exploitation

A

oppression: inverse interdependency and inequality exclusion

Exploitation:
appropriation principle

36
Q

inverse interdependent welfare

A

material well-being of one group is inversely related to material deprivations of another

37
Q

inequality exclusion principle

A

excluding a disadvantaged group from resources controlled by advantaged group

38
Q

appropriation principle

A

advantaged groups control of the labor effort and wealth generated by the disadvantaged group

39
Q

what is the poverty level?

A

3x cost of minimal diet

40
Q

how is poverty defined elsewhere?

A

less than 50% of median income

41
Q

poverty gap

A

% difference between mean income of the poor and poverty line

42
Q

how did TANF impact families recieving welfare benefits

A

decreased the number recieving

43
Q

What are the two forms of welfare spending?

A

Direct government spending: ie food stamps
Tax expenditures:
mortgage deductions, tax deductions

44
Q

what is the difference between means tested and universal programs

A

means tested: person only benefits if they fall below a level of income

universal programs: everyone benefits regardless of income

45
Q

pragmatic arguments against BIG

A

too many people will stop working for pay

taxes to pay for big will be to high so no incentive to work

46
Q

Second class citizenship

A

giving different categories of people different rights on the basis of an undesired attribute

47
Q

semi-free labor

A

labor market which non-citizens are not given rights and protections

48
Q

13th amendment

A

abolished slavery

49
Q

14th amendment

A

all citizens have equal rights

50
Q

15th amendment

A

allowed voting

51
Q

when did US incarceration rates increase?

A

1980

52
Q

how have white and black wealth increases differed?

A

since 1960 black wealth has almost not changed where as white wealth has dramatically increased

53
Q

how has black and white wealth gap changed?

A

roughly the same from 1968

54
Q

how have black americans median income changed

A

decreased from 200

55
Q

how has black homeownership changed?

A

beginning to retreat

56
Q

how many black adults are currently employed

A

fewer than half

57
Q

how much parental leave do people receive in the US?

A

0

58
Q

what is womens first and second choice for family dynamic?

A

First: egalitarian
Second: self-reliant

59
Q

what is mens first and second choice for family dynamic?

A

First: egalitarian
Second: neo-traditional

60
Q

what are status inequalities

A

inequalities due to personal attributes

61
Q

capitalist free market economy

A

prices set by supply and demand,

62
Q

pragmatic argument for inequality

A

poor people will be worse off because wealthy people invest and stimulate the economy

63
Q

pragmatic argument against inequality

A

materials are concentrated to the rich
erodes sense of community and trust

64
Q

what happened to union density in 1950

A

decreased

65
Q
A

Biochem 501 (1 decks)

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