Question 1

According to Adam Smith, the division of labor decreases economic activity.

Accepted Answer

A) True 
 B)False  False

Question 2

Adam Smith claims that the proper role of governments is to restrict and regulate the self-interested behavior of business organizations for the common good.

Accepted Answer

A) True 
 B)False  False

Question 3

None of the specific measures proposed by Marx and Engels in the Communist Manifesto have been implemented in capitalist countries.

Accepted Answer

A) True 
 B)False  False

Question 4

What is the "invisible hand" of Adam Smith?

Accepted Answer

The "invisible hand" is a metaphor intro

Question 5

In contrast to traditional manufacturers, many companies have become hollow corporations who

Accepted Answer

A)  increase their manufacturing operations in the U.S. 
B)  prefer their own production base and not a network of small operators both foreign and domestic. 
C)  make nearly all crucial parts. 
D)  outsource and likely produce only the package and the label . 
A)  increase their manufacturing operations in the U.S. 
B)  prefer their own production base and not a network of small operators both foreign and domestic. 
C)  make nearly all crucial parts. 
D)  outsource and likely produce only the package and the label .

Question 6

One reason for believing that in practice capitalism fails to live up to its own ideal of competition is

Accepted Answer

A)  government subsidies and protective tariffs. 
B)  monopolies control almost all areas of economic life. 
C)  so many small companies go bankrupt. 
D)  the outsourcing of jobs. 
A)  government subsidies and protective tariffs. 
B)  monopolies control almost all areas of economic life. 
C)  so many small companies go bankrupt. 
D)  the outsourcing of jobs.

Question 7

For the first time since the Industrial Revolution, less than _____ percent of the American workforce was employed by manufacturing.

Accepted Answer

A)  10 
B)  25 
C)  50 
D)  62 
A)  10 
B)  25 
C)  50 
D)  62

Question 8

What are the four features of capitalism?

Accepted Answer

Capitalism is an economic system charact

Question 9

Capitalism operates on the debatable assumption that human beings find increased well-being through

Accepted Answer

A)  production of equality. 
B)  eliminating poverty. 
C)  greater material consumption. 
D)  a higher sense of purpose. 
A)  production of equality. 
B)  eliminating poverty. 
C)  greater material consumption. 
D)  a higher sense of purpose.

Question 10

One of the four key features of capitalism is

Accepted Answer

A)  favoritism. 
B)  cooperation. 
C)  inequality. 
D)  private property. 
A)  favoritism. 
B)  cooperation. 
C)  inequality. 
D)  private property.

Question 11

How can you justify the role of "sweatshops" after reading the article, "In Defense of International Sweatshops."? Defend your position with facts.

Accepted Answer

After reading the article "In Defense of

Question 12

Why do some critics of competition believe that it isn't all that it's cracked up to be?

Accepted Answer

Critics of competition argue that it isn

Question 13

The concept of the "invisible hand" means

Accepted Answer

A)  each person's private pursuit of wealth will result in the most beneficial overall organization and distribution of economic resources. 
B)  although it can't be seen, the hand of government controls the economy and exerts a beneficial pressure that promotes economic welfare. 
C)  feudalism inevitably gives rise to capitalism. 
D)  externalities must be internalized. 
A)  each person's private pursuit of wealth will result in the most beneficial overall organization and distribution of economic resources. 
B)  although it can't be seen, the hand of government controls the economy and exerts a beneficial pressure that promotes economic welfare. 
C)  feudalism inevitably gives rise to capitalism. 
D)  externalities must be internalized.

Question 14

What are the five different historical forms of capitalism?

Accepted Answer

The five different historical forms of c

Question 15

Utilitarians reject the very idea of a natural right to property.

Accepted Answer

A) True 
 B)False

Question 16

Implicit in capitalism is the view that human beings aim to maximize their economic self-interest.

Accepted Answer

A) True 
 B)False

Question 17

According to one survey of cultural values

Accepted Answer

A)  Americans value work more than Japanese do. 
B)  for Americans, only good health is more important than work. 
C)  Americans typically value things like their children's education and a satisfactory love life more than work. 
D)  Americans place no value on work, only on money. 
A)  Americans value work more than Japanese do. 
B)  for Americans, only good health is more important than work. 
C)  Americans typically value things like their children's education and a satisfactory love life more than work. 
D)  Americans place no value on work, only on money.

Question 18

What reason is there for thinking that American manufacturing is declining?

Accepted Answer

There are several reasons that have led

Question 19

According to Marx, the best economic system would be one where the means of production and distribution are in the hands of the bourgeoisie.

Accepted Answer

A) True 
 B)False

Question 20

For employees who are paid handsomely for their efforts, Marx said their work would ultimately prove to be

Accepted Answer

A)  profitable to them. 
B)  expensive to them. 
C)  meaningless to them. 
D)  tireless. 
A)  profitable to them. 
B)  expensive to them. 
C)  meaningless to them. 
D)  tireless.

According to Adam Smith, the division of labor decreases economic activity.

Adam Smith claims that the proper role of governments is to restrict and regulate the self-interested behavior of business organizations for the common good.

None of the specific measures proposed by Marx and Engels in the Communist Manifesto have been implemented in capitalist countries.

What is the "invisible hand" of Adam Smith?

In contrast to traditional manufacturers, many companies have become hollow corporations who

One reason for believing that in practice capitalism fails to live up to its own ideal of competition is

For the first time since the Industrial Revolution, less than _____ percent of the American workforce was employed by manufacturing.

What are the four features of capitalism?

Capitalism operates on the debatable assumption that human beings find increased well-being through

One of the four key features of capitalism is

How can you justify the role of "sweatshops" after reading the article, "In Defense of International Sweatshops."? Defend your position with facts.

Why do some critics of competition believe that it isn't all that it's cracked up to be?

The concept of the "invisible hand" means

What are the five different historical forms of capitalism?

Utilitarians reject the very idea of a natural right to property.

Implicit in capitalism is the view that human beings aim to maximize their economic self-interest.

According to one survey of cultural values

What reason is there for thinking that American manufacturing is declining?

According to Marx, the best economic system would be one where the means of production and distribution are in the hands of the bourgeoisie.

For employees who are paid handsomely for their efforts, Marx said their work would ultimately prove to be

The Nature of Morality

Normative Theories of Ethics

Justice and Economic Distribution

Corporations

Consumers

The Environment

The Workplace Basic Issues

The Workplace Todays Challenges

Moral Choices Facing Employees

Job Discrimination

Filters

Exam 4: The Nature of Capitalism

According to Adam Smith, the division of labor decreases economic activity.

Adam Smith claims that the proper role of governments is to restrict and regulate the self-interested behavior of business organizations for the common good.

None of the specific measures proposed by Marx and Engels in the Communist Manifesto have been implemented in capitalist countries.

What is the "invisible hand" of Adam Smith?

In contrast to traditional manufacturers, many companies have become hollow corporations who

One reason for believing that in practice capitalism fails to live up to its own ideal of competition is

For the first time since the Industrial Revolution, less than _____ percent of the American workforce was employed by manufacturing.

What are the four features of capitalism?

Capitalism operates on the debatable assumption that human beings find increased well-being through

One of the four key features of capitalism is

How can you justify the role of "sweatshops" after reading the article, "In Defense of International Sweatshops."? Defend your position with facts.

Why do some critics of competition believe that it isn't all that it's cracked up to be?

The concept of the "invisible hand" means

What are the five different historical forms of capitalism?

Utilitarians reject the very idea of a natural right to property.

Implicit in capitalism is the view that human beings aim to maximize their economic self-interest.

According to one survey of cultural values

What reason is there for thinking that American manufacturing is declining?

According to Marx, the best economic system would be one where the means of production and distribution are in the hands of the bourgeoisie.

For employees who are paid handsomely for their efforts, Marx said their work would ultimately prove to be

The Nature of Morality

Normative Theories of Ethics

Justice and Economic Distribution

Corporations

Consumers

The Environment

The Workplace Basic Issues

The Workplace Todays Challenges

Moral Choices Facing Employees

Job Discrimination

Filters