Question 1

Which statement accurately describes capitalism?

Accepted Answer

A) Industrial capitalism is characterized by pools,trusts,holding companies and an interpenetration of banking,insurance and industrial interests. 
B) Mercantile capitalism emerged in the United States in the period directly following the civil war. 
C) In state welfare capitalism the government plays an active role in regulating economic activities in an effort to smooth out the boom-and-bust pattern of the business cycle. 
D) Financial capitalism developed in the period immediately prior to the Renaissance. 
A) Industrial capitalism is characterized by pools,trusts,holding companies and an interpenetration of banking,insurance and industrial interests. 
B) Mercantile capitalism emerged in the United States in the period directly following the civil war. 
C) In state welfare capitalism the government plays an active role in regulating economic activities in an effort to smooth out the boom-and-bust pattern of the business cycle. 
D) Financial capitalism developed in the period immediately prior to the Renaissance. C

Question 2

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. C

Question 3

A basic premise of Adam Smith's invisible hand argument is

Accepted Answer

A) human beings try to avoid acquisitive behavior. 
B) when people are left to pursue their own economic interests,disaster looms. 
C) the division of labor,though good for the firm,reduces overall efficiency. 
D) We often get what we want from others by offering something they need from us. 
A) human beings try to avoid acquisitive behavior. 
B) when people are left to pursue their own economic interests,disaster looms. 
C) the division of labor,though good for the firm,reduces overall efficiency. 
D) We often get what we want from others by offering something they need from us. D

Question 4

Evidence for the idea that American manufacturing is declining is

Accepted Answer

A) the fact that government now employs more people than manufacturing. 
B) a reluctance to outsource. 
C) fewer "hollow" corporations. 
D) a shrinking trade deficit. 
A) the fact that government now employs more people than manufacturing. 
B) a reluctance to outsource. 
C) fewer "hollow" corporations. 
D) a shrinking trade deficit.

Question 5

Capital is that money that is invested for the purpose of making more money.

Accepted Answer

A) True 
 B)False

Question 6

Which statement best describes capitalism?

Accepted Answer

A) Capitalism is an economic system in which the means of production and distribution is in state hands. 
B) Capitalism is an economic system that operates under the profit motive. 
C) Capitalism is an economic system that dispenses with competition. 
D) Capitalism is an economic system where the profits generated belong to the state as a whole. 
A) Capitalism is an economic system in which the means of production and distribution is in state hands. 
B) Capitalism is an economic system that operates under the profit motive. 
C) Capitalism is an economic system that dispenses with competition. 
D) Capitalism is an economic system where the profits generated belong to the state as a whole.

Question 7

Rather than strong work ethic,a common attitude is:

Accepted Answer

A) Me-first 
B) Happy days are here to stay 
C) I like it easy 
D) Let the boss sweat it 
A) Me-first 
B) Happy days are here to stay 
C) I like it easy 
D) Let the boss sweat it

Question 8

According to a socialist,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 9

Property ownership involves a generally complex bundle of rights and rules governing how,under what circumstances,and in what ways both the owner and others can use,possess,dispose of,and have access to the thing in question.

Accepted Answer

A) True 
 B)False

Question 10

Socialism is an economic system characterized by public ownership of property and a planned economy.

Accepted Answer

A) True 
 B)False

Question 11

The Fugger dynasty was an example of

Accepted Answer

A) industrial capitalism. 
B) mercantile capitalism. 
C) financial capitalism. 
D) globalized capitalism. 
A) industrial capitalism. 
B) mercantile capitalism. 
C) financial capitalism. 
D) globalized capitalism.

Question 12

What is the "invisible hand" of Adam Smith?

Accepted Answer

The "invisible hand" is a metaphor intro

Question 13

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

Accepted Answer

A) we have 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) we have 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 14

What are the five different historical forms of capitalism?

Accepted Answer

The five different historical forms of c

Question 15

Many economists are concerned that the growing trade deficit makes the U.S.vulnerable to

Accepted Answer

A) terrorist attacks. 
B) depression. 
C) ease. 
D) economic extortion. 
A) terrorist attacks. 
B) depression. 
C) ease. 
D) economic extortion.

Question 16

According to John Stuart Mill,what makes capitalism a desirable economic system is the type of worker-capitalist relationship inherent in capitalism.

Accepted Answer

A) True 
 B)False

Question 17

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 18

Can we justly criticize capitalism for leading to exploitation? Compare and contrast how this question can be answered using two different theories of ethics.

Accepted Answer

From a deontological perspective, we can

Question 19

What are the four features of capitalism?

Accepted Answer

Capitalism is an economic system charact

Question 20

The concept of the "invisible hand" means

Accepted Answer

A) pursuit of private gain will bring the best overall results. 
B) although it can't be seen,the hand of government controls the economy. 
C) feudalism inevitably gives rise to capitalism. 
D) externalities must be internalized. 
A) pursuit of private gain will bring the best overall results. 
B) although it can't be seen,the hand of government controls the economy. 
C) feudalism inevitably gives rise to capitalism. 
D) externalities must be internalized.

Which statement accurately describes capitalism?

According to one survey of cultural values

A basic premise of Adam Smith's invisible hand argument is

Evidence for the idea that American manufacturing is declining is

Capital is that money that is invested for the purpose of making more money.

Which statement best describes capitalism?

Rather than strong work ethic,a common attitude is:

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

Property ownership involves a generally complex bundle of rights and rules governing how,under what circumstances,and in what ways both the owner and others can use,possess,dispose of,and have access to the thing in question.

Socialism is an economic system characterized by public ownership of property and a planned economy.

The Fugger dynasty was an example of

What is the "invisible hand" of Adam Smith?

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

What are the five different historical forms of capitalism?

Many economists are concerned that the growing trade deficit makes the U.S.vulnerable to

According to John Stuart Mill,what makes capitalism a desirable economic system is the type of worker-capitalist relationship inherent in capitalism.

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

Can we justly criticize capitalism for leading to exploitation? Compare and contrast how this question can be answered using two different theories of ethics.

What are the four features of capitalism?

The concept of the "invisible hand" means

The Nature of Morality

Normative Theories of Ethics

Justice and Economic Distribution

Corporations

Consumers

The Environment

The Workplace 1: Basic Issues

The Workplace 2: Todays Challenges

Moral Choices Facing Employees

Job Discrimination

Filters

Exam 4: The Nature of Capitalism

Which statement accurately describes capitalism?

According to one survey of cultural values

A basic premise of Adam Smith's invisible hand argument is

Evidence for the idea that American manufacturing is declining is

Capital is that money that is invested for the purpose of making more money.

Which statement best describes capitalism?

Rather than strong work ethic,a common attitude is:

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

Property ownership involves a generally complex bundle of rights and rules governing how,under what circumstances,and in what ways both the owner and others can use,possess,dispose of,and have access to the thing in question.

Socialism is an economic system characterized by public ownership of property and a planned economy.

The Fugger dynasty was an example of

What is the "invisible hand" of Adam Smith?

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

What are the five different historical forms of capitalism?

Many economists are concerned that the growing trade deficit makes the U.S.vulnerable to

According to John Stuart Mill,what makes capitalism a desirable economic system is the type of worker-capitalist relationship inherent in capitalism.

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

Can we justly criticize capitalism for leading to exploitation? Compare and contrast how this question can be answered using two different theories of ethics.

What are the four features of capitalism?

The concept of the "invisible hand" means

The Nature of Morality

Normative Theories of Ethics

Justice and Economic Distribution

Corporations

Consumers

The Environment

The Workplace 1: Basic Issues

The Workplace 2: Todays Challenges

Moral Choices Facing Employees

Job Discrimination

Filters