Question 1

The sense of private property that is central to capitalism is the ownership of the means of production and distribution.

Accepted Answer

A) True 
 B)False

Question 2

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

Accepted Answer

A) True 
 B)False

Question 3

The U.S.trade deficit has shrunk significantly in recent decades.

Accepted Answer

A) True 
 B)False

Question 4

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 5

According to Adam Smith,individuals have natural endowments that should determine the kind of work they do.

Accepted Answer

A) True 
 B)False

Question 6

What we call capitalism did not fully emerge until the Renaissance in Europe during the 15th and 16th centuries.

Accepted Answer

A) True 
 B)False

Question 7

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 8

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

Accepted Answer

A) True 
 B)False

Question 9

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.

Question 10

What does it mean to say that American companies are too focused on the short term?

Accepted Answer

When it is said that American companies

Question 11

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 12

Which of the following accurately reflects the concept of Marxism?

Accepted Answer

A) It is only within a capitalist economic system that workers are not alienated from the products of their labor. 
B) Only workers who are poorly paid for their labor are alienated. 
C) Within a capitalist economic system,the activity of labor is an end in itself and,as a result,has intrinsic value. 
D) Labor is alienated in a capitalist economic system (in part)because the labor of a worker stands opposed to the worker as an autonomous power. 
A) It is only within a capitalist economic system that workers are not alienated from the products of their labor. 
B) Only workers who are poorly paid for their labor are alienated. 
C) Within a capitalist economic system,the activity of labor is an end in itself and,as a result,has intrinsic value. 
D) Labor is alienated in a capitalist economic system (in part)because the labor of a worker stands opposed to the worker as an autonomous power.

Question 13

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

Accepted Answer

A) True 
 B)False

Question 14

Socialism is an economic system characterized by public ownership of the means of production and distribution,and a planned economy.

Accepted Answer

A) True 
 B)False

Question 15

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 16

Marxism states

Accepted Answer

A) capitalism leads to a concentration of property and thus a concentration of resources and power in relatively few hands. 
B) socialism will eventually be replaced by financial capitalism. 
C) the means of production should be placed under the control of the bourgeoisie. 
D) only workers who are poorly paid in a capitalist system are alienated. 
A) capitalism leads to a concentration of property and thus a concentration of resources and power in relatively few hands. 
B) socialism will eventually be replaced by financial capitalism. 
C) the means of production should be placed under the control of the bourgeoisie. 
D) only workers who are poorly paid in a capitalist system are alienated.

Question 17

Sometimes capitalism is defended based on the idea that we have a natural right to property.How might this defense be criticized?

Accepted Answer

The defense of capitalism based on the i

Question 18

According to Marx,when workers are alienated they are not truly free.

Accepted Answer

A) True 
 B)False

Question 19

What is the difference between capitalism and socialism? What is "worker control socialism"?

Accepted Answer

Capitalism and socialism are two differe

Question 20

What is the "invisible hand" of Adam Smith?

Accepted Answer

The "invisible hand" is a metaphor intro

The sense of private property that is central to capitalism is the ownership of the means of production and distribution.

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

The U.S.trade deficit has shrunk significantly in recent decades.

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

According to Adam Smith,individuals have natural endowments that should determine the kind of work they do.

What we call capitalism did not fully emerge until the Renaissance in Europe during the 15th and 16th centuries.

Which statement best describes capitalism?

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

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

What does it mean to say that American companies are too focused on the short term?

The concept of the "invisible hand" means

Which of the following accurately reflects the concept of Marxism?

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

Socialism is an economic system characterized by public ownership of the means of production and distribution,and a planned economy.

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

Marxism states

Sometimes capitalism is defended based on the idea that we have a natural right to property.How might this defense be criticized?

According to Marx,when workers are alienated they are not truly free.

What is the difference between capitalism and socialism? What is "worker control socialism"?

What is the "invisible hand" of Adam Smith?

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

The sense of private property that is central to capitalism is the ownership of the means of production and distribution.

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

The U.S.trade deficit has shrunk significantly in recent decades.

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

According to Adam Smith,individuals have natural endowments that should determine the kind of work they do.

What we call capitalism did not fully emerge until the Renaissance in Europe during the 15th and 16th centuries.

Which statement best describes capitalism?

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

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

What does it mean to say that American companies are too focused on the short term?

The concept of the "invisible hand" means

Which of the following accurately reflects the concept of Marxism?

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

Socialism is an economic system characterized by public ownership of the means of production and distribution,and a planned economy.

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

Marxism states

Sometimes capitalism is defended based on the idea that we have a natural right to property.How might this defense be criticized?

According to Marx,when workers are alienated they are not truly free.

What is the difference between capitalism and socialism? What is "worker control socialism"?

What is the "invisible hand" of Adam Smith?

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