Question 1

The profit motive

Accepted Answer

A)  is a fundamental feature of all societies. 
B)  is no longer a key feature of capitalism. 
C)  must be checked by competition if society is to benefit. 
D)  is basically immoral. 
A)  is a fundamental feature of all societies. 
B)  is no longer a key feature of capitalism. 
C)  must be checked by competition if society is to benefit. 
D)  is basically immoral. C

Question 2

An assessment of work in America is

Accepted Answer

A)  American manufacturing is growing faster than ever. 
B)  American corporations ignore short-term performance. 
C)  manufacturing still employs more people than government. 
D)  many manufacturing companies have become "hollow" or "weightless". 
A)  American manufacturing is growing faster than ever. 
B)  American corporations ignore short-term performance. 
C)  manufacturing still employs more people than government. 
D)  many manufacturing companies have become "hollow" or "weightless". D

Question 3

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

Accepted Answer

A) True 
 B)False  True

Question 4

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.

Question 5

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 6

If it's true that individuals have a natural right to own property, then there can be no limits on this right.

Accepted Answer

A) True 
 B)False

Question 7

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 8

An exclusive focus on short-term performance

Accepted Answer

A)  is the best guarantee of a company's long-term performance. 
B)  has helped to create a high-pressure environment conducive to fraud. 
C)  encourages long-term research and development. 
D)  hurts stock prices. 
A)  is the best guarantee of a company's long-term performance. 
B)  has helped to create a high-pressure environment conducive to fraud. 
C)  encourages long-term research and development. 
D)  hurts stock prices.

Question 9

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

Accepted Answer

A) True 
 B)False

Question 10

Which of the following is an accurate statement?

Accepted Answer

A)  Adam Smith defends capitalism by appealing to the idea of a natural, moral right to property. 
B)  Adam Smith denies that human beings are, by nature, acquisitive creatures. 
C)  A common defense of capitalism is the argument that people have a fundamental moral right to property and that our capitalist system is simply the outcome of this natural right. 
D)  Utilitarians oppose capitalism in principle. 
A)  Adam Smith defends capitalism by appealing to the idea of a natural, moral right to property. 
B)  Adam Smith denies that human beings are, by nature, acquisitive creatures. 
C)  A common defense of capitalism is the argument that people have a fundamental moral right to property and that our capitalist system is simply the outcome of this natural right. 
D)  Utilitarians oppose capitalism in principle.

Question 11

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 12

Capitalism is possible without private property.

Accepted Answer

A) True 
 B)False

Question 13

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 14

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

Accepted Answer

A) True 
 B)False

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

The capitalism that we know today in the United States is a "pure" form of laissez-faire capitalism.

Accepted Answer

A) True 
 B)False

Question 17

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 18

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 19

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

Accepted Answer

A) True 
 B)False

Question 20

Adam Smith claims that the people seeking self-interest in a free market through competition can benefit society as a whole.

Accepted Answer

A) True 
 B)False

The profit motive

An assessment of work in America is

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

The concept of the "invisible hand" means

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

If it's true that individuals have a natural right to own property, then there can be no limits on this right.

According to one survey of cultural values

An exclusive focus on short-term performance

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

Which of the following is an accurate statement?

Which statement best describes capitalism?

Capitalism is possible without private property.

Which of the following accurately reflects the concept of Marxism?

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

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

The capitalism that we know today in the United States is a "pure" form of laissez-faire capitalism.

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

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

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

Adam Smith claims that the people seeking self-interest in a free market through competition can benefit society as a whole.

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 profit motive

An assessment of work in America is

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

The concept of the "invisible hand" means

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

If it's true that individuals have a natural right to own property, then there can be no limits on this right.

According to one survey of cultural values

An exclusive focus on short-term performance

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

Which of the following is an accurate statement?

Which statement best describes capitalism?

Capitalism is possible without private property.

Which of the following accurately reflects the concept of Marxism?

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

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

The capitalism that we know today in the United States is a "pure" form of laissez-faire capitalism.

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

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

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

Adam Smith claims that the people seeking self-interest in a free market through competition can benefit society as a whole.

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