Question 1

Some critics believe that "competition is not a good" because trying to do well and trying to beat others are two different things.

Accepted Answer

A) True 
 B)False

Question 2

Is Walmart a positive or negative influence on the American economy?  Justify your position with information from the "One Nation Under Walmart" article

Accepted Answer

The answer of Is Walmart a positive or negative influence...

Question 3

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

Accepted Answer

A) True 
 B)False

Question 4

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.

Question 5

Which of the following historical stages of capitalism came first?

Accepted Answer

A) financial 
B) mercantile 
C) industrial 
D) state welfare

Question 6

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.

Question 7

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

Accepted Answer

A) True 
 B)False

Question 8

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 9

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

Accepted Answer

The answer of Why do some critics of competition believe...

Question 10

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 11

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

Accepted Answer

The answer of What reason is there for thinking that...

Question 12

One of the four key features of capitalism is

Accepted Answer

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

Question 13

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

Accepted Answer

The answer of What is the difference between capitalism and...

Question 14

What is capitalism's view of human nature?

Accepted Answer

The answer of What is capitalism's view of human nature?...

Question 15

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

Accepted Answer

A) True 
 B)False

Question 16

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.

Question 17

Explain how the tenets of Buddha fit or differ with the American economic system.

Accepted Answer

The answer of Explain how the tenets of Buddha fit...

Question 18

The Fugger dynasty was an example of

Accepted Answer

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

Question 19

Rather than strong work ethic, a more commonly seen role is:

Accepted Answer

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

Question 20

Is manufacturing vital to the success and well being of America?  Justify your answer

Accepted Answer

The answer of Is manufacturing vital to the success and...

Exam 4: The Nature of Capitalism

Some critics believe that "competition is not a good" because trying to do well and trying to beat others are two different things.

Is Walmart a positive or negative influence on the American economy? Justify your position with information from the "One Nation Under Walmart" article

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

Which of the following historical stages of capitalism came first?

An exclusive focus on short-term performance

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

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.

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

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

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

One of the four key features of capitalism is

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

What is capitalism's view of human nature?

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

According to one survey of cultural values

Explain how the tenets of Buddha fit or differ with the American economic system.

The Fugger dynasty was an example of

Rather than strong work ethic, a more commonly seen role is:

Is manufacturing vital to the success and well being of America? Justify your answer