Question 1

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.E) A) and B)
F) None of the above C

Question 2

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 3

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 4

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 itE) B) and D)
F) None of the above

Question 5

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.E) A) and D)
F) None of the above C

Question 6

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

Accepted Answer

A) True 
 B)False

Question 7

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.E) None of the above
F) A) and C)

Question 8

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.E) B) and D)
F) B) and C)

Question 9

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 10

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.E) A) and B)
F) A) and C) D

Question 11

The Fugger dynasty was an example of

Accepted Answer

A)  industrial capitalism.
B)  mercantile capitalism.
C)  financial capitalism.
D)  globalized capitalism.E) B) and C)
F) B) and D)

Question 12

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 13

What are the five different historical forms of capitalism?

Accepted Answer

The five different historical forms of c...

Question 14

What is the "invisible hand" of Adam Smith?

Accepted Answer

The "invisible hand" is a metaphor intro...

Question 15

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

Accepted Answer

A) True 
 B)False

Question 16

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.E) C) and D)
F) B) and C)

Question 17

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.E) A) and D)
F) A) and C)

Question 18

What are the four features of capitalism?

Accepted Answer

Capitalism is an economic system charact...

Question 19

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 20

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.E) None of the above
F) B) and C)

Exam 4: The Nature of Capitalism

According to one survey of cultural values

Correct AnswerverifiedC

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

Correct AnswerAnswered by ExamLex AICritics of competition argue that it isn...View AnswerShow Answer

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

Correct AnswerAnswered by ExamLex AIFrom a deontological perspective, we can...View AnswerShow Answer

Rather than strong work ethic,a common attitude is:

Correct AnswerverifiedShow Answer

Which statement accurately describes capitalism?

Correct AnswerverifiedC

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

Correct AnswerverifiedShow Answer

The concept of the "invisible hand" means

Correct AnswerverifiedShow Answer

Evidence for the idea that American manufacturing is declining is

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedD

The Fugger dynasty was an example of

Correct AnswerverifiedShow Answer

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.

Correct AnswerverifiedShow Answer

What are the five different historical forms of capitalism?

Correct AnswerAnswered by ExamLex AIThe five different historical forms of c...View AnswerShow Answer

What is the "invisible hand" of Adam Smith?

Correct AnswerAnswered by ExamLex AIThe "invisible hand" is a metaphor intro...View AnswerShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Which statement best describes capitalism?

Correct AnswerverifiedShow Answer

What are the four features of capitalism?

Correct AnswerAnswered by ExamLex AICapitalism is an economic system charact...View AnswerShow Answer

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.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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C

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Critics of competition argue that it isn...
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From a deontological perspective, we can...
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C

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D

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The five different historical forms of c...
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The "invisible hand" is a metaphor intro...
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Answered by ExamLex AI
Capitalism is an economic system charact...
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