Question 1

Outsourcing is a practice where companies buy parts or whole products from other producers, both at home and abroad.

Accepted Answer

A) True 
 B)False

Question 2

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.

Question 3

Adam Smith claims that the proper role of governments is to restrict and regulate the self-interested behavior of business organizations for the common good.

Accepted Answer

A) True 
 B)False

Question 4

For the first time since the Industrial Revolution,  less than percent of the American workforce was employed by manufacturing.

Accepted Answer

A)  10
B)  25
C)  50
D)  62

Question 5

What are the four features of capitalism?

Accepted Answer

Capitalism is an economic system charact...

Question 6

A basic tenet of capitalism is that

Accepted Answer

A)  property refers only to physical objects.
B)  ownership is a simple relationship between a person and the thing owned.
C)  capitalism requires private ownership of the major means of production.
D)  in the 21st century, capitalism no longer requires capital.

Question 7

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

Accepted Answer

A) True 
 B)False

Question 8

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.

Question 9

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

Accepted Answer

A)  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 10

A basic premise of Adam Smith's 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 can secure what we need from others only by offering them something they need from us.

Question 11

According to Alfie Kohn, competition promotes individual and group achievement better than cooperation.

Accepted Answer

A) True 
 B)False

Question 12

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 13

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

Accepted Answer

A) True 
 B)False

Question 14

Capitalism is possible without private property.

Accepted Answer

A) True 
 B)False

Question 15

More Americans are putting aside job success to

Accepted Answer

A)  win the lottery.
B)  be with their families.
C)  get education.
D)  travel abroad.

Question 16

Karl Marx believed that

Accepted Answer

A)  under capitalism workers are alienated in several ways.
B)  capitalism no longer exploits workers.
C)  industrialization does away with alienation.
D)  workers are alienated from their products, but not from themselves or other people.

Question 17

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.

Question 18

As a classical moral justification of capitalism, the natural right to property is a utilitarian justification.

Accepted Answer

A) True 
 B)False

Question 19

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

Accepted Answer

A) True 
 B)False

Question 20

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

Exam 4: The Nature of Capitalism

For the first time since the Industrial Revolution, less than percent of the American workforce was employed by manufacturing.

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What are the four features of capitalism?

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

More Americans are putting aside job success to

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A basic premise of Adam Smith's is

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According to Alfie Kohn, competition promotes individual and group achievement better than cooperation.

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Evidence for the idea that American manufacturing is declining is

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Capitalism is possible without private property.

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

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

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Outsourcing is a practice where companies buy parts or whole products from other producers, both at home and abroad.

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

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Adam Smith claims that the proper role of governments is to restrict and regulate the self-interested behavior of business organizations for the common good.

Correct AnswerverifiedShow Answer

Karl Marx believed that

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As a classical moral justification of capitalism, the natural right to property is a utilitarian justification.

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

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A basic tenet of capitalism is that

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

Correct AnswerverifiedShow Answer

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

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Marxism states

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

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