Question 1

Summarize neoclassical ideology with respect to production, consumption, and government intervention.
-What is the difference between competitive and corporate capitalism?

Accepted Answer

The period from the mid 1840s to early 1870s is the age of competitive capitalism Corporate capitalism is characterized by economic concentration

Question 2

Whats defention of terms:
-teleological

Accepted Answer

The answer of Whats defention of terms:
-teleological...

Question 3

Whats defention of terms:
-utility

Accepted Answer

The answer of Whats defention of terms:
-utility...

Question 4

Whats defention of terms:
-encyclical

Accepted Answer

The answer of Whats defention of terms:
-encyclical...

Question 5

List and explain the five modifications made to neoclassical thought by subsequent generations.
-Why was the idea of laissez-faire championed by the business elite? What special privileges did the government already give to these businesspersons?

Accepted Answer

The accumulation of wealth was considered visible proof of evolutionary superiority, whereas poverty was believed to be evidence of inferiority Government granted tax concessions, land grants and so on to business

Question 6

Summarize neoclassical ideology with respect to production, consumption, and government intervention.
-How was the neoclassical view of the economy, i.e. small firms with no pricing power, inconsistent with reality?

Accepted Answer

The answer of Summarize neoclassical ideology with respect to production,...

Question 7

Articulate the major ideas of the new Christian paternalist ethic.
-How did the new Christian paternalistic ethic support the wealthy capitalists? How did it differ from the feudalistic version?

Accepted Answer

The answer of Articulate the major ideas of the new...

Question 8

A "new Christian paternalistic ethic" is expressed in the writing of

Accepted Answer

A)   Pope Leo XIII.
B)   Andrew Carnegie.
C)   Simon Patton.
D)   all of the above.
E)   a and b.

Question 9

Summarize neoclassical ideology with respect to production, consumption, and government intervention.
-Exactly how much pleasure or utility do you receive from eating a banana? A second banana?

Accepted Answer

The answer of Summarize neoclassical ideology with respect to production,...

Question 10

The neoclassical theory of production

Accepted Answer

A)   emphasized the importance of the social and cultural foundations of productive technology.
B)   stated that the last dollar spent on each factor should yield the same increase in production from all factors.
C)   showed the laborers could not be very productive if they suffered from inadequate food, shelter, and clothing because they were paid such low wages.
D)   showed that businessmen did not necessarily attempt to maximize profits in all cases.
E)   all of the above.

Question 11

Herbert Spencer believed that government welfare programs

Accepted Answer

A)   were insufficient to cure poverty.
B)   retarded evolutionary progress.
C)   accelerated evolutionary progress.
D)   would be airtight if there were not so many lazy, able-bodied men on welfare.
E)   would motivate unmarried women to have illegitimate babies.

Question 12

The neoclassical theory of consumption

Accepted Answer

A)   argued that it was not generally a fatal disease.
B)   asserted that consumers would equate the additional utility per dollar spent, for the last dollar spent on each commodity.
C)   asserted that the total numbers of dollars spent on each commodity would be proportionate to the prices of each commodity if the consumer maximized his utility.
D)   argued that the utility of a commodity depended upon the price of that commodity.
E)   none of the above.

Question 13

List and explain the five modifications made to neoclassical thought by subsequent generations.
-Discuss what problems each of the five modifications means to a competitive market outcome.

Accepted Answer

The answer of List and explain the five modifications made...

Question 14

The magnitude of which of the following would be the best indicator of a man's social and moral worth as far as the Social Darwinists are concerned?

Accepted Answer

A)   wealth
B)   I.Q.
C)   kindness
D)   creativity
E)   knowledge

Question 15

Which of the following as not a modification of neoclassical theory that was frequently made by neoclassical economists?

Accepted Answer

A)   large-scale production means that some sellers will necessarily be large enough to affect market prices.
B)   the distribution of ownership of factors of production is so unequal that the entire system is unfair.
C)   some commodities that are consumed socially and are important to society even though they may not be profitable for a capitalist to produce and sell.
D)   the production of some commodities (e.g., automobiles)  often involves social costs (smog)  that are far in excess of the private costs of the production.
E)   none of the above. B

Question 16

List and explain the five modifications made to neoclassical thought by subsequent generations.
-Compare and contrast laissez-faire to social Darwinism. Specifically, how did these two views support the existence of income inequality? Why were some people poor while others were rich?

Accepted Answer

The answer of List and explain the five modifications made...

Question 17

The Social Darwinists believed that

Accepted Answer

A)   competition is to be preferred to monopoly.
B)   government intervention into the economy should be minimal.
C)   the evolution of capitalism was led by the evolution of two new species, capitalists and workers.
D)   the people best adapted to society will be those who survive and prosper.
E)   none of the above.

Question 18

List and explain the five modifications made to neoclassical thought by subsequent generations.
-Does the present government of the United States have a laissez-faire policy?

Accepted Answer

The answer of List and explain the five modifications made...

Question 19

Businessmen who were proponents of laissez faire philosophy

Accepted Answer

A)   accepted many ideas of neoclassical economics.
B)   accepted many ideas of Social Darwinism.
C)   generally actively sought government intervention on their own behalf.
D)   often equated business success with moral virtue.
E)   all of the above.

Question 20

Which of the following does not characterize neoclassical economics?

Accepted Answer

A)   the division of society into the working class, the capitalist class, and the landlord class.
B)   the analysis of households and business firms.
C)   the assumption that businessmen are motivated only by the desire for profit.
D)   the belief that free competition leads to optimal results.
E)   the elaboration of Adam Smith's notion of the "invisible hand."

Exam 12: Neoclassical Economics Defense of Corporate Capitalism

Summarize neoclassical ideology with respect to production, consumption, and government intervention. -What is the difference between competitive and corporate capitalism?

Correct AnswerverifiedThe period from the mid 1840s to early 1870s is the age of competitive capitalism Corporate capitalism is characterized by economic concentration

Whats defention of terms: -teleological

Correct AnswerverifiedShow Answer

Whats defention of terms: -utility

Correct AnswerverifiedShow Answer

Whats defention of terms: -encyclical

Correct AnswerverifiedShow Answer

List and explain the five modifications made to neoclassical thought by subsequent generations. -Why was the idea of laissez-faire championed by the business elite? What special privileges did the government already give to these businesspersons?

Correct AnswerverifiedThe accumulation of wealth was considered visible proof of evolutionary superiority, whereas poverty was believed to be evidence of inferiority Government granted tax concessions, land grants and so on to business

Summarize neoclassical ideology with respect to production, consumption, and government intervention. -How was the neoclassical view of the economy, i.e. small firms with no pricing power, inconsistent with reality?

Correct AnswerverifiedShow Answer

Articulate the major ideas of the new Christian paternalist ethic. -How did the new Christian paternalistic ethic support the wealthy capitalists? How did it differ from the feudalistic version?

Correct AnswerverifiedShow Answer

A "new Christian paternalistic ethic" is expressed in the writing of

Correct AnswerverifiedShow Answer

Summarize neoclassical ideology with respect to production, consumption, and government intervention. -Exactly how much pleasure or utility do you receive from eating a banana? A second banana?

Correct AnswerverifiedShow Answer

The neoclassical theory of production

Correct AnswerverifiedShow Answer

Herbert Spencer believed that government welfare programs

Correct AnswerverifiedShow Answer

The neoclassical theory of consumption

Correct AnswerverifiedShow Answer

List and explain the five modifications made to neoclassical thought by subsequent generations. -Discuss what problems each of the five modifications means to a competitive market outcome.

Correct AnswerverifiedShow Answer

The magnitude of which of the following would be the best indicator of a man's social and moral worth as far as the Social Darwinists are concerned?

Correct AnswerverifiedShow Answer

Which of the following as not a modification of neoclassical theory that was frequently made by neoclassical economists?

Correct AnswerverifiedB

List and explain the five modifications made to neoclassical thought by subsequent generations. -Compare and contrast laissez-faire to social Darwinism. Specifically, how did these two views support the existence of income inequality? Why were some people poor while others were rich?

Correct AnswerverifiedShow Answer

The Social Darwinists believed that

Correct AnswerverifiedShow Answer

List and explain the five modifications made to neoclassical thought by subsequent generations. -Does the present government of the United States have a laissez-faire policy?

Correct AnswerverifiedShow Answer

Businessmen who were proponents of laissez faire philosophy

Correct AnswerverifiedShow Answer

Which of the following does not characterize neoclassical economics?

Correct AnswerverifiedShow Answer

Correct Answer
verified
The period from the mid 1840s to early 1870s is the age of competitive capitalism Corporate capitalism is characterized by economic concentration

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
The accumulation of wealth was considered visible proof of evolutionary superiority, whereas poverty was believed to be evidence of inferiority Government granted tax concessions, land grants and so on to business

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
B

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified