BUS 309 Week 5 Quiz – Strayer

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Quiz 4 Chapter 4 and 5

Chapter 4—The Nature of Capitalism

MULTIPLE CHOICE

     1.   Which of the following historical stages of capitalism came first?

a.

financial

b.

mercantile

c.

industrial

d.

state welfare

     2.   The profit motive

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.

     3.   A basic tenet of capitalism is that

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.

     4.   The concept of the "invisible hand" means

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.

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

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.

     6.   One of the key features of capitalism is

a.

favoritism.

b.

cooperation.

c.

inequality.

d.

competition.

     7.   Some critics of capitalism believe that it rests on a flawed view of human beings because

a.	capitalism produces equality.
b.	capitalism eliminates poverty.
c.	capitalism assumes that well-being comes from greater material consumption.
d.	capitalism offers a higher sense of purpose.

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

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.

     9.   Karl Marx believed that

a.	capitalist workers suffer from alienation.
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.

   10.   An assessment of work in America is

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".

   11.   An exclusive focus on short-term performance

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.

                                

   12.   Evidence for the idea that American manufacturing is declining is

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.

   13.   According to one survey of cultural values

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.

                                

   14.   Which statement best describes capitalism?

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.

   15.   Which of the following is an accurate statement?

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.

   16.   Marxism states

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.

   17.   Which of the following accurately reflects the concept of Marxism?

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.