Question 1

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 2

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

Accepted Answer

A) True 
 B)False

Question 3

What does it mean to say that American companies are too focused on the short term?

Accepted Answer

When it is said that American companies ...

Question 4

Sometimes capitalism is defended based on the idea that we have a natural right to property.How might this defense be criticized?

Accepted Answer

The defense of capitalism based on the i...

Question 5

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.

Question 6

What is the "invisible hand" of Adam Smith?

Accepted Answer

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

Question 7

Which of the following accurately reflects the concept of Marxism?

Accepted Answer

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.

Question 8

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

Accepted Answer

A) True 
 B)False

Question 9

Socialism is an economic system characterized by public ownership of the means of production and distribution,and a planned economy.

Accepted Answer

A) True 
 B)False

Question 10

What we call capitalism did not fully emerge until the Renaissance in Europe during the 15th and 16th centuries.

Accepted Answer

A) True 
 B)False

Question 11

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 12

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

Accepted Answer

A) True 
 B)False

Question 13

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 14

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

Accepted Answer

A) True 
 B)False

Question 15

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 16

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

Accepted Answer

Capitalism and socialism are two differe...

Question 17

The concept of the "invisible hand" means

Accepted Answer

A)  each person's private pursuit of wealth will result in the most beneficial overall organization and distribution of economic resources.
B)  although it can't be seen,the hand of government controls the economy and exerts a beneficial pressure that promotes economic welfare.
C)  feudalism inevitably gives rise to capitalism.
D)  externalities must be internalized.

Question 18

According to Adam Smith,individuals have natural endowments that should determine the kind of work they do.

Accepted Answer

A) True 
 B)False

Question 19

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

Accepted Answer

A) True 
 B)False

Question 20

For employees who are paid handsomely for their efforts,  Marx said their work would ultimately prove to be

Accepted Answer

A)  profitable to them.
B)  expensive to them.
C)  meaningless to them.
D)  tireless.

Exam 4: The Nature of Capitalism

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

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

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

Correct AnswerAnswered by ExamLex AICapitalism and socialism are two differe...View AnswerShow Answer

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

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What is the "invisible hand" of Adam Smith?

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

Socialism is an economic system characterized by public ownership of the means of production and distribution,and a planned economy.

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What we call capitalism did not fully emerge until the Renaissance in Europe during the 15th and 16th centuries.

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

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What does it mean to say that American companies are too focused on the short term?

Correct AnswerAnswered by ExamLex AIWhen it is said that American companies ...View AnswerShow Answer

Marxism states

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

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

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Which of the following accurately reflects the concept of Marxism?

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Sometimes capitalism is defended based on the idea that we have a natural right to property.How might this defense be criticized?

Correct AnswerAnswered by ExamLex AIThe defense of capitalism based on the i...View AnswerShow Answer

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

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According to Adam Smith,individuals have natural endowments that should determine the kind of work they do.

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Which statement best describes capitalism?

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The concept of the "invisible hand" means

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For employees who are paid handsomely for their efforts, Marx said their work would ultimately prove to be

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

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Capitalism and socialism are two differe...
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The "invisible hand" is a metaphor intro...
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When it is said that American companies ...
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The defense of capitalism based on the i...
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