Question 1

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

Accepted Answer

A) True 
 B)False

Question 2

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 B)
F) A) and C)

Question 3

Which of the following historical stages of capitalism came first?

Accepted Answer

A)   financial
B)   mercantile
C)   industrial
D)   state welfareE) All of the above
F) B) and D)

Question 4

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) B) and D)
F) A) and C)

Question 5

Capitalism is possible without private property.

Accepted Answer

A) True 
 B)False

Question 6

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 7

Is Walmart a positive or negative influence on the American economy? Justify your position with information from the "One Nation Under Walmart" article

Accepted Answer

Walmart has been a controversial figure ...

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) A) and D)
F) A) and C)

Question 9

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.E) All of the above
F) B) and D)

Question 10

What is capitalism's view of human nature?

Accepted Answer

Capitalism, as an economic system, does ...

Question 11

The capitalism that we know today in the United States is a "pure" form of laissez-faire capitalism.

Accepted Answer

A) True 
 B)False

Question 12

The profit motive

Accepted Answer

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

Question 13

Rather than strong work ethic, a more commonly seen role is:

Accepted Answer

A)   Me - first
B)   Happy days are here to stay
C)   I like it easy
D)   Let the boss sweat itE) A) and B)
F) A) and C)

Question 14

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

Accepted Answer

A) True 
 B)False

Question 15

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

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

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.E) B) and C)
F) All of the above

Question 18

How do defenders of capitalism respond to critics who point to the profound economic inequalities that characterize capitalist society?

Accepted Answer

Defenders of capitalism often respond to...

Question 19

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 20

Explain the correlation between job security and work ethic now and in the past.

Accepted Answer

Job security and work ethic have always ...

Exam 4: The Nature of Capitalism

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

The profit motive

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What is capitalism's view of human nature?

Correct AnswerAnswered by ExamLex AICapitalism, as an economic system, does ...View AnswerShow Answer

Is Walmart a positive or negative influence on the American economy? Justify your position with information from the "One Nation Under Walmart" article

Correct AnswerAnswered by ExamLex AIWalmart has been a controversial figure ...View AnswerShow Answer

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

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Evidence for the idea that American manufacturing is declining is

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The capitalism that we know today in the United States is a "pure" form of laissez-faire capitalism.

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

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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

Which statement best describes capitalism?

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

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Karl Marx believed that

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Rather than strong work ethic, a more commonly seen role is:

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A basic premise of Adam Smith's is

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Capitalism is possible without private property.

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Explain the correlation between job security and work ethic now and in the past.

Correct AnswerAnswered by ExamLex AIJob security and work ethic have always ...View AnswerShow Answer

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

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Which of the following historical stages of capitalism came first?

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Marxism states

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How do defenders of capitalism respond to critics who point to the profound economic inequalities that characterize capitalist society?

Correct AnswerAnswered by ExamLex AIDefenders of capitalism often respond to...View AnswerShow Answer

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Capitalism and socialism are two differe...
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Capitalism, as an economic system, does ...
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Walmart has been a controversial figure ...
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The defense of capitalism based on the i...
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Job security and work ethic have always ...
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verified

Correct Answer
Answered by ExamLex AI
Defenders of capitalism often respond to...
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