Question 1

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

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 C)
F) A) and D)

Question 3

Which of the following historical stages of capitalism came first?

Accepted Answer

A)   financial
B)   mercantile
C)   industrial
D)   state welfareE) None of the above
F) A) and C)

Question 4

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 5

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) C) and D)
F) None of the above

Question 6

What is capitalism's view of human nature?

Accepted Answer

Capitalism, as an economic system, does ...

Question 7

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

Accepted Answer

Job security and work ethic have always ...

Question 8

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 9

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

Accepted Answer

Capitalism and socialism are two differe...

Question 10

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) None of the above
F) C) and D)

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

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 13

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 C)
F) C) and D)

Question 14

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

Question 15

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

Accepted Answer

A) True 
 B)False

Question 16

Capitalism is possible without private property.

Accepted Answer

A) True 
 B)False

Question 17

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

Question 18

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) B) and C)
F) None of the above

Question 19

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 20

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) A) and B)
F) None of the above

Exam 4: The Nature of Capitalism

Which of the following historical stages of capitalism came first?

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

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Marxism states

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Which statement best describes capitalism?

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The profit motive

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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

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

Karl Marx believed that

Correct AnswerverifiedShow Answer

Evidence for the idea that American manufacturing is declining is

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

What is capitalism's view of human nature?

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

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

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Capitalism is possible without private property.

Correct AnswerverifiedShow Answer

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

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

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

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

Correct AnswerverifiedShow Answer

A basic premise of Adam Smith's is

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

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Capitalism and socialism are two differe...
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The defense of capitalism based on the i...
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Capitalism, as an economic system, does ...
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Job security and work ethic have always ...
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Walmart has been a controversial figure ...
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Answered by ExamLex AI
Defenders of capitalism often respond to...
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