Question 1

Some critics believe that "competition is not a good" because trying to do well and trying to beat others are two different things.

Accepted Answer

A) True 
 B)False

Question 2

Property ownership involves a generally complex bundle of rights and rules governing how, under what circumstances, and in what ways both the owner and others can use, possess, dispose of, and have access to the thing in question.

Accepted Answer

A) True 
 B)False

Question 3

According to Marx, the best economic system would be one where the means of production and distribution are in the hands of the bourgeoisie.

Accepted Answer

A) True 
 B)False

Question 4

Explain how the tenets of Buddha fit or differ with the American economic system.

Accepted Answer

The tenets of Buddha, which include the ...

Question 5

Which of the following historical stages of capitalism came first?

Accepted Answer

A)  financial
B)  mercantile
C)  industrial
D)  state welfareE) B) and C)
F) C) and D)

Question 6

What is capitalism's view of human nature?

Accepted Answer

Capitalism, as an economic system, does ...

Question 7

Is manufacturing vital to the success and well being of America?  Justify your answer

Accepted Answer

Yes, manufacturing is vital to the succe...

Question 8

An exclusive focus on short-term performance

Accepted Answer

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.E) None of the above
F) A) and D)

Question 9

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

Accepted Answer

A) True 
 B)False

Question 10

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

Accepted Answer

Capitalism and socialism are two differe...

Question 11

One of the four key features of capitalism is

Accepted Answer

A)  favoritism.
B)  cooperation.
C)  inequality.
D)  private property.E) A) and D)
F) A) and C)

Question 12

The Fugger dynasty was an example of

Accepted Answer

A)  industrial capitalism.
B)  mercantile capitalism.
C)  financial capitalism.
D)  globalized capitalism.E) None of the above
F) A) and D)

Question 13

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 14

Why do some critics of competition believe that it isn't all that it's cracked up to be?

Accepted Answer

Critics of competition argue that it isn...

Question 15

What reason is there for thinking that American manufacturing is declining?

Accepted Answer

There are several reasons that have led ...

Question 16

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

Accepted Answer

A) True 
 B)False

Question 17

Capital is that money that is invested for the purpose of making more money.

Accepted Answer

A) True 
 B)False

Question 18

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

Question 19

According to one survey of cultural values

Accepted Answer

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

Question 20

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 D)

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

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

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Which of the following historical stages of capitalism came first?

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Why do some critics of competition believe that it isn't all that it's cracked up to be?

Correct AnswerAnswered by ExamLex AICritics of competition argue that it isn...View AnswerShow Answer

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

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An exclusive focus on short-term performance

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The Fugger dynasty was an example of

Correct AnswerverifiedShow Answer

Property ownership involves a generally complex bundle of rights and rules governing how, under what circumstances, and in what ways both the owner and others can use, possess, dispose of, and have access to the thing in question.

Correct AnswerverifiedShow Answer

Explain how the tenets of Buddha fit or differ with the American economic system.

Correct AnswerAnswered by ExamLex AIThe tenets of Buddha, which include the ...View AnswerShow Answer

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

Correct AnswerverifiedShow Answer

What reason is there for thinking that American manufacturing is declining?

Correct AnswerAnswered by ExamLex AIThere are several reasons that have led ...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

What is capitalism's view of human nature?

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

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

Correct AnswerverifiedShow Answer

Is manufacturing vital to the success and well being of America? Justify your answer

Correct AnswerAnswered by ExamLex AIYes, manufacturing is vital to the succe...View AnswerShow Answer

Some critics believe that "competition is not a good" because trying to do well and trying to beat others are two different things.

Correct AnswerverifiedShow Answer

One of the four key features of capitalism is

Correct AnswerverifiedShow Answer

According to Marx, the best economic system would be one where the means of production and distribution are in the hands of the bourgeoisie.

Correct AnswerverifiedShow Answer

Capital is that money that is invested for the purpose of making more money.

Correct AnswerverifiedShow Answer

According to one survey of cultural values

Correct AnswerverifiedShow Answer

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Capitalism and socialism are two differe...
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Critics of competition argue that it isn...
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The tenets of Buddha, which include the ...
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There are several reasons that have led ...
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Walmart has been a controversial figure ...
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Answered by ExamLex AI
Capitalism, as an economic system, does ...
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Answered by ExamLex AI
Yes, manufacturing is vital to the succe...
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