Question 1

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

Accepted Answer

A) True 
 B)False

Question 2

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 3

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

Accepted Answer

A) True 
 B)False

Question 4

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 5

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

Accepted Answer

A) True 
 B)False

Question 6

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

Accepted Answer

Capitalism and socialism are two differe...

Question 7

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.

Question 8

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 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

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

Accepted Answer

A) True 
 B)False

Question 11

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 12

What is the "invisible hand" of Adam Smith?

Accepted Answer

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

Question 13

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 14

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 15

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

Accepted Answer

A) True 
 B)False

Question 16

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

Accepted Answer

A) True 
 B)False

Question 17

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 18

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 19

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 20

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

Exam 4: The Nature of Capitalism

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

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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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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

What is the "invisible hand" of Adam Smith?

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

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

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Which of the following accurately reflects the concept of Marxism?

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

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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

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

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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

Marxism states

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

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

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

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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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Which statement best describes capitalism?

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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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The concept of the "invisible hand" means

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When it is said that American companies ...
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The "invisible hand" is a metaphor intro...
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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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