Philosophy 305 - Business Ethics » Fall 2022 » Chapter 4 Test Capitalism

Need help with your exam preparation?

Existing Quiz Clients Login here
Question #1
Capital is that money that is invested for the purpose of making more money.
A.   TRUE
B.   FALSE
Question #2
According to Adam Smith, the division of labor decreases economic activity.
A.   FALSE
B.   TRUE
Question #3
What we call capitalism did not fully emerge until the Renaissance in Europe during the 15th and 16th centuries.
A.   TRUE
B.   FALSE
Question #4
Critics sometimes argue against capitalism on the grounds that "competition is not a good" because trying to do well and trying to beat others are two different things.
A.   TRUE
B.   FALSE
Question #5
Many economists are concerned that the growing trade deficit makes the U.S. vulnerable to
A.   depression.
B.   economic extortion.
C.   terrorist attacks.
D.   ease.
Question #6
Which of the following historical stages of capitalism came first?
A.   financial
B.   industrial
C.   state welfare
D.   mercantile
Question #7
Which of the following accurately reflects the concept of Marxism?
A.   Within a capitalist economic system, the activity of labor is an end in itself and, as a result, has intrinsic value.
B.   Labor is alienated in a capitalist economic system (in part) because, in such a system, the labor of a worker undermines the ability of the worker to function autonomously.
C.   Only workers who are poorly paid for their labor are alienated.
D.   It is only within a capitalist economic system that workers are not alienated from the products of their labor.
Question #8
According to the authors of your textbook, the profit motive
A.   is a fundamental feature of all societies.
B.   must be checked by competition if society is to benefit.
C.   is no longer a key feature of capitalism.
Question #9
Utilitarians reject the very idea of a natural right to property.
A.   FALSE
B.   TRUE
Question #10
Adam Smith claims that the proper role of governments is to restrict and regulate the self-interested behavior of business organizations for the common good.
A.   TRUE
B.   FALSE
Question #11
Karl Marx believed that
A.   industrialization does away with alienation.
B.   workers are alienated from their products, but not from themselves or other people.
C.   under capitalism workers are alienated in several ways.
D.   capitalism no longer exploits workers.
Question #12
None of the specific measures proposed by Marx and Engels in the Communist Manifesto have been implemented in capitalist countries.
A.   FALSE
B.   TRUE
Question #13
The U. S. trade deficit has shrunk significantly in recent decades.
A.   FALSE
B.   TRUE
Question #14
It appears that more Americans are putting aside job success to
A.   get education.
B.   be with their families.
C.   travel abroad.
D.   win the lottery.
Question #15
In contrast to traditional manufacturers, many companies have become hollow corporations who
A.   increase their manufacturing operations in the U.S.
B.   outsource and likely produce only the package and the label .
C.   make nearly all crucial parts.
D.   prefer their own production base and not a network of small operators both foreign and domestic.
Question #16
Worker control socialism is a hybrid economic system containing both a marketplace and a profit system.
A.   FALSE
B.   TRUE
Question #17
The capitalism that we know today in the United States is a "pure" form of laissez-faire capitalism.
A.   TRUE
B.   FALSE
Question #18
Capitalism is possible without private property.
A.   FALSE
B.   TRUE
Question #19
Socialism is an economic system characterized by public ownership of property and a planned economy.
A.   FALSE
B.   TRUE
Question #20
Implicit in capitalism is the view that human beings aim to maximize their economic self-interest.
A.   FALSE
B.   TRUE
Question #21
Marxism states
A.   capitalism leads to a concentration of property and thus a concentration of resources and power in relatively few hands.
B.   the means of production should be placed under the control of the bourgeoisie.
C.   only workers who are poorly paid in a capitalist system are alienated.
D.   socialism will eventually be replaced by financial capitalism.
Question #22
Even for employees who are paid handsomely for their efforts,  Marx said their work would ultimately prove to be
A.   profitable to them.
B.   meaningless to them.
C.   tireless.
D.   expensive to them.
Question #23
Though many jobs are outsourced, many economists believe
A.   Mexico is the place to work.
B.   the US economy will create new jobs.
C.   the United States is in trouble.
D.   manufacturing will make a comeback.
Question #24
As a classical moral justification of capitalism, the natural right to property is a kind of utilitarian justification.
A.   FALSE
B.   TRUE
Question #25
One reason for believing that real-world capitalist economies do not live up to their own ideal of competition is
A.   so many small companies go bankrupt.
B.   the outsourcing of jobs.
C.   monopolies control almost all areas of economic life.
D.   the widespread existence of government subsidies and protective tariffs.

Need help with your exam preparation?

Existing Quiz Clients Login here