Week 5 Quiz – Chapters 4 and 5 Quiz

  • Question 1

    2 out of 2 points

    One reason for believing that in practice capitalism fails to live up to its own ideal of competition is
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    we have government subsidies and protective tariffs.
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  • Question 2

    2 out of 2 points

    An exclusive focus on short-term performance
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    has helped to create a high-pressure environment conducive to fraud.
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    Correct

  • Question 3

    2 out of 2 points

    An assessment of work in America is
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    many manufacturing companies have become “hollow” or “weightless”.
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    Correct

  • Question 4

    2 out of 2 points

    A basic premise of Adam Smith’s invisible hand argument is
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    We often get what we want from others by offering something they need from us.
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    Correct

  • Question 5

    2 out of 2 points

    For employees who are paid handsomely for their efforts, Marx said their work would ultimately prove to be
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    meaningless to them.
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  • Question 6

    2 out of 2 points

    Karl Marx believed that
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    capitalist workers suffer from alienation.
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  • Question 7

    2 out of 2 points

    Marxism states
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    capitalism leads to a concentration of property and thus a concentration of resources and power in relatively few hands.
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    Correct

  • Question 8

    2 out of 2 points

    Which of the following historical stages of capitalism came first?
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    mercantile
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    Correct

  • Question 9

    2 out of 2 points

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

    economic extortion.
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  • Question 10

    2 out of 2 points

    Which statement accurately describes capitalism?
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    In state welfare capitalism the government plays an active role in regulating economic activities in an effort to smooth out the boom-and-bust pattern of the business cycle.
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    Correct

  • Question 11

    2 out of 2 points

    Evidence for the idea that American manufacturing is declining is
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    the fact that government now employs more people than manufacturing.
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    Correct

  • Question 12

    2 out of 2 points

    One of the key features of capitalism is
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    competition.
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  • Question 13

    2 out of 2 points

    Though many jobs are outsourced, most economists believe
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    the economy will create new jobs in the USA.
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    Correct

  • Question 14

    2 out of 2 points

    A basic tenet of capitalism is that
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    capitalism requires private ownership of the major means of production.
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  • Question 15

    2 out of 2 points

    Which statement best describes capitalism?
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    Capitalism is an economic system that operates under the profit motive.
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    Correct

  • Question 16

    2 out of 2 points

    Momentum for the corporate organization of business really gained momentum after which war?
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    Correct

    Civil War
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  • Question 17

    2 out of 2 points

    In the corporate world, the board of directors will typically
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    rubber stamp the policies and recommendations of the management.
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  • Question 18

    0 out of 2 points

    In Citizens United v. Federal Elections Commission, the U.S. Supreme Court
    Selected Answer:
    Incorrect

    said that states should be permitted to distinguish between the rights of individuals and the rights of corporations.
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  • Question 19

    2 out of 2 points

    The “rules of the game” for corporate work are intended to
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    promote open and free competition.
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  • Question 20

    2 out of 2 points

    The idea that corporations are moral agents
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    is accepted by many people and companies without hesitation.
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    Correct

  • Question 21

    2 out of 2 points

    Most Americans believe a corporation’s top obligation is to its
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    employees.
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    Correct

  • Question 22

    2 out of 2 points

    The statement that accurately describes corporations is
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    corporate shareholders have limited liability for their debts.
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    Correct

  • Question 23

    2 out of 2 points

    Melvin Anshen suggests that there is a relationship between business and society which he termed as
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    “social contract.”
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  • Question 24

    2 out of 2 points

    Milton Snoeyenbos argues that
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    Corporate moral codes can make it more reasonable to expect employees to behave ethically.
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  • Question 25

    2 out of 2 points

    Adam Smith proposed that in our pursuit of economic interests we are led by
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    Correct

    an invisible hand to promote general good.
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  • Question 26

    2 out of 2 points

    The debate over corporate moral agency hinges on which issue?
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    Corporate punishment
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  • Question 27

    2 out of 2 points

    One of the three important “limits to what the law can do” discussed by Christopher Stone is
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    Correct

    designing effective regulations is difficult.
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    Correct

  • Question 28

    2 out of 2 points

    Which of the following is one of the three arguments in favor of narrow corporate social responsibility discussed in Chapter 5?
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    Correct

    let-government-do-it
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    Correct

  • Question 29

    2 out of 2 points

    Corporations differ from partnerships and other forms of business association in two ways. One of these is that
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    Correct

    they must be publicly registered or in some way officially acknowledged by the law.
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    Correct

  • Question 30

    2 out of 2 points

    Kenneth Arrow discussed two important situations in which profit maximization can be socially inefficient. One of these occurs when
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    Correct

    there is an imbalance of knowledge between buyer and seller.
    Correct Answer:
    Correct

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