Question 1

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

Accepted Answer

A) True 
 B)False

Question 2

Though many jobs are outsourced, most economists believe

Accepted Answer

A)   Mexico is the place to work.
B)   the United States is in trouble.
C)   the economy will create new jobs in the USA.
D)   manufacturing will make a comeback.

Question 3

Outsourcing is a practice where companies buy parts or whole products from other producers, both at home and abroad.

Accepted Answer

A) True 
 B)False

Question 4

Rather than strong work ethic, a common attitude is:

Accepted Answer

A)   Me-first
B)   Happy days are here to stay
C)   I like it easy
D)   Let the boss sweat it

Question 5

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 6

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.

Question 7

Which statement accurately describes capitalism?

Accepted Answer

A)   Industrial capitalism is characterized by pools, trusts, holding companies and an interpenetration of banking, insurance and industrial interests.
B)   Mercantile capitalism emerged in the United States in the period directly following the civil war.
C)   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.
D)   Financial capitalism developed in the period immediately prior to the Renaissance.

Question 8

Some critics of capitalism believe that it rests on a flawed view of human beings because

Accepted Answer

A)   capitalism produces equality.
B)   capitalism eliminates poverty.
C)   capitalism assumes that well-being comes from greater material consumption.
D)   capitalism offers a higher sense of purpose.

Question 9

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 10

A basic tenet of capitalism is that

Accepted Answer

A)   property refers only to physical objects.
B)   ownership is a simple relationship between a person and the thing owned.
C)   capitalism requires private ownership of the major means of production.
D)   in the 21st century, capitalism no longer requires capital.

Exam 4: The Nature of Capitalism

Marxism states

Correct Answer
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Outsourcing is a practice where companies buy parts or whole products from other producers, both at home and abroad.

Correct Answer
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Though many jobs are outsourced, most economists believe

Correct Answer
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Which statement accurately describes capitalism?

Correct Answer
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Evidence for the idea that American manufacturing is declining is

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

Correct Answer
verified

A basic tenet of capitalism is that

Correct Answer
verified

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

Correct Answer
verified

Rather than strong work ethic, a common attitude is:

Correct Answer
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Some critics of capitalism believe that it rests on a flawed view of human beings because

Correct Answer
verified

Exam 4: The Nature of Capitalism

Marxism states

Correct AnswerverifiedShow Answer

Outsourcing is a practice where companies buy parts or whole products from other producers, both at home and abroad.

Correct AnswerverifiedShow Answer

Though many jobs are outsourced, most economists believe

Correct AnswerverifiedShow Answer

Which statement accurately describes capitalism?

Correct AnswerverifiedShow Answer

Evidence for the idea that American manufacturing is declining is

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

A basic tenet of capitalism is that

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Rather than strong work ethic, a common attitude is:

Correct AnswerverifiedShow Answer

Some critics of capitalism believe that it rests on a flawed view of human beings because

Correct AnswerverifiedShow Answer

Correct Answer
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