Question 1

Competition among capitalists does not affect factory prices.

Accepted Answer

A) True 
 B)False

Question 2

Which of the following,in his work The Wealth of Nations,used the example of the manufacture of sewing pins to highlight the benefits of factories?

Accepted Answer

A)  Adam Smith
B)  Karl Marx
C)  Aristotle
D)  Joseph Stalin

Question 3

In which present-day nation do we find large-scale capitalism in its rawest form?

Accepted Answer

A)  China
B)  Iran
C)  Freedonia
D)  United States

Question 4

The tragedy of the commons for capitalism is ______.

Accepted Answer

A)  the limited amount of profit
B)  the competition between capitalists
C)  the limited amount of governmental resources
D)  the overexploitation of the workers in the pool of labor

Question 5

Explain what the text means when it says,"The real question [for government] is not capitalism versus socialism,but what balance between the two systems is best."

Accepted Answer

The answer of Explain what the text means when it...

Question 6

Which of the following is socialism's biggest flaw?

Accepted Answer

A)  It is hard to motivate people to work and even harder to motivate people to seek efficiencies or get them to excel at their craft.
B)  Workers become too competitive.
C)  Labor is undervalued,creating a "tragedy of the commons."
D)  Its stress on agriculture is no longer applicable in today's worlD.

Question 7

The tragedy of the ______ is a situation in which the rational choices of individuals collide with the needs or interests of the larger community,leading to the exploitation of shared resources.

Accepted Answer

A)  cave
B)  commons
C)  ages
D)  classroom

Question 8

In Chinese cosmology,the yin and yang are complementary forces.

Accepted Answer

A) True 
 B)False

Question 9

Adam Smith argued that the key to economic prosperity was ______.

Accepted Answer

A)  eliminating the division of labor that depressed wages for trained craftspeople
B)  nationalization of the finance industry
C)  the rational self-interest of people interacting in a free marketplace
D)  redistribution of wealth on the basis of individual need

Question 10

Recount one of the chapter's three examples of the tragedy of the commons and explain why the tragedy is inevitable.

Accepted Answer

The answer of Recount one of the chapter's three examples...

Question 11

A humanist is an idealist who is interested in and motivated by concern for the broader human condition and the quality of people's lives.

Accepted Answer

A) True 
 B)False

Question 12

What were the elements that,during the early decades of industrial capitalism,determined the prices that factories would charge their customers?

Accepted Answer

Profit,mat...

Question 13

A modern tragedy of the commons is (the) ______.

Accepted Answer

A)  nuclear proliferation
B)  depletion of natural resources
C)  human rights
D)  textbook prices

Question 14

The tragedy of the commons is a result of the issues of collective action.

Accepted Answer

A) True 
 B)False

Question 15

The Federal Reserve rate is the interest rate the Federal Reserve charges on loans to the government.

Accepted Answer

A) True 
 B)False

Question 16

Laissez-faire capitalism is an economic system characterized by very little,if any,government involvement in the economy.

Accepted Answer

A) True 
 B)False

Question 17

In the tragedy of the commons,one farmer's personal wants or needs outweigh his or her ______.

Accepted Answer

A)  individual resources
B)  access to grazing land and freshwater for sheep
C)  commitment to the interests of the community
D)  financial means

Question 18

Which of the following statements about capitalism and socialism is true?

Accepted Answer

A)  Capitalism has completely destroyed all vestiges of socialism.
B)  Pure socialist countries now outnumber all other countries combined.
C)  Adam Smith uncovered the perfect balance between socialism and communism.
D)  All functioning capitalist systems in the world today are actually mixtures of capitalism and socialism.

Question 19

What is one of the most important labels that can be placed on Karl Marx?

Accepted Answer

A)  humanist
B)  Marxist
C)  capitalist
D)  liberal

Question 20

The mechanisms for transforming labor into wealth are called which of the following?

Accepted Answer

A)  the justifications
B)  the ends of business
C)  the means of production
D)  the circle of commerce

Exam 4: Governments Role in the Economy: The Offer You Cant Refuse

Adam Smith argued that the key to economic prosperity was ______.

Correct AnswerverifiedShow Answer

In which present-day nation do we find large-scale capitalism in its rawest form?

Correct AnswerverifiedShow Answer

Which of the following,in his work The Wealth of Nations,used the example of the manufacture of sewing pins to highlight the benefits of factories?

Correct AnswerverifiedShow Answer

Explain what the text means when it says,"The real question [for government] is not capitalism versus socialism,but what balance between the two systems is best."

Correct AnswerverifiedShow Answer

Recount one of the chapter's three examples of the tragedy of the commons and explain why the tragedy is inevitable.

Correct AnswerverifiedShow Answer

The tragedy of the commons for capitalism is ______.

Correct AnswerverifiedShow Answer

Which of the following statements about capitalism and socialism is true?

Correct AnswerverifiedShow Answer

In Chinese cosmology,the yin and yang are complementary forces.

Correct AnswerverifiedShow Answer

Which of the following is socialism's biggest flaw?

Correct AnswerverifiedShow Answer

What is one of the most important labels that can be placed on Karl Marx?

Correct AnswerverifiedShow Answer

Competition among capitalists does not affect factory prices.

Correct AnswerverifiedShow Answer

A modern tragedy of the commons is (the) ______.

Correct AnswerverifiedShow Answer

What were the elements that,during the early decades of industrial capitalism,determined the prices that factories would charge their customers?

Correct AnswerverifiedProfit,mat...View AnswerShow Answer

The tragedy of the ______ is a situation in which the rational choices of individuals collide with the needs or interests of the larger community,leading to the exploitation of shared resources.

Correct AnswerverifiedShow Answer

A humanist is an idealist who is interested in and motivated by concern for the broader human condition and the quality of people's lives.

Correct AnswerverifiedShow Answer

In the tragedy of the commons,one farmer's personal wants or needs outweigh his or her ______.

Correct AnswerverifiedShow Answer

The Federal Reserve rate is the interest rate the Federal Reserve charges on loans to the government.

Correct AnswerverifiedShow Answer

The tragedy of the commons is a result of the issues of collective action.

Correct AnswerverifiedShow Answer

Laissez-faire capitalism is an economic system characterized by very little,if any,government involvement in the economy.

Correct AnswerverifiedShow Answer

The mechanisms for transforming labor into wealth are called which of the following?

Correct AnswerverifiedShow Answer

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Profit,mat...
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