Question: Which of the following historical stages of capitalism came first?

Answer: mercantile

Question: The profit motive

Answer: is a fundamental feature of all societies

Question: A basic tenet of capitalism is that

Answer: capitalism requires private ownership of the major means of production.

Question: The concept go the "invisible hand" means

Answer: pursuit of private gain will bring the best results

Question: A basic premise of Adam Smith's invisible hand argument is

Answer: when people are left to pursue their own economic interests, disaster looms

Question: One of the key features of capitalism is

Answer: competition

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

Answer: capitalism assumes that well-being comes from greater material consumption

Question: One reason for believing that in practice capitalism fails to live up to its own ideal of competition is

Answer: we have government subsidies and productive tariffs

Question: Karl Marx believed that

Answer: capitalism workers suffer from alienation

Question: An assessment of work in America is

Answer: many manufacturing companies have become "hollow" or "weightless"

Question: An exclusive focus on short-term performance

Answer: has helped to create a high-pressure environment conducive to fraud

Question: Evidence for the idea that American manufacturing is declining is

Answer: the fact that government now employs more people than manufacturing

Question: According to one survey of cultural values

Answer: Americans typically value things like their children's education and a satisfactory love life more than work

Question: Which statement best describes capitalism

Answer: Capitalism is an economic system that operates under a profit motive

Question: Which of the following is an accurate statement

Answer: A common defense of capitalism is the argument that people have a fundamental moral right to property and that our capitalist system is simply the outcome of this natural right

Question: Marxism states

Answer: capitalism leads to a concentration of property and thus a concentration of resources and power in relatively few hands.

Question: Which of the following accurately reflects the concept of Marxism

Answer: Labor is alienated in a capitalist economic system (in part) because the labor of a work stands opposed to the worker as an autonomous power.

Question: Which statement accurately describes capitalism

Answer: In state welfare capitalism the government plays an active role in regulating economic actives in an effort to smooth out the boom-and-bust pattern of the business cycle.

Question: For employees who are paid handsomely for their efforts, Marx said their work would ultimately prove to be

Answer: meaningless to them

Question: For the first time since the Industrial Revolution, less than _____ percent of the American workforce was employed by manufacturing

Answer: 25

Question: Though many jobs are outsourced, most economists believe

Answer: the economy will create new jobs in the USA

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

Answer: economic extortion

Question: Rather than strong work ethic, a common attitude is

Answer: Me-first

Question: How many Americans believe that "if you work hard enough, you'll make it?"

Answer: One out of three

Question: The Fugger dynasty was an example

Answer: mercantile capitalism

Question: Worker control application is a hybrid economic system with no marketplace and on profits

Answer: TRUE

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

Answer: TRUE

Question: If it's true that individuals have a natural right to own property, then there can be no limits on this right

Answer: FALSE

Question: Some believed that "competition is not good" because trying to do well and trying beat others are two different things

Answer: ...

Question: Adam smith claims that the people seeking self-interest in a free market through competition can benefit society as a whole

Answer: TRUE

Question: Capitalism is possible without private property

Answer: FALSE

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

Answer: TRUE

Question: None of the specific measures proposed by Marx and Engels in the Communist Manifesto have been implemented in capitalist countries

Answer: FALSE