PHI -186 - Chapter 4 - The Nature of Capitalism

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

10

According to one survey of cultural values

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

Which statement best describes capitalism?

Capitalism is an economic system that operates under the profit motive.

According to Adam Smith, the division of labor decreases economic activity.

False

According to Alfie Kohn, competition promotes individual and group achievement better than cooperation.

False

According to John Stuart Mill, what makes capitalism a desirable economic system is the type of worker capitalist relationship inherent in capitalism.

False

According to Marx, the best economic system would be one where the means of production and distribution are in the hands of the bourgeoisie.

False

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.

False

As a classical moral justification of capitalism, the natural right to property is a utilitarian justification.

False

Capitalism is possible without private property.

False

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

False

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

False

Some critics believe that "competition is not a good" because trying to do well and trying to beat others are two different things.

False

The U. S. trade deficit has shrunk significantly in recent decades.

False

The capitalism that we know today in the United States is a "pure" form of laissez-faire capitalism.

False

Which statement creates the best picture of capitalism?

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.

Which of the following accurately reflects the concept of Marxism?

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

Rather than strong work ethic, a more commonly seen role is:

Me first

Which of the following historical stages of capitalism came first?

Mercantile

According to Adam Smith, individuals have natural endowments that should determine the kind of work they do.

True

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

True

Capital is that money that is invested for the purpose of making more money.

True

Government programs often subsidize American businesses and protect them from competition.

True

Implicit in capitalism is the view that human beings aim to maximize their economic self-interest.

True

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

True

Property ownership involves a generally complex bundle of rights and rules governing how, under what circumstances, and in what ways both the owner and others can use, possess, dispose of, and have access to the thing in question.

True

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

True

Socialism is an economic system characterized by public ownership of the means of production and distribution, and a planned economy.

True

The sense of private property that is central to capitalism is the ownership of the means of production and distribution.

True

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

True

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

True

Worker control socialism is a hybrid economic system with no marketplace and no profits.

True

More Americans are putting aside job success to

be with their families.

Marxism states

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

A basic tenet of capitalism is that

capitalism requires private ownership of the major means of production.

Which of the following is an accurate statement?

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.

The concept of the "invisible hand" means

each person's private pursuit of wealth will result in the most beneficial overall organization and distribution of economic resources

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

economic extortion.

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

government subsidies and protective tariffs.

Capitalism operates on the debatable assumption that human beings find increased well being through

greater material consumption.

An exclusive focus on short-term performance

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

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

meaningless to them.

The Fugger dynasty was an example of

mercantile capitalism.

The profit motive

must be checked by competition if society is to benefit.

In contrast to traditional manufacturers, many companies have become hollow corporations who

outsource and likely produce only the package and the label .

One of the four key features of capitalism is

private property

Though many jobs are outsourced, most economists believe

the economy will create new jobs.

Evidence for the idea that American manufacturing is declining is

the fact that government now employs more people than manufacturing.

Karl Marx believed that

under capitalism workers are alienated in several ways.

A basic premise of Adam Smith's is

we can secure what we need from others only by offering them something they need from us.


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