Reference no: EM131079323

Question 1

Linux, Firefox, and OpenOffice are examples of:

A. pay-to-play software.

B. government software.

C. shareware.

D. open-source software.

Question 2

What is the most important concept in international trade theory?

A. free trade

B. absolute advantage

C. comparative advantage

D. means of production

Question 3

China and Singapore are examples of what type of economies?

A. ones that favor free markets and globalization

B. ones that favor individual property rights

C. ones that favor government intervention

D. ones that favor competition

Question 4

What is the definition of the economic system based primarily on government authorities making decisions?

A. command economy

B. market economy

C. mixed economy

D. capitalist economy

Question 5

Many economists now advocate retaining the market system and private property while modifying their workings through government regulation. This is known as a(n) __________ economy.

A. pure capitalist

B. evolutionary

C. mixed

D. free market

Question 6

The simultaneous occurrence of inflation and unemployment is called:

A. recession.

B. depression.

C. stagnation.

D. stagflation.

Question 7

According to Locke, the power of government should be:

A. Expanded to meet the needs of all citizens.

B. Expanded to meet the needs of corporations.

C. Limited, extending only far enough to protect basic rights of all citizens.

D. Limited, extending only far enough to protect the basic rights of corporations.

Question 8

What did Marx's "alienation" theory say about the nature of a human being?

A. It is our nature to be self-determined and be able to satisfy our true needs.

B. It is our nature to be greedy and always want more.

C. It is our nature to want to do gooD.

D. It is our nature to avoid conflict, and therefore workers do not rise against their oppressors.

Question 9

Compassion, concern, love, friendship, and kindness are all sentiments or virtues that normally manifest this dimension of morality.

A. ethics of care

B. virtue ethics

C. the categorical imperative

D. duty ethics

Question 10

Countries such as Sweden, Norway, France, Ireland, and Switzerland use which type of economy?

A. free market economy with no government regulation

B. completely government-regulated economy

C. free market economy with some government regulation

D. mixed economy with lots of government regulation

Question 11

A __________ ethic is an ethic that sees concrete communities and communal relationships as having a fundamental value that should be preserved and maintaineD.

A. utilitarian

B. virtue

C. communitarian

D. duty

Question 12

In the "Great Recession" of 2008-2009, the governments around the world returned to __________ policies with a vengeance.

A. free market

B. Keynesian

C. utilitarian

D. Darwinist

Question 13

__________ indicate the kind of care that is owed to those with whom we have special concrete relationships.

A. Utilitarian standards

B. Standards that specify how individuals must be treated

C. Standards of justice

D. Standards of caring

Question 14

What effects of capitalism did Karl Marx observe and detail?

A. the rise of large corporations

B. pollution of the environment

C. unethical behavior of business owners

D. worker exploitation and inequality

Question 15

The area of __________ has created a debate between the Lockean property rights and socialist notions of collective ownership.

A. oligopolies

B. globalization

C. free markets

D. intellectual property

Question 16

Social Darwinists had a different take on the utilitarian justification for free markets. What did they argue?

A. They argued that only by aiding weaker businesses can they grow strong.

B. They argued that economic competition would not produce human progress.

C. They argued that economic competition was inherently flaweD.

D. They argued that the best businesses are those that can survive fierce economic competition.

Question 17

What is the definition of the economic system based primarily on individuals making decisions?

A. command economy

B. market economy

C. mixed economy

D. capitalist economy

Question 18

What is the term for nonphysical property such as knowledge or information?

A. intellectual property

B. virtual property

C. information property

D. Internet property

Question 19

Adam Smith's major work, the Wealth of Nations, in fact, was primarily aimed at showing the benefits of:

A. a free market

B. free trade

C. utilitarianism

D. absolute advantage

Question 20

Modifying Locke's views on free markets, Adam Smith's arguments rest on __________ arguments that unregulated markets and private property will produce greater benefits than any other system.

A. Kantian

B. Utilitarian

C. Communist

D. Darwinist.