Terms in this set (47)The American financial community's near collapse in late 2008 has been most directly ignited by the subprime mortgage crisis. True Capitalism in America was built on the strong philosophical foundation of personal freedom and private property rights. True Democratic capitalism and state capitalism trade with each other for mutual advantage but are economic and political rivals. True Capitalism features economic cooperation and varying degrees of centralized control. False The term collectivism embraces communism and socialism and similar philosophies on the left side of the political or economic spectrum True Political scientist Benjamin Barber believes that capitalism drags us into decadence by encouraging us to buy as many unnecessary products as we can manage. True Socialism embraces totalitarianism while calling for aggressive government intervention to correct economic and social life. False Capitalists fear the irrationality of a society based on competition and unrestrained pursuit of industrial growth. False Capitalists consider class distinction unjust. False Communists are convince the problems of market failure mean that the free market is simply incapable of meeting the needs of all segments of society. False To pay for its comprehensive welfare benefits, the United States takes 50.1% of its national income in taxes, the highest rate of any industrialized nation. False
Sweden and other Scandinavian states rely on wise government spending as their key ingredient in a successful market-based economy. True The pure free market approach adds all forms of government including regulatory agencies, consumer production, environmental rules, and antitrust law to our business system and to our society. False American capitalism, despite its extraordinary success, is criticized for problems of poverty, inequality, and unfairness. True It is a well-known fact that the United States ranks well on standard social measures no so well on standard economic measures. False In the context of capitalism in America, which of the following most likely led the government to curb the power of big business? A) Poor foundation of personal freedom C) Emergence of monopolistic abuse _____ in the United States, Japan, Denmark, and other nations favors business to create wealth and government to regulate as needed A)
Democratic capitalism A) Democratic capitalism ____ in countries such as Russia, China, and Saudi Arabia employs the market ot build wealth, which, in turn, is controlled and distributed by the state for its political purposes. A) Regional socialism C) State capitalism Which of the following countries follows a communist form of government A) The United States C) China ____ was particularly concerned about the growing imbalance between rich and poor and felt that the pursuit of wealth and self-interest would erode society's moral core A) Ayn Rand C) Karl Marx Socialism has been associated with ____. A) Self-interest and strong pursuit of individual wealth B) Democratic governments and peaceful change Identify the correct statement regarding socialists. A) They aim to retain the benefits of industrialism while abolishing the social costs often accompanying the free market A) They aim to retain the benefits of industrialism while abolishing the social costs often accompanying the free market Which of the following statements about socialists is true? A) Socialists feel that the economy must be directed toward the welfare of the successful capitalists D) Class distinctions are anathema to socialists. Which of the following statements corresponds to Karl Marx's beliefs? A) The mode of production in material life determines the general character of the social, political, and spiritual processes of life. A) The mode of production in material life determines the general character of the social, political, and spiritual processes of life. Which of the following is true of Robert Putnam's observations on social capital? A)
Putnam observed that the practice of free market principles is essential for a moral life. C) Putnam observed that virtually every measure of social interaction fell significantly from roughly 1975 to 2000. Identify the correct statement regarding socialists. A) They aim to retain the benefits of industrialism while abolishing the social costs often accompanying the free market. A) They aim to retain the benefits of industrialism while abolishing the social costs often accompanying the free market. Which of the following statements about socialists is true? A) Socialists feel that the economy must be directed toward the welfare of the successful
capitalists. D) Class distinctions are anathema to socialists. Which of the following statements corresponds to Karl Marx's beliefs? A) The mode of production in material life determines the general
character of the social, political, and spiritual processes of life. A) The mode of production in material life determines the general character of the social, political, and spiritual processes of life. Which of the following is true of Robert Putnam's observations on social capital? A) Putnam observed that the practice of free market principles is essential for a moral life C) Putnam observed that virtually every measure of social interaction fell significantly from roughly 1975 to 2000. Identify the underlying reason why socialists advocate income supports, free education, free health care, generous sick pay, and family planning. A)
Socialists believe that the economy must be directed toward the general interest rather than left free to multiply the welfare of successful capitalists. A) Socialists believe that the economy must be directed toward the general interest rather than left free to multiply the welfare of successful capitalists. Which of the following views was advocated by Ayn Rand, the philosopher and novelist? A) The necessary categories of government were only 3 in number: the police, the armed
services and the law courts. A) The necessary categories of government were only 3 in number: the police, the armed services and the law courts. The proper balance between ___ remains the central public policy debate in American life A) Open markets and government intervention A)Open markets and government intervention What efforts have been made by Sweden to keep its economy healthy? A) It has taken an aggressive cowboy capitalism approach B) It has followed a policy of comparatively low corporate taxes.
Which of the following is most likely to be a result of a country maintaining its core welfare commitment in combination with an entrepreneurial spirit? A) An economy of relatively low unemployment, low inflation, and high GDP growth A) An economy of relatively low unemployment, low inflation, and high GDP growth In terms of markets and governments, the United States: A) has more faith in government planning C) chose a capitalist, democratic approach to life. In the context of economic systems, the "Third Way" refers to___. A) totalitarianism B) market socialism Which of the following countries followed the "Third Way" between the harsher extremes of capitalism and communism? A) Sweden A) Sweden The pure free market approach assumes that: A) Less faith should be placed in the market and more in government planning. D) Business structures and societies can be operated at large free of all but foundational legal mechanisms. Which of the following is true of the criticisms of Robert Putnam's thesis? A) Robert Putnam was criticized for focusing too much on older activities such as social clubs A) Robert Putnam was criticized for focusing too much on older activities such as social clubs Identify the result of a growing gap of opportunities among socioeconomic classes of American children. A) Children of the well-off express increasing trust in those around them. A) Children of the well-off express increasing trust in those around them. Which of the following involves making a service more expensive at times of peak demand in order to curb that demand? A) Median pricing D) Congestion pricing Identify a reason why some parents and school boards have adopted a free market "fix." A) Parents and school boards are convinced that replacing merit-based admission with an auction allowing space to the highest bidders is the only way to raise the academic profile of an educational institution. B) Parents and school boards hope that competition will push all schools to higher achievement levels In the context of toll roads, parking meters, and congestion pricing, which of the following is true of privatization? A) Privatization brings secure working conditions, increased services, and increased responsiveness to customers. B) Some struggling governments see privatization as a solution for financial distress. How do privatization supporters envision major changes to daily life? A) by promising economic justice for all C) by citing free market efficiency and personal freedom while challenging moral conventions Which of the following statements about the economic and political issues of China is true? A) The per capita gross domestic product of China is the highest in the world. C) China's gap between rich and poor is estimated to be the world's largest. In the context of state capitalism, explain why government is the dominant economic force. A) The government intervenes in and
shapes the market to further the state's political goals. A) The government intervenes in and shapes the market to further the state's political goals. According to Robert Putnam, which of the following is true about the growing gap in opportunities among socioeconomic classes of American children? A) Young products of affluent America have withdrawn or never undertaken community engagement. C) Today, more comfortable class of children receive about one hour per day more time with their parents than less advantaged children. Sets with similar termsCh 1A and 1B51 terms JuliaHouk15 MGMT 350: Chapter One20 terms kalvar22 ETLW 302 - Chapter 164 terms alina_calva Mrs. O Chapter 2 Econ30 terms libbytortorigi Sets found in the same folderChapter 2 Daily Double25 terms FionaQuach Chapter 3 Daily Double47 terms FionaQuach BUS 404 Stern Final (Midterm 2) Ch. 8,9,16135 terms kmart1090 Ch. 1 Daily Double54 terms sarah_moore23 Other sets by this creatorbus 342 conceptual parts94 terms FionaQuach bus 342 chapter 3 and 4 accept6 terms FionaQuach bus 391 kocsis final chapter 941 terms FionaQuach Mintz 424 ch 8: international financial reporting26 terms FionaQuach Recommended textbook solutions
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What is true in socialist economy?In a purely socialist economy, the collective owns and controls the means of production; personal property is allowed, but in the form of consumer goods. Essential services like healthcare, education, and public transportation are administered for free by the government and funded through taxation.
Which of the following is not true for a socialist economy?Private ownership of productive resources is not the feature of socialist economy.
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Which of the following is a true statement about a socialist system of economy Quizlet
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