Deck 4: Critics of Business

Question 1

Liberalism is a word denoting both the ideology of using markets to organize society and a set of specific policies to free markets from state intrusion.

Answer 1

False

Question 2

Plato believed that virtues such as courage,temperance,justice,and wisdom which he called "goods of the soul" were superior to "external goods," which he defined as possessions and money.

Answer 2

False

Question 3

During World War II,support for business rebounded in the United States.

Answer 3

True

Question 4

The old Progressives seek to avoid being branded as liberals and try to take advantage of favorable connotations in the word "progressive".

Question 5

Socialism is a classless social system in which property is collectively owned and income from labor is equally and indiscriminately divided among members.

Question 6

One critic refers to the process of neoliberal conquest as "necrocapitalism",or the creation of death zones that subjugate life to wealth creation.

Question 7

The market price of a ware refers to the price that is determined by the interaction of supply and demand.

Question 8

The progressive movement was a turn-of-the-nineteenth-century social movement that associated moderate social reform with progress.

Question 9

Dystopia refers to a socially engineered model of alternative community that is designed to correct faults in the world so its members can find happiness.

Question 10

Thomas Jefferson believed that an agrarian economy would prevent the rise of subservience to the wealthy and bring a state of equality,basic justice,and concern for the common good.

Question 11

The popular theoretician of the rising American capitalist spirit was Adam Smith.

Question 12

The Industrial Workers of the World (IWW),formed in 1905,proposed to represent all workers of both sexes and all races in the fight to overthrow the capitalist system.

Question 13

Keynesianism is an economic philosophy according to which social progress comes when individuals freely pursue their self-interests in unregulated markets.

Question 14

Unlike European peasants,American farmers owned their land and this turned them into little capitalists.

Question 15

An agrarian society is a preindustrial society in which economic,political,and cultural values are based on agricultural experience.

Question 16

The catastrophic Depression of the 1930s brought to light much ineptness,criminal negligence,and outright fraud by prominent executives.

Question 17

In the United States of 1850 to 1900,rapid industrial growth was taking place within a highly-regulated capitalist system that in many ways seemed to bear out the socialist's nightmare of exploitation.

Question 18

Plutocracy refers to a society that is ruled by the wealthy.

Question 19

The populists wanted private individuals to own railroad,telegraph,telephone companies,and banks.

Question 20

Milton Friedman,his colleagues,and their free market ideas came to be called the Chicago School.

Question 21

Which of the following is true about an agrarian society?

A) It was a postindustrial society.
B) Most people worked in the industries for subsistence.
C) The political and cultural values of such societies was based on industrial experience.
D) Business activity beyond barter and exchange was a tiny part of the economy.

Question 22

_____ refers to a socially engineered model of alternative community that is designed to correct faults in the world so its members can find happiness.

A) Ideology
B) Utopia
C) Materialism
D) Euphoria

Question 23

According to Plato:

A) when people engaged in trade they inevitably succumbed to the temptation of excess.
B) happiness is the ultimate goal of life.
C) the amount of happiness a person gained in life was equal to the amount of virtue accumulated in the soul.
D) profit motive was to be supported.

Question 24

The just price:

A) is the economic price for which a good or service is offered in the marketplace.
B) incorporates an excessive profit.
C) is determined by supply and demand without any moral dimension.
D) is inspired by fairness.

Question 25

The belief that hard work and adherence to a set of virtues such as thrift,saving,and sobriety would bring wealth and God's approval is known as:

A) functionalism.
B) the Protestant ethic.
C) the Confucian ethic.
D) positivism.

Question 26

According to Aristotle,which of the following is true?

A) Courage,temperance,justice,and wisdom are "external goods".
B) Trade was a lower form of acquisition because it was activity that did not contribute to inner virtue.
C) "External goods" were superior to "goods of the soul".
D) Profit motive was to be supported.

Question 27

The political reform movement that arose among U.S.farmers in the late 1800s was the:

A) populist movement.
B) progressive movement.
C) libertarian movement.
D) socialistic movement.

Question 28

A _____ price is determined by the interaction of the supply and demand without any moral dimension.

A) just
B) natural
C) normal
D) market

Question 29

The popular theoretician of the rising capitalist spirit was _____ who published the first annual "Poor Richard's Almanack",an eclectic book of facts,information,and self-help advice.

A) Thomas Jefferson
B) Adam Smith
C) Benjamin Franklin
D) John Locke

Question 30

During the Middle Ages,the Roman Catholic Church:

A) was tolerant of profit seeking.
B) focused on the acquisition of wealth.
C) sought special status for the poor.
D) love of material things was not an act against God.

Question 31

_____ refers to a society that is ruled by the wealthy.

A) Kleptocracy
B) Democracy
C) Plutocracy
D) Theocracy

Question 32

According to Alexander Hamilton:

A) America should aspire to spread farming over its immense,unsettled territory.
B) manufacturing as an occupation leads to venality.
C) an agrarian economy would bring a state of equality and concern for the common good.
D) industrial growth would increase national power.

Question 33

A society that has its economic,political,and cultural values based on agriculture is called a(n)_____ society.

A) agrarian
B) postindustrial
C) industrial
D) tribal

Question 34

To solve agrarian ills,the populists:

A) demanded that U.S.senators be picked by state legislatures.
B) sought to defend the gold standard.
C) espoused the use of capitalism.
D) advocated government ownership of railroad,telegraph,telephone companies,and banks.

Question 35

The Roman Catholic Church exhorted the merchants to charge a _____ price for their wares.

A) market
B) natural
C) promotional
D) just

Question 36

Aristotle defined material possessions and money as:

A) determinants of adhocracy.
B) external goods.
C) goods of the soul.
D) determinants of socialism.

Question 37

The lending of money for interest is known as:

A) predatory borrowing.
B) predatory lending.
C) usury.
D) alternative giving.

Question 38

Which of the following is true regarding the civilizations of ancient Greece and Rome?

A) Both the civilizations were based on industrial activities.
B) Economic activity by merchants,bankers,and manufacturers was at a maximum.
C) Inaccurate economic doctrines were put forward to explain commercial activities.
D) Philosophers reasoned that profit seeking was the best motive.

Question 39

A price that incorporates a modest profit and is adequate to maintain a merchant in the social station to which they are born is known as:

A) just price.
B) market price.
C) promotional price.
D) cost price.

Question 40

During industrialization:

A) consumption supplants thrift and saving.
B) less emphasis is placed on material things.
C) self-restraint overwhelms wealth creation.
D) rural,slow-paced societies remain unaltered.

Question 41

The members of the broad political and social reform movement that took place in the early years of the 20^th century are known as the:

A) old Progressives.
B) liberals.
C) new Progressives.
D) socialists.

Question 42

According to new Progressives:

A) corporations have insufficient power.
B) corporations have inordinate legal rights.
C) corporations are inherently moral.
D) free markets force the corporations to serve the public interest.

Question 43

_____ is a classless social system in which property is collectively owned and income from labor is equally and indiscriminately divided among members.

A) Socialism
B) Capitalism
C) Anarchism
D) Fascism

Question 44

_____ is a term that denotes both the ideology of using markets to organize society and a set of policies to free markets from state intrusion.

A) Neoliberalism
B) Embedded liberalism
C) Social liberalism
D) Liberalism

Question 45

Socialism poses a revolutionary challenge to _____ society because it requires a change in property relationships that destroys bedrock arrangements.

A) communist
B) capitalist
C) anarchist
D) feudal

Question 46

A _____ is a zone of ideas,discourse,and action dominated by progressive values,that transcends national societies and focuses on global issues.

A) civil society
B) political society
C) government
D) state

Question 47

The philosophy of an open society in which the state does not interfere with rights of the individuals is known as:

A) neoliberalism.
B) embedded liberalism.
C) liberalism.
D) racism.

Question 48

The _____ movement was a turn-of-the-twentieth-century political movement that associated moderate social reform with betterment.

A) socialistic
B) progressive
C) libertarian
D) populist

Question 49

Which of the following is true regarding the progressive movement?

A) It was less radical than populism.
B) It had narrower appeal than populism.
C) It was strongly opposed by the urban middle class and professionals.
D) It was less effective than populism.

Question 50

Which of the following social movements attacked business for contributing to a range of social ills including racism and sexism,consumer fraud,dangerous and alienating work,political corruption,and war profiteering?

A) Movements for civil rights,euthanasia,and the environment and against the Vietnamese War.
B) Movements for civil rights,consumer rights,euthanasia and against the Vietnamese War.
C) Movements for civil rights,Protestant ethics,and the environment and against the Vietnamese War.
D) Movements for civil rights,consumer rights,and the environment and against the Vietnamese War.

Question 51

_____ is an economic philosophy of active state intervention to stabilize the economy and stimulate employment.

A) Protectionism
B) Keynesianism
C) Marxism
D) Monetarism

Question 52

According to Karl Marx and Friedrich Engels:

A) the basis for socialism was an inevitable process of class struggle underlying and explaining the history of human society.
B) in the free market,central planning is more burdensome than naturally occurring problems in the market.
C) under socialism the working class is exploited by the owners of capital,who pay low wages for dehumanizing work.
D) free markets harnessed greed for the public good and protected consumers from abuse.

Question 53

The philosophy that social progress comes when individuals freely pursue their self-interests in unregulated markets is known as:

A) socialism.
B) mercantilism.
C) imperialism.
D) economic liberalism.

Question 54

Which of the following is a reason for the rapid decline of socialism in the United States?

A) Moderate reforms of the populist movement came only because the threat of growing socialist popularity put pressure on the capitalist elite.
B) Socialist unions made a huge doctrinal error (though not a tactical mistake)when they labeled World War I an imperialist war and said that labor would refuse to shed its blood for wealthy capitalists.
C) Because of its electoral successes the Socialist Party chose to make itself less radical,thereby breaching socialist unity by alienating firebrand IWW leaders.
D) As time passed,the lot of most workers improved;real wages rose 37 percent and the average 50-hour workweek declined to 40 hours.

Question 55

Which of the following statements about the new Progressives is true?

A) They make efforts to build majority coalitions in the mainstream.
B) They apply new scientific,legal,and management theories of the day to smooth the harsh edges of capitalism.
C) They believe that corporations have insufficient power.
D) They advocate more radical corporate reform than the old Progressives.

Question 56

Which of the following is NOT true about the new communal economy that Francois-Noël Babeuf,the originator of modern socialist doctrine,envisioned?

A) The government would receive their output and distribute to everyone the basic material necessities of life.
B) To eliminate individual desire for wealth and power,schools would teach egalitarian principles.
C) Private property would be ratified.
D) Citizens would be required to work based on their trade or skill.

Question 57

Adam Smith's vision of _____ capitalism defined the essence of economic liberalism.

A) laissez-faire
B) modified market
C) neoliberal
D) state

Question 58

Which of the following refers to a coalition of groups united by opposition to economic globalization dominated by corporate capitalism?

A) Consumer rights movement
B) Populist movement
C) Global justice movement
D) Civil rights movement

Question 59

Which of the following statements about the Industrial Workers of the World (IWW)is NOT true?

A) The Industrial Workers of the World (IWW)was formed in 1905.
B) IWW proposed to represent all workers of both sexes and all races and in every industry in the fight to overthrow the capitalist system.
C) Laws were passed to prevent IWW members from speaking or assembling and it defied them,sometimes violently.
D) The IWW was the largest union and its unmitigated rejection of the system scared mainstream America and it was severely repressed.

Question 60

Which of the following statements about unions that arose in the United States in the latter half of the 19^th century is true?

A) Almost all early unions were radical and avowedly socialist.
B) Most early unions were tied to single companies or locations.
C) The largest union,the Knights of Labor,disdained Marxism and elected to work with employers for higher wages and better working conditions.
D) The first big national union,the American Federation of Labor,called for overthrow of the capitalists rather than for reforms to protect labor.

Question 61

The call to pressure a company by not buying its products and services is known as a(n):

A) boycott.
B) injunction.
C) picketing.
D) economic sanction.

Question 62

What is just price?

Question 63

Discuss Plato's and Aristotle's views on commercial activity.

Question 64

Explain the prevailing theology of the Roman Catholic Church during the Middle Ages.

Question 65

What is the Protestant ethic?

Question 66

What is meant by liberalism,economic liberalism,Keynesianism,and neoliberalism?

Question 67

The Group of Eight has now expanded and is currently known as:

A) G20.
B) G24.
C) G77.
D) G8 + 5.

Question 68

Summarize the rise of neoliberalism.

Question 69

Discuss the concept of socialism.Who is the originator of modern socialist doctrine? What were Karl Marx and Friedrich Engels' views on socialism?

Question 70

Discuss the progressive reform movement in America.

Question 71

How did the attitude toward business change during the modern era?

Question 72

Define utopia.

Question 73

Discuss the ancient agrarian societies of Greece and Rome.

Question 74

Milton Friedman,his colleagues,and their free market ideas are known as the ____,a shorthand term for a doctrine of privatization,free trade,and deregulation.

A) Stockholm School
B) Freiburg School
C) Chicago School
D) Austrian School

Question 75

Describe the views of the old Progressives and the new Progressives.What are the three basic beliefs that prompt them to act?

Question 76

What was the populist movement?

Question 77

The term Chicago School is synonymous with:

A) Keynesianism.
B) neoliberalism.
C) ordoliberalism.
D) imperialism.

Question 78

Describe the populist movement in America.

Question 79

Milton Friedman:

A) advocated policies to minimize the market's role.
B) wanted the practice of Social Security to continue.
C) wanted the detailed regulations of industries to continue.
D) desired to turn America's national parks over to corporations.

Question 80

What is an agrarian society?