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BUS 309 Week 5 Quiz Question 1 For the first time since the Industrial Revolution, less than _____ percent of the American workforce was employed by manufacturing. 10 25 50 62 Question 2 An exclusive focus on short-term performance is the best guarantee of a company’s long-term performance. has helped to create a high-pressure environment conducive to fraud. encourages long-term research and development. hurts stock prices. Question 3 The profit motive is a fundamental feature of all societies. is no longer a key feature of capitalism. must be checked by competition if society is to benefit. is basically immoral. Question 4 Marxism states capitalism leads to a concentration of property and thus a concentration of resources and power in relatively few hands. socialism will eventually be replaced by financial capitalism. the means of production should be placed under the control of the bourgeoisie. only workers who are poorly paid in a capitalist system are alienated. Question 5 For employees who are paid handsomely for their efforts, Marx said their work would ultimately prove to be profitable to them. meaningless to them. expensive to them. tireless. Question 6 An assessment of work in America is American manufacturing is growing faster than ever. American corporations ignore short-term performance. manufacturing still employs more people than government. many manufacturing companies have become “hollow” or “weightless”. Question 7 Rather than strong work ethic, a common attitude is: Me-first I like it easy Happy days are here to stay Let the boss sweat it Question 8 The Fugger dynasty was an example of industrial capitalism. financial capitalism. mercantile capitalism. globalized capitalism. Question 9 Though many jobs are outsourced, most economists believe Mexico is the place to work. the United States is in trouble. the economy will create new jobs in the USA. manufacturing will make a comeback. Question 10 Evidence for the idea that American manufacturing is declining is the fact that government now employs more people than manufacturing. a reluctance to outsource. fewer “hollow” corporations. a shrinking trade deficit. Question 11 One of the key features of capitalism is favoritism. cooperation. inequality. competition. Question 12 The concept of the “invisible hand” means pursuit of private gain will bring the best overall results. although it can’t be seen, the hand of government controls the economy. feudalism inevitably gives rise to capitalism. externalities must be internalized. Question 13 According to one survey of cultural values Americans value work more than Japanese do. for Americans, only good health is more important than work. Americans typically value things like their children’s education and a satisfactory love life more than work. Americans place no value on work, only on money. Question 14 Many economists are concerned that the growing trade deficit makes the U.S. vulnerable to terrorist attacks. ease. depression. economic extortion. Question 15 Some critics of capitalism believe that it rests on a flawed view of human beings because capitalism produces equality. capitalism eliminates poverty. capitalism assumes that well-being comes from greater material consumption. capitalism offers a higher sense of purpose. Question 16 The “rules of the game” for corporate work are intended to let the games begin. destroy the competition. promote open and free competition. make business fun. Question 17 Which of the following contributed to the more relaxed incorporation procedures of modern times? The idea that incorporation is a by-product of the people’s right to associate, not a gift from the state. The move from mercantilist thinking to a belief in Benjamin Franklin’s invisible hand. The idea that incorporation is a gift from the state. The thought that laissez-f

BUS/309 BUS309 BUS 309 Week 5 Quiz

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