05 Jun uestion Features of a “capitalist” system
uestion
Features of a “capitalist” system of economic organization include Question 1 options: A) Factors of production are owned by individuals, and can be sold or rented to other individuals B) The question of “what to produce” is determined mainly by government issued guidelines C) The allocation of labor in the production of goods and services is detemined largely via the “labor market”, that is, through contracts made by individual workers with those who wish to produce goods D) Decisions about how goods will be produced are made by private individuals trying to make money by producing goods and services. E) A, C, and D F) All of the above Most socialists believed that human nature was basically selfish, and that social and economic institutions should be designed by intelligent leaders to incentivize selfish people to take actions that would serve the public good. Question 2 options: True False Sidney Webb believed that a violent revolution would be necessary to establish a socialist society Question 3 options: True False “Technocracy” Question 4 options: A) Is a euphemism for authoritarianism B) Was Marx’s term for the mode of production that would follow socialism in the development of human society C) Is government based on the application of social scientific knowledge to the design of govenment policy D) Is incompatible with democracy E) B and C F) All of the above Karl Marx believed that the exploitative relationship between workers and the bourgoise that had grown up under capitalism was a result of the changes in religious and philosophical beliefs brought about by the Protestant Reformation. Question 5 options: True False Marx believed that as human society evolved through successive modes of production, the class system became increasingly complex. Question 6 options: True False According to Marx, distinctive features of capitalism as a mode of production included Question 7 options: A) The transformation of the family into a money relationship B) Constant revolutionization of the means of production, that is, continuous inmprovements in technology C) The separation of society into two great classes, bourgoise (capitalists) and proletariat (workers) D) The growth of great cities and the depopulation of rural areas E) A and C F) All of the above Both Karl Marx and Sydney Webb believed that the coming of socialism was inevitable. Question 8 options: True False During the 1800s, different socialist movements diasgreed over whether socialism would or should involve government ownership of the means of production Question 9 options: True False Marx, like the classical economists, relied mainly on deduction to build up his economic theory of capitalism. Question 10 options: True False Which of the following statements best characterizes the attitude of the socialists of the 1800s toward orthodox economics: Question 11 options: Orthodox economics was insufficiently scientific because it did not employ mathematical methods Orthodox economics was correct about the processes by which wages were determined, but incorrect about the sources of economic growth. Orthodox economics, although correct about some things, had come to be used as an ideology to defend the existing social and economic order The most serious problem with orthodx economics was the assumption of competition: because most industries were not competitive, theories based the assumption of competition did not describe the real world Which of the following statements characterize the general attitude of socialists regarding distribution in the capitalist system: Question 12 options: A) All useful goods and services are created by labor, so it is unjust that the share of the national wealth received by workers under capitalism is so low B) Since the same labor and capital applied to better land yields output of more value, it is just that the owners of the better land receive compensation for this C) Since capitalists must organize and manage production, the profits earned by capitalists in a competitive industry are justly earned, but monopoly profits are unjust. D) A and C E) A and B According to Marx’s theory of social change, Question 13 options: A) Changes in social, economic and cultural institutions are ongoing and gradual B) Changes in social, economic, and cultural insitutions are driven by changes in the technologies used to produce goods and services C) Social change comes about as a result of a struggle between social classes D) Capitalism is a neccessary phase of historical development. E) All but A F) C and D Although Socialists disagreed about many things, most all of them believed that Question 14 options: A) Socialism would come about eventually in any nation that established democratic political institutions B) Factories should be owned and operated by workers C) People should be assigned to jobs and occupations by the government, based on society’s needs and preferences for goods and services D) Allowing the means of productions to be privately owned led to economic injustice E) A and B Marx, like modern mainstream economists, believed that questions of ethics and values should be kept out of economic analysis Question 15 options: True False The philosopher whose ideas had the most influence on Marx was Question 16 options: A) Plato B) Immanuel Kant C) Jean-Paul Sartre D) G.F.W, Hegel In Marxian economics, a person’s class is determined by his or her Question 17 options: A) Race, ethnicity, and/or gender, depending on the society B) Role in the production of goods and services C) Material standard of living D) Political power or influence E) All of the above Which of the following people would be doing productive work in the sense that Marx defines it? Question 18 options: A) A newborn baby B) A carpenter C) A plumber, but only if he is being paid for what he does by someone else D) A dancer E) All but A F) B and D According to Marx, an exploitative socioeconomic system, or “mode of production”, is one in which some people get to keep more of the fruits of their labor than others, even if all do the same amount of productive work Question 19 options: True False Marx, like the marginalist economists, concluded that in a capitalist economy, a worker’s wage would tend to be equal to the value that the worker added to his employer’s revenues. Question 20 options: True False
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