Business Government and Society A Managerial Perspective 13 th Edition by Steiner – Test Bank

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Business Government and Society A Managerial Perspective 13 th Edition by Steiner – Test Bank

 

SAMPLE QUESTIONS

 

ch02

 

Student: ___________________________________________________________________________

 

  1. Change in the business environment is the work of 10 deep historical forces or streams of related events.

True   False

 

  1. An environmental force of unknown origin and mysterious action that provides the energy for events is known as a historical force.

True   False

 

  1. Great Britain was the first society to usher in the Industrial Revolution. True False

 

  1. Sustained economic growth arose in Western Europe and the United States during the first half of the twentieth century.

True   False

 

  1. Global income inequality is measured by the Lorenz index. True False

 

  1. In the Gini index, 0 percent stands for absolute inequality and 100 percent stands for perfect equality. True False

 

  1. The number of children a woman must have on average to ensure that one daughter survives to reproductive age is known as the replacement fertility rate.

True   False

 

  1. Although the global population growth is slowing, it will be the highest in the most developed regions.

True   False

 

  1. Liberalization refers to the creation of networks of human interaction that span worldwide distances. True False

 

  1. In the international arena, the nation state is an actor having a ruling authority, citizens, and a territory with fixed borders.

True   False

 

  1. The nation-state is the unit of human organization in which individuals and cultural groups can influence their circumstances and future.

True   False

 

  1. A set of reinforcing beliefs and values that constructs a worldview is known as an ideology. True False

 

  1. The economic environment consists of forces that influence market operations, including overall economic activity, commodity prices, interest rates, currency fluctuations, wages, competitors’ actions, and government policies.

 

True   False

 

  1. A Web site open to collaborative editing by multiple individuals is known as a blog. True False

 

  1. Values based on assumptions of security and affluence are known as postmaterialist values. True False

 

  1. A form of government requiring popular sovereignty, political liberty, and majority rule is the androcracy.

True   False

 

  1. Soft law refers to the voluntarily adopted guidelines for corporate behavior derived from emerging norms and standards in international codes, declarations, and conventions.

True   False

 

  1. Economic activity is a geophysical force with power to change the natural environment. True False

 

  1. The Living Planet Index measures the human consumption of the renewable natural resources. True False

 

  1. The employees of a business are a part of its external environment. True False

 

  1. A plausible story of the future based on assumptions about how current trends might play out is known as a:

 

 

  1. historical force.

 

  1. _____ is an economic policy of lowering tariffs and other barriers to encourage trade.
    1. Liberalization
    2. Deregulation

 

  1. Democratization

 

  1. Marketization

 

  1. An environmental force of unknown origin and mysterious action that provides the energy for events is known as a:

 

 

  1. historical force.

 

  1. Which of the following statements about historical forces is true?
    1. It is of known origin.
    2. It is divided into six separate but related forces.

 

  1. It is a social force.

 

  1. It causes a distinct chain of events.

 

  1. Which of the following statements about the Industrial Revolution is true?
    1. It started in the late 1800s.

 

  1. It first started in the United States.

 

  1. It transformed the agrarian economies into industrial economies.

 

  1. It did not require any specific conditions to be present.

 

  1. Which of the following situations contributed to the Industrial Revolution?
    1. Society that was low on capital and labor

 

  1. Closed society
  2. Society that encouraged individual initiative

 

  1. Inadequate transportation

 

  1. Using this statistical measure of global income inequality, inequality becomes greater as the percentage figure rises toward 100.
    1. Human Development Index

 

  1. Robin Hood index

 

  1. Gini index

 

  1. Lorenz index

 

  1. The Gini index ranges between:
    1. 0 to -1.

 

  1. 0 percent to 100 percent.

 

  1. -1 to +1.
  2. 1 percent to 50 percent.

 

  1. Which of the following statements regarding the Gini index is true?
    1. Zero percent stands for absolute equality.
    2. It is a statistical measure of complexity.

 

  1. Fifty percent represents absolute inequality.

 

  1. Inequality reduces as the percentage figure rises toward 100.

 

  1. According to the Gini index, the cause of most of the rise in world income inequality is a(n):
    1. growing gap between the peoples of rich and poor nations.

 

  1. increasing trend toward liberalization.

 

  1. growing separation of rich and poor within nations.

 

  1. transition from high to low fertility in nations.

 

  1. The Human Development Index scale ranges from:
    1. 0 to -1.

 

  1. 0 to 1.
  2. -1 to +1.

 

  1. -5 to 0.

 

  1. Which of the following is a category used by the HDI to measure the development of nations?
    1. Longevity

 

  1. Flexibility

 

  1. Resilience

 

  1. Dynamism

 

  1. According to the 2010 United Nations Development Programme’s Human Development Report, which of the following countries has the highest human development in the world?
    1. The United States

 

  1. Canada
  2. Norway

 

  1. Mexico

 

  1. _____ is calculated as the number of children a woman must have on average to ensure that one daughter survives to reproductive age.
    1. Sub-replacement fertility

 

  1. Net reproduction rate

 

  1. Total fertility rate

 

  1. Replacement fertility rate

 

  1. Which of the following is most likely to drive future population changes?
    1. High fertility

 

  1. Low mortality
  2. Stable fertility

 

  1. Zero migration

 

  1. Which of the following is true regarding the implications of the current population trend?
    1. The global population growth is rising.
    2. The global population growth will be lowest in the least developed countries.

 

  1. The wealth gap between the high-and-low-income countries will narrow down.

 

  1. The global population growth will continue to strain the earth’s ecosystem.

 

  1. Which of the following is true regarding the waves of innovation that have taken place since the beginning of the Industrial Revolution?
    1. The first wave of innovation started in 1685.

 

  1. In the first wave of innovation, electricity came into general use.

 

  1. The second wave of innovation began in 1845 and ended in 1900.
  2. The second wave of innovation was powered by aviation.

 

  1. Identify the correct statement regarding the waves of innovation that have taken place since the beginning of the Industrial Revolution.
    1. The first wave of innovation lasted for about 50 years.

 

  1. The second wave of innovation had a time length of 65 years.

 

  1. Thus far, the waves of innovation have been divided into seven distinct phases.

 

  1. So far, the general trend has been the shortening of successive waves.

 

  1. The invention of the _____ in the late 1700s and its widespread use beginning in the early 1800s triggered the Industrial Revolution.
    1. printing press

 

  1. new iron-making method
  2. waterwheel

 

  1. steam engine

 

  1. Globalization is:
    1. an economic metamorphosis that started in England in the late 1700s.

 

  1. the creation and maintenance of a disparate economic relationship between states.

 

  1. the creation of networks of human interaction that span worldwide distances.

 

  1. a philosophy in which nations promote trade by easing tariff and non-tariff barriers.

 

  1. ____, especially a few hundred of the largest headquartered in developed nations, are the central forces of current economic globalization.
    1. Transnational corporations

 

  1. Multinational corporations
  2. Micro-multinationals

 

  1. International corporations

 

  1. In the international arena, a _____ is an actor formed of three elements: a ruling authority, citizens, and a territory with fixed borders.
    1. pre-national state

 

  1. nation-state

 

  1. citizen state

 

  1. multinational state

 

  1. Which of the following is true regarding the modern nation-state?
    1. It is an independent entity which is not administered as part of a local government.

 

  1. It is a sovereign state which is comprised of two or more nations.
  2. It is the single dominant ethnic group in a state.

 

  1. It arose in an unplanned way out of the wreckage of the Roman Empire.

 

  1. The _____ is the unit of human organization in which individuals and cultural groups can influence their circumstances and future.
    1. multi-ethnic state

 

  1. citizen state

 

  1. nation-state

 

  1. pre-national state

 

  1. A set of reinforcing beliefs and values that constructs a worldview is called a(n):

 

 

 

  1. Which of the following is NOT an ideology that facilitated the Industrial Revolution?
    1. Constitutional democracy

 

  1. Communism

 

  1. Darwinism

 

  1. Social Darwinism

 

  1. Herbert Spencer’s idea that evolutionary competition in human society, as well as the natural world, weeded out the unfit and advanced humanity is known as:
    1. neo-Darwinism.
    2. neural Darwinism.

 

  1. social Darwinism.

 

  1. quantum Darwinism.

 

  1. _____ is the belief that sacred authority called for hard work, saving, thrift, and honesty as necessary for salvation.
    1. Positivism

 

  1. Protestant ethic

 

  1. Functionalism
  2. Confucian ethic

 

  1. Which of the following fulfills the human need for concepts and categories of meaning that explain daily life?
    1. Paradigms

 

  1. Reality

 

  1. Ideology

 

  1. Subjective beliefs

 

  1. The _____ environment consists of forces that influence market operations, like commodity prices and interest rates.
    1. economic

 

  1. technological
  2. cultural

 

  1. legal

 

  1. Which of the following is considered to be the bedrock of economic globalization?
    1. Monopoly

 

  1. Foreign direct investment

 

  1. Oligopoly

 

  1. Trade liberalization

 

  1. _____ is a philosophy in which nations promote trade by easing restrictions, including both tariff and non-tariff barriers.
    1. Foreign direct investment

 

  1. Trade liberalization
  2. Monopoly

 

  1. Oligopoly

 

  1. _____ refers to capital investment by private firms outside their home countries.
    1. Foreign direct investment

 

  1. Foreign portfolio debt investment

 

  1. Foreign portfolio equity investment

 

  1. Capital transfers

 

  1. Technology that is developed on the scale of one-billionth of a meter is known as:

 

 

 

  1. A Web site open to collaborative editing by multiple individuals is known as a:

 

 

 

 

  1. A system of shared knowledge, values, norms, customs, and rituals that are acquired by social learning is called a:
    1. value chain.

 

 

  1. value network.

 

  1. Values based on assumptions of security and affluence are known as _____ values.
    1. survival

 

  1. self-expressive

 

  1. postmaterialist

 

  1. materialist

 

  1. _____ is a form of government requiring popular sovereignty, political liberty, and majority rule.
    1. Democracy

 

  1. Socialism
  2. Communism

 

  1. Liberalism

 

  1. Which of the following is a characteristic of a democracy?
    1. Single party rule

 

  1. Universal suffrage

 

  1. Enforced political authority

 

  1. Country is ruled by famous citizens

 

  1. Which of the following is a trend that works in the legal environment to constrain business behavior?
    1. Laws and regulations steadily decline in number and complexity.

 

  1. Legal duties to protect the rights of stakeholders have lessened.

 

C.Globalization has decreased the complexity of the legal environment by shielding corporations from the laws of foreign nations.

 

D Although requirements of ethical behavior and corporate social responsibility go beyond legal duty, . they are continuously encoded into law.

 

  1. Voluntarily adopted guidelines for corporate behavior derived from emerging norms and standards in international codes, declarations, and conventions are called:
    1. diplomatic laws.

 

  1. soft laws.

 

  1. case laws.
  2. traditional laws.

 

  1. The _____ combines in one measure thousands of population trends among terrestrial, freshwater, and marine vegetable species.
    1. Living Planet Index

 

  1. Ecological Footprint

 

  1. Environmental Performance Index

 

  1. Water Footprint

 

  1. The _____ measures human consumption of renewable natural resources.
    1. Living Planet Index
    2. Environmental Performance Index

 

  1. Water Footprint

 

  1. Ecological Footprint

 

  1. The _____ is calculated as the total land area, in hectares, required to maintain worldwide human consumption of food, wood, fiber, energy, and water.
    1. Living Planet Index

 

  1. Environmental Impact Index

 

  1. Ecological Footprint
  2. Water Footprint

 

  1. Which of the following is an internal business environment?
    1. Culture
    2. Shareholders

 

  1. Economy

 

  1. Government

 

  1. What is meant by a historical force?

 

 

 

 

 

 

 

 

 

 

  1. What is the Industrial Revolution?

 

 

 

 

 

 

 

 

 

 

  1. What is a Gini index?

 

 

 

 

 

 

 

 

 

 

  1. What is replacement fertility rate?

 

  1. Define the term “globalization.”

 

 

 

 

 

 

 

 

 

 

  1. Why did the Industrial Revolution begin in Great Britain?

 

 

 

 

 

 

 

 

 

 

  1. Discuss the problem of global income inequality.

 

 

 

 

 

 

 

 

 

 

  1. What are the factors that will drive future population changes? Discuss the implications of these population trends.

 

 

 

 

 

 

 

 

 

 

  1. How has technology impacted societies? What will be the impact of new technologies?

 

 

 

 

 

 

 

 

 

 

  1. Discuss in brief the waves of innovation that have taken place since the beginning of the Industrial Revolution.

 

  1. Discuss the impact of globalization over the years.

 

 

 

 

 

 

 

 

 

 

  1. Briefly discuss dominant ideologies.

 

 

 

 

 

 

 

 

 

 

  1. What does the economic environment consist of? Define the terms “trade liberalization” and “foreign direct investment.”

 

 

 

 

 

 

 

 

 

 

  1. How does the cultural environment create change in the relationships between business, governments, and societies?

 

 

 

 

 

 

 

 

 

 

  1. Discuss the five trends in the legal environment that restrain business behavior.

 

ch04

 

Student: ___________________________________________________________________________

 

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

True   False

 

  1. 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.

True   False

 

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

True   False

 

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

True   False

 

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

 

  1. 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.

True   False

 

  1. 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.

True   False

 

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

 

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

 

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

True   False

 

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

True   False

 

  1. 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.

True   False

 

  1. 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.

True   False

 

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

True   False

 

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

 

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

True   False

 

  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.

True   False

 

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

True   False

 

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

 

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

True   False

 

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

society.

 

  1. agrarian

 

  1. postindustrial
  2. industrial

 

  1. tribal

 

  1. Which of the following is true about an agrarian society?
    1. It was a postindustrial society.

 

  1. Most people worked in the industries for subsistence.

 

  1. The political and cultural values of such societies was based on industrial experience.

 

  1. Business activity beyond barter and exchange was a tiny part of the economy.

 

  1. Which of the following is true regarding the civilizations of ancient Greece and Rome?
    1. Both the civilizations were based on industrial activities.

 

  1. Economic activity by merchants, bankers, and manufacturers was at a maximum.

 

  1. Inaccurate economic doctrines were put forward to explain commercial activities.
  2. Philosophers reasoned that profit seeking was the best motive.

 

  1. According to Plato:
    1. when people engaged in trade they inevitably succumbed to the temptation of excess.
    2. happiness is the ultimate goal of life.

 

  1. the amount of happiness a person gained in life was equal to the amount of virtue accumulated in the soul.
  2. profit motive was to be supported.

 

  1. According to Aristotle, which of the following is true?
    1. Courage, temperance, justice, and wisdom are “external goods”.

 

  1. Trade was a lower form of acquisition because it was activity that did not contribute to inner virtue.

 

  1. “External goods” were superior to “goods of the soul”.
  2. Profit motive was to be supported.

 

  1. Aristotle defined material possessions and money as:
    1. determinants of adhocracy.
    2. external goods.

 

  1. goods of the soul.

 

  1. determinants of socialism.

 

  1. During the Middle Ages, the Roman Catholic Church:
    1. was tolerant of profit seeking.
    2. focused on the acquisition of wealth.

 

  1. sought special status for the poor.

 

  1. love of material things was not an act against God.

 

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

 

  1. natural

 

  1. promotional

 

  1. just

 

  1. 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:
    1. just price.
    2. market price.

 

  1. promotional price.

 

  1. cost price.

 

  1. The just price:
    1. is the economic price for which a good or service is offered in the marketplace.

 

  1. incorporates an excessive profit.

 

  1. is determined by supply and demand without any moral dimension.

 

  1. is inspired by fairness.

 

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

 

  1. normal

 

  1. market

 

  1. The lending of money for interest is known as:
    1. predatory borrowing.

 

  1. predatory lending.

 

 

  1. alternative giving.

 

  1. 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:
    1. the Protestant ethic.

 

  1. the Confucian ethic.

 

 

  1. During industrialization:
    1. consumption supplants thrift and saving.

 

  1. less emphasis is placed on material things.

 

  1. self-restraint overwhelms wealth creation.

 

  1. rural, slow-paced societies remain unaltered.

 

  1. 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.
    1. Thomas Jefferson
    2. Adam Smith

 

  1. Benjamin Franklin

 

  1. John Locke

 

  1. According to Alexander Hamilton:
    1. America should aspire to spread farming over its immense, unsettled territory.
    2. manufacturing as an occupation leads to venality.

 

  1. an agrarian economy would bring a state of equality and concern for the common good.

 

  1. industrial growth would increase national power.

 

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

 

  1. Utopia

 

  1. Materialism
  2. Euphoria

 

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

 

  1. libertarian movement.

 

  1. socialistic movement.

 

  1. To solve agrarian ills, the populists:
    1. demanded that U.S. senators be picked by state legislatures.

 

  1. sought to defend the gold standard.

 

  1. espoused the use of capitalism.

 

  1. advocated government ownership of railroad, telegraph, telephone companies, and banks.

 

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

 

  1. Democracy
  2. Plutocracy

 

  1. Theocracy

 

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

 

  1. progressive

 

  1. libertarian

 

  1. populist

 

  1. Which of the following is true regarding the progressive movement?
    1. It was less radical than populism.

 

  1. It had narrower appeal than populism.
  2. It was strongly opposed by the urban middle class and professionals.

 

  1. It was less effective than populism.

 

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

 

  1. Capitalism

 

  1. Anarchism

 

  1. Fascism

 

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

 

  1. anarchist

 

  1. feudal

 

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

 

  1. The government would receive their output and distribute to everyone the basic material necessities of life.
  2. To eliminate individual desire for wealth and power, schools would teach egalitarian principles.

 

  1. Private property would be ratified.

 

  1. Citizens would be required to work based on their trade or skill.

 

  1. According to Karl Marx and Friedrich Engels:

 

  1. the basis for socialism was an inevitable process of class struggle underlying and explaining the history of human society.

 

  1. in the free market, central planning is more burdensome than naturally occurring problems in the market.

 

  1. under socialism the working class is exploited by the owners of capital, who pay low wages for dehumanizing work.
  2. free markets harnessed greed for the public good and protected consumers from abuse.

 

  1. Which of the following statements about unions that arose in the United States in the latter half of the 19th century is true?
    1. Almost all early unions were radical and avowedly socialist.
    2. 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.

 

  1. 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.

 

  1. 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.

 

  1. 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.

BSocialist 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.

 

  1. 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?

 

  1. Movements for civil rights, euthanasia, and the environment and against the Vietnamese War.

 

  1. Movements for civil rights, consumer rights, euthanasia and against the Vietnamese War.

 

  1. Movements for civil rights, Protestant ethics, and the environment and against the Vietnamese War.

 

  1. Movements for civil rights, consumer rights, and the environment and against the Vietnamese War.

 

  1. The members of the broad political and social reform movement that took place in the early years of the

20th century are known as the:

  1. old Progressives.

 

  1. new Progressives.

 

 

  1. Which of the following statements about the new Progressives is true?
    1. They make efforts to build majority coalitions in the mainstream.

 

  1. They apply new scientific, legal, and management theories of the day to smooth the harsh edges of capitalism.
  2. They believe that corporations have insufficient power.

 

  1. They advocate more radical corporate reform than the old Progressives.

 

  1. According to new Progressives:
    1. corporations have insufficient power.

 

  1. corporations have inordinate legal rights.

 

  1. corporations are inherently moral.

 

  1. free markets force the corporations to serve the public interest.

 

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

 

  1. political society
  2. government

 

  1. state

 

  1. Which of the following refers to a coalition of groups united by opposition to economic globalization dominated by corporate capitalism?
    1. Consumer rights movement

 

  1. Populist movement

 

  1. Global justice movement

 

  1. Civil rights movement

 

  1. _____ 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.
    1. Neoliberalism
    2. Embedded liberalism

 

  1. Social liberalism

 

  1. Liberalism

 

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

 

  1. embedded liberalism.

 

 

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

 

 

 

  1. economic liberalism.

 

  1. Adam Smith’s vision of _____ capitalism defined the essence of economic liberalism.
    1. laissez-faire
    2. modified market

 

  1. neoliberal

 

  1. state

 

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

 

  1. Keynesianism

 

  1. Marxism
  2. Monetarism

 

  1. Milton Friedman:
    1. advocated policies to minimize the market’s role.
    2. wanted the practice of Social Security to continue.

 

  1. wanted the detailed regulations of industries to continue.

 

  1. desired to turn America’s national parks over to corporations.

 

  1. 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.
    1. Stockholm School

 

  1. Freiburg School

 

  1. Chicago School
  2. Austrian School

 

  1. The term Chicago School is synonymous with:

 

 

 

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

 

 

 

  1. G8 + 5.

 

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

 

 

  1. economic sanction.

 

  1. What is an agrarian society?

 

  1. What is just price?

 

 

 

 

 

 

 

 

 

 

  1. What is the Protestant ethic?

 

 

 

 

 

 

 

 

 

 

  1. Define utopia.

 

 

 

 

 

 

 

 

 

 

  1. What was the populist movement?

 

 

 

 

 

 

 

 

 

 

  1. Discuss the ancient agrarian societies of Greece and Rome.

 

 

 

 

 

 

 

 

 

 

  1. Discuss Plato’s and Aristotle’s views on commercial activity.

 

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

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

  1. Describe the populist movement in America.

 

 

 

 

 

 

 

 

 

 

  1. Discuss the progressive reform movement in America.

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

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

 

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

 

 

 

 

 

 

 

 

 

 

  1. Summarize the rise of neoliberalism.

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