Posted: December 16th, 2022
ACC 309 WEEK 5 CHAPTER 4 AND 5 QUIZ
Rather than strong work ethic, a common attitude is:
c. I like it easy
Happy days are here to stay
d. Let the boss sweat it
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.
How many Americans believe that “if you work hard enough, you’ll make it?”
One out of two.
One out of three.
One out of four.
One out of five.
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”.
A basic premise of Adam Smith’s invisible hand argument is
human beings try to avoid acquisitive behavior.
when people are left to pursue their own economic interests, disaster looms.
the division of labor, though good for the firm, reduces overall efficiency.
We often get what we want from others by offering something they need from us.
The Fugger dynasty was an example of
Which statement best describes capitalism?
Capitalism is an economic system in which the means of production and distribution is in state hands.
Capitalism is an economic system that operates under the profit motive.
Capitalism is an economic system that dispenses with competition.
Capitalism is an economic system where the profits generated belong to the state as a whole.
Karl Marx believed that
capitalist workers suffer from alienation.
capitalism no longer exploits workers.
industrialization does away with alienation.
workers are alienated from their products, but not from themselves or other people.
A basic tenet of capitalism is that
property refers only to physical objects.
ownership is a simple relationship between a person and the thing owned.
capitalism requires private ownership of the major means of production.
in the 21st century, capitalism no longer requires capital.
One of the key features of capitalism is
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.
Which statement accurately describes capitalism?
Industrial capitalism is characterized by pools, trusts, holding companies and an interpenetration of banking, insurance and industrial interests.
Mercantile capitalism emerged in the United States in the period directly following the civil war.
In state welfare capitalism the government plays an active role in regulating economic activities in an effort to smooth out the boom-and-bust pattern of the business cycle.
Financial capitalism developed in the period immediately prior to the Renaissance.
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.
Which of the following historical stages of capitalism came first?
Many economists are concerned that the growing trade deficit makes the U.S. vulnerable to
Kenneth Arrow discussed two important situations in which profit maximization can be socially inefficient. One of these occurs when
there is an imbalance of knowledge between buyer and seller.
business would be an “inept custodian” of public values.
firms are unwilling or simply refuse to maximize profits.
corporate culture promotes dysfunctional social relations.
Momentum for the corporate organization of business really gained momentum after which war?
French and Indian War
World War I
Which of the following is one of the three arguments in favor of narrow corporate social responsibility discussed in Chapter 5?
One of the three important “limits to what the law can do” discussed by Christopher Stone is
laws are passed before there is any real problem to worry about.
consumers don’t want further legal regulation.
designing effective regulations is difficult.
regulators are often “bought off” by corporations.
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-faire is a losing proposition..
The idea that corporations are moral agents
is accepted by many people and companies without hesitation.
has not been accepted by the courts.
has not been accepted by any major corporation.
is supported by the fiduciary relationship between management and shareholders.
Which of the following do advocates of the broader view of corporate social responsibility believe?
Corporations should not internalize their externalities.
Moral responsibility arises from social power.
Corporations have moral obligations to consumers, to employees, to suppliers and contractors, to the surrounding community, and to society at large.
The moral contract between business and society has changed since the 19th century.
Milton Snoeyenbos argues that
settled economic life requires purely selfish behavior.
with ethical codes, there’s no need for taxes, laws, or regulations as a way of controlling corporate behavior.
Corporate moral codes can make it more reasonable to expect employees to behave ethically.
to be viable, ethical codes need not be widely accepted or part of corporate culture.
Milton Friedman argues that
corporations today should adopt a broader view of their social responsibilities than they have in the past.
corporate officials have a social responsibility that goes beyond serving the interests of their stockholders.
strict governmental controls are necessary if society is to maximize its overall economic well-being.
a business’s only social responsibility is to maximize profits within the rules of the game.
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.
The statement that accurately describes corporations is
corporate shareholders have limited liability for their debts.
corporations must be “publicly held” and thus traded on the stock market.
corporations are always for-profit.
corporate shareholders are immediately entitled to any profits.
In the corporate world, the board of directors will typically
rubber stamp the policies and recommendations of the management.
write the policies and procedures.
be there just for show.
hire and fire people for key management positions.
A common point of contention about corporations is
corporate punishment is no different from individual punishment.
modern corporations no longer utilize a CID structure.
philosophers and business theorists disagree whether corporations are moral agents.
if corporations are moral agents, then this relieves individual human beings of any moral responsibility.
Melvin Anshen suggests that there is a relationship between business and society which he termed as
“share the wealth.”
“the rich get richer and the poor get poorer.”
“one for all and all for one.”
Corporations differ from partnerships and other forms of business association in two ways. One of these is that
they are regulated by the Federal Trade Commission.
they are formed simply by an agreement entered into among their members.
they must be publicly registered or in some way officially acknowledged by the law.
their shareholders are entitled to their share of the company’s profits as soon as they are ascertained or determined.
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