Business Ethics Week 5 Quiz

Business Ethics Q & A Week-5 Quiz Question 1 Evidence for the idea that American manufacturing is declining is Selected Answer: the fact that government now employs more people than manufacturing. Correct Answer: the fact that government now employs more people than manufacturing. Question 2 Many economists are concerned that the growing trade deficit makes the U.S. vulnerable to Selected Answer: economic extortion. Correct Answer: economic extortion. Question 3 Some critics of capitalism believe that it rests on a flawed view of human beings because Selected Answer: capitalism assumes that well-being comes from greater material consumption. Correct Answer: capitalism assumes that well-being comes from greater material consumption. Question 4 According to one survey of cultural values Selected Answer: Americans typically value things like their children's education and a satisfactory love life more than work. Correct Answer: Americans typically value things like their children's education and a satisfactory love life more than work. Question 5 For the first time since the Industrial Revolution, less than _____ percent of the American workforce was employed by manufacturing. Business Ethics Q & A Selected Answer: 10 Correct Answer: 10 Question 6 Which of the following is an accurate statement? Selected Answer: A common defense of capitalism is the argument that people have a fundamental moral right to property and that our capitalist system is simply the outcome of this natural right. Correct Answer: A common defense of capitalism is the argument that people have a fundamental moral right to property and that our capitalist system is simply the outcome of this natural right. Question 7 Which statement accurately describes capitalism? Selected Answer: 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. Correct Answer: 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. Question 8 An exclusive focus on short-term performance Selected Answer: has helped to create a high-pressure environment conducive to fraud. Correct Answer: has helped to create a high-pressure environment conducive to fraud. Question 9 Marxism states Selected Answer: capitalism leads to a concentration of property and thus a concentration of resources and power in relatively few hands. Correct Answer: capitalism leads to a concentration of property and thus a concentration of resources and power in relatively few hands. Business Ethics Q & A Question 10 Which of the following accurately reflects the concept of Marxism? Selected Answer: Labor is alienated in a capitalist economic system (in part) because the labor of a worker stands opposed to the worker as an autonomous power. Correct Answer: Labor is alienated in a capitalist economic system (in part) because the labor of a worker stands opposed to the worker as an autonomous power. Question 11 An assessment of work in America is Selected Answer: many manufacturing companies have become "hollow" or "weightless". Correct Answer: many manufacturing companies have become "hollow" or "weightless". Question 12 The profit motive Selected Answer: must be checked by competition if society is to benefit. Correct Answer: must be checked by competition if society is to benefit. Question 13 One of the key features of capitalism is Selected Answer: competition. Correct Answer: competition. Question 14 Karl Marx believed that Selected Answer: capitalist workers suffer from alienation. Correct Answer: capitalist workers suffer from alienation. Question 15 The concept of the "invisible hand" means Selected Answer: pursuit of private gain will bring the best overall results. Business Ethics Q & A Correct Answer: pursuit of private gain will bring the best overall results. Question 16 A common point of contention about corporations is Selected Answer: philosophers and business theorists disagree whether corporations are moral agents. Correct Answer: philosophers and business theorists disagree whether corporations are moral agents. Question 17 The idea that corporations are moral agents Selected Answer: is accepted by many people and companies without hesitation. Correct Answer: is accepted by many people and companies without hesitation. Question 18 Those with a broader view concerning business obligations believe that with power comes Selected Answer: social responsibility. Correct Answer: social responsibility. Question 19 Corporations differ from partnerships and other forms of business association in two ways. One of these is that Selected Answer: they must be publicly registered or in some way officially acknowledged by the law. Correct Answer: they must be publicly registered or in some way officially acknowledged by the law. Question 20 Milton Friedman argues that Selected Answer: a business's only social responsibility is to maximize profits within the rules of the game. Business Ethics Q & A Correct Answer: a business's only social responsibility is to maximize profits within the rules of the game. Question 21 Which of the following do advocates of the broader view of corporate social responsibility believe? Selected Answer: Corporations have moral obligations to consumers, to employees, to suppliers and contractors, to the surrounding community, and to society at large. Correct Answer: Corporations have moral obligations to consumers, to employees, to suppliers and contractors, to the surrounding community, and to society at large. Question 22 The debate over corporate moral agency hinges on which issue? Selected Answer: Individual responsibility Correct Answer: Corporate punishment Question 23 Which of the following contributed to the more relaxed incorporation procedures of modern times? Selected Answer: The idea that incorporation is a by-product of the people's right to associate, not a gift from the state. Correct Answer: The idea that incorporation is a by-product of the people's right to associate, not a gift from the state. Question 24 Melvin Anshen suggests that there is a relationship between business and society which he termed as Selected Answer: “social contract.” Correct Answer: “social contract.” Question 25 Which of the following is one of the three arguments in favor of narrow corporate social responsibility discussed in Chapter 5? Selected Answer: let-government-do-it Business Ethics Q & A Correct Answer: let-government-do-it Question 26 Adam Smith proposed that in our pursuit of economic interests we are led by Selected Answer: an invisible hand to promote general good. Correct Answer: an invisible hand to promote general good. Question 27 The first corporations Selected Answer: were towns, universities, and ecclesiastic orders. Correct Answer: were towns, universities, and ecclesiastic orders. Question 28 Momentum for the corporate organization of business really gained momentum after which war? Selected Answer: Civil War Correct Answer: Civil War Question 29 Most Americans believe a corporation’s top obligation is to its Selected Answer: employees. Correct Answer: employees. Question 30 One of the three important "limits to what the law can do" discussed by Christopher Stone is Selected Answer: designing effective regulations is difficult. Correct Answer: designing effective regulations is difficult.