PHI 445 Week 2 Quiz

PHI 445 Week 2 Quiz Question 1 Which of the following statements is a criticism of capitalism? It allows too much government intervention for the purpose of monitor businesses. Centralization is an ineffective way to structure the economy. It allows large and powerful businesses to lobby the government against consumer interests. Consumers have a difficult time taking advantage of return policies or suing for wrongdoing. Question 2 Antitrust acts such as the Sherman Antitrust Act of 1980 were passed to protect against forming oligopolies. crony capitalism. foreign competition. reducing competition in the marketplace. Question 3 The philosopher Adam Smith suggested that the direction of international trade should be determined by government controls. moral forces. industry. free trade. Question 4 A few years ago, the Bolivian government leased water rights in some of the country’s poor, drought-stricken regions to private companies, including the U.S. engineering company Bechtel. Shortly after Bechtel took control in one area, water prices tripled, sparking protests. The privatization of water is an example of socialism. crony capitalism. free enterprise. capitalism. Question 5 The idea that consumers buy luxury items without considering the hard labor that went into making them is part of the viewpoint of Karl Marx. Correct! Adam Smith. Immanuel Kant. John Rawls. Question 6 After Superstorm Sandy hit New Jersey, some businesses such as gasoline stations and car repair stores raised prices to bring in windfall profits off desperate customers. This is an example of price bidding. fixing. gouging. warfare. Question 7 Clorox produces a product called Green Works Cleaning Wipes. The wipes are advertised as biodegradable, but the chemicals used and the plastic container are not biodegradable. This is an example of being eco-friendly. environmental responsibility. social responsibility. greenwashing. Question 8 A Corporate Code of Ethics might include all of the following except a statement of values. a letter from the CEO. personnel handbook. a statement of commitment to stockholders. Question 9 One feature of a corporation is that it can continue indefinitely beyond the lives of individual managers and stockholders of the corporation. This is called indefinite existence. perpetual existence. continuous existence. permanent existence. Question 10 The conflict that develops between employees needing to have a personal life and a corporation that needs to have employees accessible for work is an example of the profit motive. organizational schizophrenia. employee incapacitation. corporate death penalty. Question 11 “To create content that educates, informs, and inspires” is an example of the ___________ statement from National Public Radio. Correct! mission vision values executive Question 12 When a company’s leaders have the illusion of invulnerability that causes them to underestimate factors that lead to failure, this is an example of: strategic misrepresentation profit motive organizational schizophrenia groupthink