BUSINESS MID-TERM – Flashcards
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Talk of justice and injustice appeals to the related notions of...
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A , Fairness, equality, desert
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Aristotle's formal principle of justice states...
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B , There are no rights
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According to Mill's utilitarianism...
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A , Rights are certain moral rules whose observance is of the utmost importance for the long-run, overall maximization of happiness
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According to libertarianism...
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C , It would be unjust to coerce people to give food or money to the starving
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According to John Rawls, people in "the original position" choose the principles of justice on the basis of...
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C , Self-interest
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From John Stuart Mill's viewpoint...
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D , Not every issue of social utility was a matter of justice
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Mill justified utilitarianism from rival perspectives when he argued...
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A , That without utilitarianism to provide a determinate standard of justice, one is always left with a plethora of competing principles of justice, all of which seem to have plausibility but are mutually incompatible
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In "Anarchy, State and Utopia", Robert Nozick advocates...
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A , Libertarianism
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If libertarianism is true, which of these statements is true?
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C , We should have a "night-watchman" state
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According to Locke...
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B , Property is a moral right
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According to John Rawls...
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A , People in the original position choose the principles on the basis of self-interest
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The veil of ignorance proposes that...
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A | Those in the original position are supposed to choose principles on the basis of self-interest, agreement seems unlikely
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The veil of ignorance assures us that people in the original position will be...
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B | Impartial
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Primary social goods include...
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C | Status
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John Rawls' Theory of Justice lays within which type of tradition?
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D | Social contract
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The difference principle of Rawls states...
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B | Inequalities are only justified if they benefit the least advantaged
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In association with labor and capital, Mill had contrasting views of...
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D | Profit sharing
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Who is more likely to be sympathetic with the idea of reducing the disparities of income in society?
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A | Utilitarians
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The first principle of Nozick's entitlement theory concerns the original acquisition of...
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B | Goods, money, and property
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In Nozick's example of Wilt Chamberlain, he argues that other theories of economic justice inevitably fail to respect people's...
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A | Liberty
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To the libertarians, their concept of liberty includes a commitment to...
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C | Private property
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Rawls rejects utilitarianism because...
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B | It might permit an unfair distribution of burdens and benefits
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Eminent domain is the ancient right of government to take what from an individual?
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D , Property
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The Supreme Court gave decision making power for Eminent domain to the...
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B | States and local communities
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What philosopher believes the maximin rule is relevant to justice?
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A | John Rawls
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Which of the following historical stages of capitalism came first?
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B | Mercantile
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The profit motive...
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C | Must be checked by competition if society is to benefit
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A basic tenet of capitalism is that...
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C | Capitalism requires private ownership of the major means of production
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The concept of the "invisible hand" means...
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A | Pursuit of private gain will bring the best overall results
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A basic premise of Adam Smith's invisible hand argument is...
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D | We often get what we want from others by offering something they need from us
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One of the key features of capitalism is...
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D | Competition
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Some critics of capitalism believe that it rests on a flawed view of human beings because...
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C | Capitalism assumes that well-being comes from greater material consumption
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One reason for believing that in practice capitalism fails to live up to its own ideal of competition is...
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A | We have government subsidies and protective tariffs
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Karl Marx believed that...
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A | Capitalist workers suffer from alientation
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An assessment of work in America is...
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D | Many manufacturing companies have become "hollow" or "weightless"
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An exclusive focus on short-term performance...
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B | Had helped to create a high-pressure environment conducive to fraud
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Evidence for the idea that American manufacturing is declining is...
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A | The fact that government now employs more people than manufacturing
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According to one survey of cultural values...
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C | Americans typically value things like their children's education and a satisfactory love life more than work
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Which statement best describes capitalism?
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B | Capitalism is an economic system that operates under the profit motive
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Which of the following is an accurate statement?
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C | 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
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Marxism states...
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A | Capitalism leads to a concentration of property and thus a concentration of resources and power in relatively few hands
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Which of the following accurately reflects the concept of Marxism?
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D | 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
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Which statement accurately describes capitalism?
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C | 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
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For employees who are paid handsomely for their efforts, Marx said their work would ultimately prove to be...
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C | Meaningless to them
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For the first time since the Industrial Revolution, less than ____ percent of the American workforce was employed by manufacturing.
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A | 10
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Though many jobs are outsourced, most economists believe...
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C | The economy will create new jobs in the USA
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Many economists are concerned that the growing trade deficit makes the U.S. vulnerable to...
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D | Economic extortion
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Rather than strong work ethic, a common attitude is:
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A | Me-first
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How many Americans believe that "if you work hard enough, you'll make it?"
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B | One out of three
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The Fugger dynasty was an example of...
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B | Mercantile capitalism
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The statement that accurately describes corporations is...
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A | Corporate shareholders have limited liability for their debts
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Corporations differ from partnerships and other forms of business association in two ways. One of these is that...
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C | They must be publicly registered or in some way officially acknowledged by the law
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The first corporations...
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A | Were towns, universities, and ecclesiastic orders
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Which of the following contributed to the more relaxed incorporation procedures of modern times?
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A | The idea that incorporation is a by-product of the people's right to associate, not a gift from the state
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In [Citizens United v. Federal Elections Commission], the U.S. Supreme Court...
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B | Defended the first Amendment right of corporations to spend money to support political candidates they favor
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A common point of contention about corporations is...
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C | Philosophers and business theorists disagree whether corporations are moral agents
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Milton Friedman argues that...
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D | A business's only social responsibility is to maximize profits within the rules of the game
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Which of the following do advocates of the broader view of corporate social responsibility believe?
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C | Corporations have moral obligations to consumers, to employees, to suppliers and contractors, to the surrounding community, and to society at large
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Some argue for the narrow view of corporate social responsibility on the ground that managers have a fiduciary responsibility to maximize the profits of their shareholders. As discussed in Chapter 5, one problem with this argument is that...
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B | Promises don't override all our other obligations
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Which of the following is one of the three arguments in favor of narrow corporate social responsibility discussed in Chapter 5?
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B | Let-government-do-it
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One of the three important "limits to what the law can do" discussed by Christopher Stone is...
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C | Designing effective regulations is difficult
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Kenneth Arrow discussed two important situations in which profit maximization can be socially inefficient. One of these occurs when...
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A | There is an imbalance of knowledge between buyer and seller
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Externalities are...
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D | Unintended side-effects
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Milton Snoeyenbos argues that...
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C | Corporate moral codes can make it more reasonable to expect employees to behave ethically
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The best statement concerning corporations is...
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D | Corporate culture can be both explicit and implicit
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Momentum for the corporate organization of business really gained momentum after which war?
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C | Civil War
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The debate over corporate moral agency hinges on which issue?
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B | Corporate punishment
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The idea that corporations are moral agents...
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A | Is accepted by many people and companies without hesitation
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The "rules of the game" for corporate work are intended to...
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B | Promote open and free competition
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Milton Friedman's perspective is that the only social responsibility of a business is to...
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D | Make money for its owners
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Those with a broader view concerning business obligations believe that with power comes...
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D | Social responsibility
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Melvin Anshen suggests that there is a relationship between business and society which he termed as...
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C | "Social contract."
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Most Americans believe a corporation's top obligation is to its...
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D | Employees
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In the corporate world, the board of directors will typically...
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A | Rubber stamp the politics and recommendations of the management
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Adam Smith proposed that in our pursuit of economic interests we are led by...
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B | An invisible hand to promote general good
