1. Relevant, accurate, and timely information contribute to market success by assisting ______.
Answer
Correct Answer:
Regulators and investors in accurately assessing the quality of securities and financial assets.
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2. What is TRUE of a weak moral environment for managers?
Answer
Correct Answer:
It hampers the ability of managers to develop moral discipline.
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3. What three characteristics must exist for markets to function efficiently?
Answer
Correct Answer:
Transparency, loyalty, and fairness
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4. There are four generic forms of market failures: imperfect competition, public goods, externalities, and ______.
Answer
Correct Answer:
Imperfect information
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5. How do fiduciary obligations to investors help support a free market?
Answer
Correct Answer:
Ensure capital formation and economic expansion
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6. Despite taking different forms, ______ dominates the entire world.
Answer
Correct Answer:
Capitalism
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7. The French economist Thomas Piketty proposed ______ to correct the escalating inequality that critics claim result from capitalism.
Answer
Correct Answer:
An annual progressive tax on wealth
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8. In capitalism, a large grocery store chain may move into communities and, consequently, put small business owners out of business. Critics of capitalism may use a scenario like this to demonstrate that the ______ are disproportionate to the benefits.
Answer
Correct Answer:
Social costs of capitalism
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9. A main criticism of capitalism is that efficiency is achieved at the high cost of ______.
Answer
Correct Answer:
Inequality
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10. Given the history of state-owned enterprises, how would you expect such an enterprise to perform?
Answer
Correct Answer:
Underperform
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11. When a state runs a company and is responsible for regulating it under state-guided capitalism, it is more prone to ______.
Answer
Correct Answer:
Corruption
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12. Entrepreneurs are often creative geniuses who see economic value where others only see ______.
Answer
Correct Answer:
Dead ends
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13. Under which archetype of capitalism do risk and expense of innovation have the potential for high economic returns?
Answer
Correct Answer:
Entrepreneurial
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14. What archetype of capitalism supports firms run by elite professional managers who act as trustees of principal investors?
Answer
Correct Answer:
Big-firm
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15. Nigeria, which suffers from a superabundance of oil, resembles ______ capitalism.
Answer
Correct Answer:
Oligarchic
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16. Capitalism tends to rely on enlightened self-interest in order to deliver efficiencies in the market. Defenders of capitalism will argue that not only is this necessary for efficiency but it is also necessary to preserve ______.
Answer
Correct Answer:
Economic and political liberty
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17. How is technology viewed in a capitalist market?
Answer
Correct Answer:
As worthy of reward
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18. In a capitalist market, if industry incumbents are unwilling to fill a specific consumer need, ______ will enter the market and fulfill the need.
Answer
Correct Answer:
Competitors
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19. What is the function of government in socialism?
Answer
Correct Answer:
To guide the market in accordance with a comprehensive economic plan
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20. Sometimes, producers are incentivized to strive for lower production and sales costs in order to increase revenues by selling higher quantities at lower prices. What is this called?
Answer
Correct Answer:
Elastic demand
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21. Products that generate high profits tend to attract more sellers. This channels resources into more ______ uses.
Answer
Correct Answer:
Productive
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22. In a capitalist market, natural resources can be owned by ______.
Answer
Correct Answer:
Private companies
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23. Full propriety control over tangible or intangible things is called ______.
Answer
Correct Answer:
Property rights
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24. A free and open market refers to the right of companies and individuals to ______.
Answer
Correct Answer:
Make certain exchanges
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25. One main pillar of capitalism is ______.
Answer
Correct Answer:
Property rights
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26. A capitalist prototype that tries to link the powers of state with the power of the free market is known as ?
Answer
Correct Answer:
State-guided capitalism
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27. A bundle of rights that are usually differentiated and defined in mature illegal systems?
Answer
Correct Answer:
False
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28. ______ Full proprietary control over tangible or intangible things?
Answer
Correct Answer:
Property rights
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29. A _______prototype in which the powers of the state are oriented toward the promotion of a small segment of the population (usually the dictator)?
Answer
Correct Answer:
Oligarchic capitalism
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30. The _____free choice of different parties to make certain exchanges?
Answer
Correct Answer:
Market
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31. A capitalist prototype in which a corporation tries to create something radical or new is known as ?
Answer
Correct Answer:
Entrepreneurial capitalism
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32. A Big-firm capitalism capitalist prototype in which corporation ownership is dispersed among investors representing a minimum of shareholders?
Answer
Correct Answer:
Fasle
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