“Question 1 of 20 0.0/ 5.0 PointsChina and Singapore are examples of what type of economies? A. ones that favor free markets and globalization B. ones that favor individual property rights C. ones that favor government intervention D. ones that favor competition Question 2 of 20 5.0/ 5.0 PointsWhat is the definition of the economic system based primarily on government authorities making decisions? ? A. command economy B. market economy C. mixed economy D. capitalist economy Question 3 of 20 5.0/ 5.0 PointsMany economists now advocate retaining the market system and private property while modifying their workings through government regulation. This is known as a __________. A. pure capitalist economy B. evolutionary economy C. mixed economy D. free market economy Question 4 of 20 0.0/ 5.0 PointsWhat is the definition of the economic system based primarily on individuals making decisions? A. command economy B. market economy C. mixed economy D. capitalist economy Question 5 of 20 5.0/ 5.0 PointsWhich countrys laws regarding property and ownership rights have been influenced by John Lockes views? A. United States B. Japan C. Thailand D. Mexico Question 6 of 20 5.0/ 5.0 PointsSo-called primitive societies used economic systems based on __________. A. small business organization B. tradition-based societies C. barter systems D. none of the above Question 7 of 20 5.0/ 5.0 PointsModifying Lockes views on free markets, Adam Smiths arguments rest on __________ arguments that unregulated markets and private property will produce greater benefits than any other system. A. Kantian B. Utilitarian C. Communist D. None of the above Question 8 of 20 5.0/ 5.0 PointsWhat is the definition of absolute advantage?

A. Production costs of making a commodity are lower for one country than another. B. A company has a trade secret that gives it an edge in the markets. C. A country produces many different goods, rather than specializing. D. Opportunity costs of making a commodity are lower for one country than another. Question 9 of 20 5.0/ 5.0 PointsAccording to Smith, when private individuals are left free to seek their own interests in free markets, they will inevitably be led to further the public welfare by __________. A. giving donations B. spending more freely C. the invisible hand D. a guiding light Question 10 of 20 5.0/ 5.0 PointsUnder TRIPS, when do patents for new products expire? A. after five years B. after the company owning the patent reaches 25 years in business C. after 20 years D. after 50 years Question 11 of 20 5.0/ 5.0 PointsWhich of the following is true of decisions made in a system primarily based on markets? A. Private companies make the main decisions about what they will produce and who will get it. B. Land and factories are owned and managed by private individuals. C. People are motivated to work primarily by the desire to get paid for voluntarily supplying the things others are willing to pay for. D. All of the above Question 12 of 20 0.0/ 5.0 PointsWhat is a key cause of alienation, according to Marx? A. Capitalist managers care nothing for their workers. B. In a capitalist society, there are only a few rich people and many poor. C. Capitalist societies see everything in terms of their market prices. D. It is impossible for workers to not be alienated when they are essentially slaves to the system. Question 13 of 20 5.0/ 5.0 PointsWhat did Marx call the combined effects of economic downturns, rising unemployment, and declining relative compensation? A. the misery of workers B. the immiseration of workers C. the oppression of workers D. the alienation of workers Question 14 of 20 5.0/ 5.0 PointsWhat is the definition of comparative advantage? ? A. Production costs of making a commodity are lower for one country than another. B. A company has a trade secret that gives it an edge in the markets. C. A country produces many different goods, rather than specializing. D. Opportunity costs of making a commodity are lower for one country than another. Question 15 of 20 5.0/ 5.0 PointsAccording to Locke, the power of government should be __________. A. expanded to meet the needs of all citizens B. expanded to meet the needs of corporations C. limited, extending only far enough to protect basic rights of all citizens D. limited, extending only far enough to protect the basic rights of corporations Question 16 of 20 5.0/ 5.0 PointsWho was the prominent philosopher who developed the concept of the natural right to liberty and private property? A. Adam Smith B. David Ricardo C. John Locke D. Karl Marx Question 17 of 20 5.0/ 5.0 PointsSmiths utilitarian argument is most commonly criticized for making which of the following so-called unrealistic arguments? ? A. Smith assumes that no one seller can control the price of a good. B. Smith assumes that the manufacturer will pay for all the resources used to produce a product. C. Smith assumes that humans are motivated only by a natural, self-interested desire for profit. D. All the above Question 18 of 20 5.0/ 5.0 PointsCountries such as Sweden, Norway, France, Ireland, and Switzerland use which type of economy? A. free market economy with no government regulation B. completely government-regulated economy C. free market economy with some government regulation D. mixed economy with lots of government regulation Question 19 of 20 5.0/ 5.0 PointsIn a mixed economy, __________. ? A. monopolies are regulated, nationalized, or outlawed B. oligopolies are the norm C. unions are typically illegal D. the government does not interfere much Question 20 of 20 0.0/ 5.0 PointsWhat is the most important concept in international trade theory? A. free trade B. absolute advantage C. comparative advantage D. means of production Question 1 of 20 0.0/ 5.0 PointsChina and Singapore are examples of what type of economies? A. ones that favor free markets and globalization B. ones that favor individual property rights C. ones that favor government intervention D. ones that favor competition Question 2 of 20 5.0/ 5.0 PointsWhat is the definition of the economic system based primarily on government authorities making decisions? ? A. command economy B. market economy C. mixed economy D. capitalist economy Question 3 of 20 5.0/ 5.0 PointsMany economists now advocate retaining the market system and private property while modifying their workings through government regulation. This is known as a __________. A. pure capitalist economy B. evolutionary economy C. mixed economy D. free market economy Question 4 of 20 0.0/ 5.0 PointsWhat is the definition of the economic system based primarily on individuals making decisions? A. command economy B. market economy C. mixed economy D. capitalist economy Question 5 of 20 5.0/ 5.0 PointsWhich countrys laws regarding property and ownership rights have been influenced by John Lockes views? A. United States B. Japan C. Thailand D. Mexico Question 6 of 20 5.0/ 5.0 PointsSo-called primitive societies used economic systems based on __________. A. small business organization B. tradition-based societies C. barter systems D. none of the above Question 7 of 20 5.0/ 5.0 PointsModifying Lockes views on free markets, Adam Smiths arguments rest on __________ arguments that unregulated markets and private property will produce greater benefits than any other system. A. Kantian B. Utilitarian C. Communist D. None of the above Question 8 of 20 5.0/ 5.0 PointsWhat is the definition of absolute advantage? A. Production costs of making a commodity are lower for one country than another. B. A company has a trade secret that gives it an edge in the markets. C. A country produces many different goods, rather than specializing. D. Opportunity costs of making a commodity are lower for one country than another. Question 9 of 20 5.0/ 5.0 PointsAccording to Smith, when private individuals are left free to seek their own interests in free markets, they will inevitably be led to further the public welfare by __________. A. giving donations B. spending more freely C. the invisible hand D. a guiding light Question 10 of 20 5.0/ 5.0 PointsUnder TRIPS, when do patents for new products expire? A. after five years B. after the company owning the patent reaches 25 years in business C. after 20 years D. after 50 years Question 11 of 20 5.0/ 5.0 PointsWhich of the following is true of decisions made in a system primarily based on markets? A. Private companies make the main decisions about what they will produce and who will get it. B. Land and factories are owned and managed by private individuals. C. People are motivated to work primarily by the desire to get paid for voluntarily supplying the things others are willing to pay for. D. All of the above Question 12 of 20 0.0/ 5.0 PointsWhat is a key cause of alienation, according to Marx? A. Capitalist managers care nothing for their workers. B. In a capitalist society, there are only a few rich people and many poor. C. Capitalist societies see everything in terms of their market prices. D. It is impossible for workers to not be alienated when they are essentially slaves to the system. Question 13 of 20 5.0/ 5.0 PointsWhat did Marx call the combined effects of economic downturns, rising unemployment, and declining relative compensation? A. the misery of workers B. the immiseration of workers C. the oppression of workers D. the alienation of workers Question 14 of 20 5.0/ 5.0 PointsWhat is the definition of comparative advantage? ? A. Production costs of making a commodity are lower for one country than another. B. A company has a trade secret that gives it an edge in the markets. C. A country produces many different goods, rather than specializing. D. Opportunity costs of making a commodity are lower for one country than another. Question 15 of 20 5.0/ 5.0 PointsAccording to Locke, the power of government should be __________. A. expanded to meet the needs of all citizens B. expanded to meet the needs of corporations C. limited, extending only far enough to protect basic rights of all citizens D. limited, extending only far enough to protect the basic rights of corporations Question 16 of 20 5.0/ 5.0 PointsWho was the prominent philosopher who developed the concept of the natural right to liberty and private property? A. Adam Smith B. David Ricardo C. John Locke D. Karl Marx Question 17 of 20 5.0/ 5.0 PointsSmiths utilitarian argument is most commonly criticized for making which of the following so-called unrealistic arguments? ? A. Smith assumes that no one seller can control the price of a good. B. Smith assumes that the manufacturer will pay for all the resources used to produce a product. C. Smith assumes that humans are motivated only by a natural, self-interested desire for profit. D. All the above Question 18 of 20 5.0/ 5.0 PointsCountries such as Sweden, Norway, France, Ireland, and Switzerland use which type of economy? A. free market economy with no government regulation B. completely government-regulated economy C. free market economy with some government regulation D. mixed economy with lots of government regulation Question 19 of 20 5.0/ 5.0 PointsIn a mixed economy, __________. ? A. monopolies are regulated, nationalized, or outlawed B. oligopolies are the norm C. unions are typically illegal D. the government does not interfere much Question 20 of 20 0.0/ 5.0 PointsWhat is the most important concept in international trade theory? A. free trade B. absolute advantage C. comparative advantage D. means of production “