Question 1

Products increase in value if they ________&#9;.&#10;A) become more common&#10;B) are manufactured by Celgene&#10;C) come from other continents&#10;D) become unique in some respect

Accepted Answer

Products increase in value when they become unique in some respect, as uniqueness can create scarcity and desirability, driving up demand and value.

Question 2

Private property _________&#9;.&#10;A) is a component of modern society&#10;B) belongs to everyone in common&#10;C) first existed in England&#10;D) requires manufacture

Accepted Answer

Private property is a fundamental component of modern society, allowing individuals to own, use, and transfer assets.

Question 3

Locke's philosophy holds that:&#10;A) Slavery can sometimes be justified.&#10;B) Every man has a property in his own person.&#10;C) Scarcity has no effect on resources.&#10;D) Utility is the highest value.

Accepted Answer

Locke's philosophy emphasizes individual rights and the idea that every person has ownership over their own body and labor, which is a fundamental aspect of his theory of property.

Question 4

Money came about as a_____ &#9;.&#10;A) memorial to rulers&#10;B) type of jewelry&#10;C) means of exchange&#10;D) useful commodity

Accepted Answer

Money was created primarily as a means of exchange to facilitate trade and overcome the limitations of barter systems.

Question 5

Division of labor helps _____&#9;.&#10;A) work to become more interesting&#10;B) production increase&#10;C) each person feel a sense of the final product&#10;D) scarcity

Accepted Answer

Division of labor helps increase production because it allows each person to specialize in a particular task, which makes them more efficient and productive.

Question 6

People naturally tend toward_____ &#9;.&#10;A) exchanging things for other things they need&#10;B) hording food&#10;C) being asocial&#10;D) communist societies

Accepted Answer

People naturally tend toward exchanging things for other things they need, as this is a fundamental aspect of trade and economic interaction throughout human history.

Question 7

Karl Marx is considered to be_____ &#9;.&#10;A) a capitalist&#10;B) a founding partner of the Marx brothers&#10;C) Russian&#10;D) The father of modern communism

Accepted Answer

Karl Marx is known as the father of modern communism due to his influential works on socialism and communism, particularly "The Communist Manifesto" and "Das Kapital."

Question 8

According to Marx, alienated labor does not alienate _____&#9;.&#10;A) nature from man&#10;B) man from himself&#10;C) men from women&#10;D) the worker from the species

Accepted Answer

Marx's concept of alienated labor primarily focuses on the worker's estrangement from the product, the process, their own essence, and other workers, but not specifically on gender relations.

Question 9

Andrew Carnegie _____&#9;.&#10;A) believed in communism&#10;B) was the first performer at Carnegie Hall&#10;C) was an immigrant&#10;D) believed in indiscriminate charity

Accepted Answer

Andrew Carnegie was an immigrant from Scotland who became a leading industrialist and philanthropist in the United States.

Question 10

Andrew Carnegie was not _____&#9;.&#10;A) the scion of a wealthy family&#10;B) a philanthropist&#10;C) a steel magnate&#10;D) a believer in competition

Accepted Answer

Andrew Carnegie was not the scion of a wealthy family. He was born into a poor family in Scotland and immigrated to the United States as a child. He worked his way up from humble beginnings to become one of the richest men in the world.

Question 11

New cancer drugs tend to sell for high prices.

Accepted Answer

The answer of New cancer drugs tend to sell for...

Question 12

Thalidomide is a new drug.

Accepted Answer

The answer of Thalidomide is a new drug....

Question 13

Blood plasma has no value.

Accepted Answer

The answer of Blood plasma has no value....

Question 14

Private property can be justified.

Accepted Answer

The answer of Private property can be justified....

Question 15

John Locke believed one's own efforts can &#34;privatize&#34; property.

Accepted Answer

The answer of John Locke believed one's own efforts can...

Question 16

Barter preceded monetary commerce.

Accepted Answer

The answer of Barter preceded monetary commerce....

Question 17

Profit does not motivate production.

Accepted Answer

The answer of Profit does not motivate production....

Question 18

Division of labor plays no role in modern production.

Accepted Answer

The answer of Division of labor plays no role in...

Question 19

Karl Marx believed that modern production causes the alienation of labor.

Accepted Answer

The answer of Karl Marx believed that modern production causes...

Question 20

Andrew Carnegie believed in capitalism.

Accepted Answer

The answer of Andrew Carnegie believed in capitalism....

Deck 5: Traditional Theories of Property and Profit