Law, Business and Society, 2024, 14e By Tony McAdams (Test
Bank All Chapters, 100% Original Verified, A+ Grade) Answers At
The End Of Each Chapter All Chapters Test Bnak Supplement
files download link at the end of this file.
Chapter 1
Student name:__________
1) In terms of United States public policy, the proper balance between open markets and
government intervention is one of the foremost public policy debates in American life.
⊚ true
⊚ false
2) According to philosopher and novelist Ayn Rand, big government suppresses individual
rights and personal freedom and improperly transfers wealth from the highly productive to
those who are less so.
⊚ true
⊚ false
3) The term collectivism embraces communism, socialism and associated philosophies on the
left side of the political/economic spectrum.
⊚ true
⊚ false
4) Capitalism features economic cooperation and varying degrees of centralized control.
⊚ true
⊚ false
5) Sweden practices communism.
⊚ true
⊚ false
6) Karl Marx felt that the pursuit of wealth and self-interest would lead to economic justice.
⊚ true
⊚ false
Version 1 1
,Chapter 1
7) Socialism embraces totalitarianism while calling for aggressive government intervention to
correct economic and social ills.
⊚ true
⊚ false
8) Socialists fear the "irrationality" of a society based on competition and unrestrained pursuit
of industrial growth.
⊚ true
⊚ false
9) Socialists consider class distinctions a relic of the past and seek to diminish any class
differences.
⊚ true
⊚ false
10) Socialists are convinced that problems of market failure mean that the free market is simply
incapable of meeting the needs of all segments of society.
⊚ true
⊚ false
11) To pay for its comprehensive welfare benefits, the United States takes 50.1 percent of its
national income in taxes, the highest rate of any industrialized nation.
⊚ true
⊚ false
12) In order to keep its economy healthy, Sweden has followed a policy of a comparatively high
corporate tax rate of 44 percent.
⊚ true
⊚ false
Version 1 2
,Chapter 1
13) For years, the Nordic states of Sweden, Norway, Denmark, and Finland have practiced their
form of communism with such success that it is labeled a 'Third Way' between the harsher
extremes of capitalism and socialism.
⊚ true
⊚ false
14) Germany has not been able to balance a generous social safety net with a very robust and
highly skilled manufacturing sector, and has recently cut most of its social programs
⊚ true
⊚ false
15) According to American commentator and social activist Jeremy Rifkin, the 'American
Dream' focuses on sustainable development, while the 'European Dream' focuses on growth.
⊚ true
⊚ false
16) Greece is pursuing the world’s most aggressive privatization program.
⊚ true
⊚ false
17) In the United States, increasing government revenue problems suggest that infrastructure
privatization will continue.
⊚ true
⊚ false
18) State-owned firms account for about 65 percent of the Chinese economy.
⊚ true
⊚ false
Version 1 3
, Chapter 1
19) From the critics’ point of view, extravagant wealth, side-by-side with punishing poverty, is
perhaps the greatest disappointment and injustice in the global advance of capitalist
principles.
⊚ true
⊚ false
20) Ayn Rand’s philosophy of objectivism contends that only __________ principles can
produce a rational, moral life.
A) collectivist
B) communist
C) free market s
D) globalist
21) The term collectivism embraces which of the following economic philosophies?
A) Communism only
B) Socialism only
C) Capitalism, communism, and socialism
D) Communism and socialism
22) China’s economic system is sometimes labeled __________.
A) state capitalism
B) private communism
C) state socialism
D) utilitarianism
23) Which of the following is true regarding today’s democratic socialists?
A) They tend to accept private property, but not market-based economic practices.
B) They tend to accept market-based economic practices, but not private property.
C) They tend to accept private property and market-based economic practices while
calling for government deregulation.
D) They tend to accept private property and market-based economic practices while
calling for government intervention to correct the market’s failures.
Version 1 4
Bank All Chapters, 100% Original Verified, A+ Grade) Answers At
The End Of Each Chapter All Chapters Test Bnak Supplement
files download link at the end of this file.
Chapter 1
Student name:__________
1) In terms of United States public policy, the proper balance between open markets and
government intervention is one of the foremost public policy debates in American life.
⊚ true
⊚ false
2) According to philosopher and novelist Ayn Rand, big government suppresses individual
rights and personal freedom and improperly transfers wealth from the highly productive to
those who are less so.
⊚ true
⊚ false
3) The term collectivism embraces communism, socialism and associated philosophies on the
left side of the political/economic spectrum.
⊚ true
⊚ false
4) Capitalism features economic cooperation and varying degrees of centralized control.
⊚ true
⊚ false
5) Sweden practices communism.
⊚ true
⊚ false
6) Karl Marx felt that the pursuit of wealth and self-interest would lead to economic justice.
⊚ true
⊚ false
Version 1 1
,Chapter 1
7) Socialism embraces totalitarianism while calling for aggressive government intervention to
correct economic and social ills.
⊚ true
⊚ false
8) Socialists fear the "irrationality" of a society based on competition and unrestrained pursuit
of industrial growth.
⊚ true
⊚ false
9) Socialists consider class distinctions a relic of the past and seek to diminish any class
differences.
⊚ true
⊚ false
10) Socialists are convinced that problems of market failure mean that the free market is simply
incapable of meeting the needs of all segments of society.
⊚ true
⊚ false
11) To pay for its comprehensive welfare benefits, the United States takes 50.1 percent of its
national income in taxes, the highest rate of any industrialized nation.
⊚ true
⊚ false
12) In order to keep its economy healthy, Sweden has followed a policy of a comparatively high
corporate tax rate of 44 percent.
⊚ true
⊚ false
Version 1 2
,Chapter 1
13) For years, the Nordic states of Sweden, Norway, Denmark, and Finland have practiced their
form of communism with such success that it is labeled a 'Third Way' between the harsher
extremes of capitalism and socialism.
⊚ true
⊚ false
14) Germany has not been able to balance a generous social safety net with a very robust and
highly skilled manufacturing sector, and has recently cut most of its social programs
⊚ true
⊚ false
15) According to American commentator and social activist Jeremy Rifkin, the 'American
Dream' focuses on sustainable development, while the 'European Dream' focuses on growth.
⊚ true
⊚ false
16) Greece is pursuing the world’s most aggressive privatization program.
⊚ true
⊚ false
17) In the United States, increasing government revenue problems suggest that infrastructure
privatization will continue.
⊚ true
⊚ false
18) State-owned firms account for about 65 percent of the Chinese economy.
⊚ true
⊚ false
Version 1 3
, Chapter 1
19) From the critics’ point of view, extravagant wealth, side-by-side with punishing poverty, is
perhaps the greatest disappointment and injustice in the global advance of capitalist
principles.
⊚ true
⊚ false
20) Ayn Rand’s philosophy of objectivism contends that only __________ principles can
produce a rational, moral life.
A) collectivist
B) communist
C) free market s
D) globalist
21) The term collectivism embraces which of the following economic philosophies?
A) Communism only
B) Socialism only
C) Capitalism, communism, and socialism
D) Communism and socialism
22) China’s economic system is sometimes labeled __________.
A) state capitalism
B) private communism
C) state socialism
D) utilitarianism
23) Which of the following is true regarding today’s democratic socialists?
A) They tend to accept private property, but not market-based economic practices.
B) They tend to accept market-based economic practices, but not private property.
C) They tend to accept private property and market-based economic practices while
calling for government deregulation.
D) They tend to accept private property and market-based economic practices while
calling for government intervention to correct the market’s failures.
Version 1 4
