1. Adam smith’s theories of the free market are intended to primarily benefit:
a. Producers
b. Labor
c. Government
d. Consumers
e. Big business
2. Adam Smith’s defense of free markets is primarily focused on
a. Utilitarian concerns
b. Concern with justice
c. Concern over individual rights
3. For Keynesians, the primary concern of their policies was
a. The dangers of unemployment and political instability
b. The dangers of inflation and monetary policy
c. The danger of controlled government intervention
4. According to the “Loyal Agent’s Argument” modern corporations operate with a spread out, and hierarchical structure of authority. Therefore, a subordinate should not be held personally responsible when acting as the loyal agent of legitimate authority.
a. True
b. False
5. Advocates of the mixed economy want to
a. Modify the market system
b. Jettison the market system
6. According to Adam Smith, (i.e., with regard to government intervention in the market) the best policy of a government that hopes to advance the public welfare is
a. To do nothing
b. To intervene early, before problems get out of hand
c. To improve the position of the most needy members of society
7. Adam Smith’s defense of free markets is primarily focused on
a. Egalitarian
b. Utilitarian
c. Libertarian
d. Latitudinarian
8. Which system of distributive justice says that society should be modeled primarily as a “family”.
a. Libertarianism
b. Utilitarianism
c. Socialism
d. Antidisestablishmentarianism.