W09 exam 4 Flashcards
Which statement correctly describes an economic or social result of declining virtue in economic matters
Explotation of workers and resources will most likely increase
What was the main reason behind the powerful response to Upton Sinclair’s description of the Chicago meat packing industry (The jungle 1906)?
People were shocked and appaled at the conditions under which their food was produced
The two challenges of the market system that were most evident during the progressive era were
The challenge of a lack of economic virtue and the challenge of the unequal distribution of wealth
Economic virtue includes all of the following:
The ability to be compassionate and benevolent in business dealings, a willingness to save for future needs, the desire to create and work hard
Are entitlement programs are something we should always personally seek to take advantage of?
No
What are some things that represent a negative aspect of American industrialization
Some industrialists sought to create large monopolies through bribery, rebates, and price wars. some exploited working people and the consumers and some used enormous private wealth to manipulate public authority.
The spirit of entitlement can have influence over
People utilizing government assistance long-term, college students at BYUi who lobby professors, and wealthy people who misuse their economic power for advantage and dominance.
The best way to overcome entitlement is to
work to develop personal qualities of humility and gratitude
What are some characteristics of economic virtue
the drive to support one’s family, give charitably to others, and operate fairly under the rule of law
what were some concerns or focuses of the progressive movement
power and wealth of monopolies, consumer exploitation, workplace safety and improved worker’s conditions, political corruption
Why has the poverty rate in the US stayed near 10-15% over the last 40 years
breakdown of the family, legacy of slavery and racism, low-skilled immigration, economic exploitation
Which statement correctly describes something about the progressive movement?
It was a broad-based largely middle-class reform movement which sought to publicize and solve the problems of social and economic injustice and the abuse of political power
When one considers the relationship of self-interest and virtue to our economic system, what is true?
When virtue in economic matters diminishes too far, we turn to government to protect us
When talking about wealth distribution in the modern United States, the following is true
the top 10% hold nearly three-fourths of aggregate family wealth
Have attempts to create a monopoly power in American businesses virtually gone today?
Yes
