Character Values and Capitalism, sec. 3

Market competition is considered non-rivalrous because its intent is to secure the (a)   .

• competitor

• prize

• market

• society

What does a quick scan of more- and less-capitalist economies suggest about market competition?

• It is harmful

• It is shared by open societies

• It is unnecessary

• It is a new concept.

According to the text, what is one of the purposes of capitalist institutions?

• To promote individualism

• To incorporate incentives for social cooperation

• To eliminate competition

• To focus on technological growth.

According to Acton, what is a consequence of the success of the winners in competition?

• A) Failure of the losers

• B) Increased cooperation

• C) Mutual benefit

• D) Economic growth

What does Acton suggest about capitalist institutions?

• They hinder cooperative behavior.

• They are inherently competitive.

• They reinforce cooperative behavior.

• They are morally questionable.

Match the following individuals with their contributions or ideas:

• other-regarding behavior in markets

• Discussed voluntary associations in America

• voluntary associations in America

• Emphasized other-regarding behavior in markets

• self-interest in economic transactions

• Argued for self-interest in economic transactions

Fill in the blank: Alexis de Tocqueville noted that Americans displayed a noticeable tendency to form and join (a)   .

• markets

• associations

• businesses

• governments

What did Tocqueville observe about American society?

• It was highly individualistic

• It relied heavily on government aid

• It had a strong tradition of voluntary associations

• It was resistant to change.

Which of the following is an economic competition?

• Hastings vs. Jones

• Cincinnati Bengals vs. Cleveland Browns

• Starbucks vs. Dunkin'