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CPHL307 DA0 – Business Ethics – P2022 – Ryerson University

Question 1

1 / 1 point

In general, what will happen if the demand for a good increases and its supply remains unchanged?

Its price will increase and a higher quantity will be sold.

Its price will decrease and a lower quantity will be sold.

Its price will decrease and a higher quantity will be sold.

Its price will increase and a lower quantity will be sold.

Question 2 1 / 1 point

“Markets are a way for people to freely choose the products and services that

satisfy their needs and desires” is a premise in an argument in favour of markets from which tradition of ethical thought?

Outcomes

Justice

Rights and Duties Character

Question 3 1 / 1 point

What does Smith say about the difference of the natural talents in men? That talent is natural and cannot be cultivated or improved.

That they are so different as so never to be changeable. That they are not really that different.

Question 4 1 / 1 point

According to Smith, what three ways do we obtain from one another the greater part of those mutual good offices which we stand in need of?

That all men have unique talent unto themselves.

By labor, by barter , or by charity.
By ingenuity, by treaty, or by purchase. By labor, by charity, or by ingenuity.

Question 5 1 / 1 point

According to Smith, why are the silks of France better and cheaper than those of England?

By treaty, by barter, or by purchase.

Because silk manufacturing is not as well suited to the climate of England as it is to that of France.

Because silk manufacturing is not popular in England. Because France has an extreme surplus of silk manufacturers. Because there is little demand for English silk.

Question 6 1 / 1 point

According to Smith, what motivates productive behaviour in the market?

An invisible hand

Greed
Government intervention
The desire to make a good living

Question 7 1 / 1 point

According to Smith, what does the division of labor do for individual workmen? It enables each man to work fewer hours.

It teaches each man a new skill.
It gives each man more work to do.

Question 8 1 / 1 point

What is “the” market?

It reduces every man’s job to one simple operation.

A place where food is sold.

The sum total of all particular markets.

A place where shares in corporations are exchanged.

A restaurant

Question 9 1 / 1 point

According to Smith, under what circumstance would every man have to perform exactly the same duties and do exactly the same work?

If there were no organized society
If there were no manufacturers of commodities If there were no difference in talent

Question 10 1 / 1 point

According to Smith, what is one characteristic of the Mediterranean Sea which made it favorable for infant navigation?

If there were no truck, barter, and exchange.

Many harbors.

Shallow water. No islands.
No tides.

Question 11 1 / 1 point

In general, what will happen if the demand for a good remains unchanged and its supply increases?

Its price will increase and a higher quantity will be sold.

Its price will decrease and a higher quantity will be sold. Its price will increase and a lower quantity will be sold.

Question 12 1 / 1 point

According to Smith, what encourages every man to apply himself to an occupation and cultivate whatever talent he may possess for that particular business?

Its price will decrease and a lower quantity will be sold.

The desire that the knowledge of his occupation will be passed down to his sons and grandsons.

The hope that his expertise will allow him to excel in even greater endeavors.

The knowledge that his productive life enriches the lives of others.

Question 13 1 / 1 point

1. “When goods and services are freely exchanged in the market, all participants

are made better-off” is a premise in an argument in favour of markets from which tradition of ethical thought?

Outcomes Justice

Character

Question 14 1 / 1 point

According to Smith, why are new machines more likely to be invented under division of labor?

The knowledge that his surplus of production can be exchanged for something he needs.

Rights and Duties

New machines are required when labor has been divided.

Men have more time to experiment with various options and potential improvements.

Division of labor promotes speculation and new ideas to be tried.

Men are more likely to discover more efficient methods of production when their entire focus is directed towards a single step of theprocess.

Question 15

According to Smith, What limits the extent of the division of labor?

The population. The workmen. The raw products.

Question 16

1 / 1 point

The market.

According to Smith, which is not a reason for the increase of the quantity of work under division of labor?

1 / 1 point

Time efficiencies.

The invention of machines which enable one man to do the work of many.

The increase of the workmen’s dexterity.

Question 17 1 / 1 point

According to Smith, what does the division of labor do for a manufacturer?

The employment of more workmen.

It complicates the productive powers of labor.

It decreases the productive powers of labor. It simplifies the productive powers of labor.

Question 18 1 / 1 point

According to Smith, where are the separation of different trades and employments from one another generally found?

It increases the productive powers of labor.

In those countries which have yet to pursue industry and improvement.

In those countries which have the least degree of industry and improvement.

In those countries which are have completed their industry and improvement.

Question 19 1 / 1 point

According to Smith, how did the idea of division of labor come about?

It was an accident which resulted in positive change.

It was the propensity of human nature to truck, barter, and exchange one thing for another.

It was an experiment which owners found to be advantageous.

Question 20 1 / 1 point

According to Smith, what opens an even more extensive market to every sort of industry?

In those countries which enjoy the highest degree of industry and improvement.

It was a consequence of the applied study of manufacturing.

Faster horses. Land-carriage.

Improved inland transporation.

Water-carriage.

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