ISS Exam 2 UPDATED Actual Exam Questions and CORRECT Answers
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Course
ISS
Institution
ISS
ISS Exam 2 UPDATED Actual Exam
Questions and CORRECT Answers
(video) Based on the video on Adam Smith, we talked about the concept of _______ That
refers to the idea that rich or privileged people have a responsibility to act with generosity
and compassion toward those less privileged. - COR...
ISS Exam 2 UPDATED Actual Exam
Questions and CORRECT Answers
(video) Based on the video on Adam Smith, we talked about the concept of _______ That
refers to the idea that rich or privileged people have a responsibility to act with generosity
and compassion toward those less privileged. - CORRECT ANSWER✔✔- "noblesse
oblige."
If Adam Smith were alive today, he would probably have a job as a/an sociologist -
CORRECT ANSWER✔✔- False
If Adam Smith were alive today, he would approve of increasing the income tax rate on
wealthy individuals. - CORRECT ANSWER✔✔- False
According to Adam Smith, in a totally free economic system, as something (such as COVID
testing kits) become scarce, the price of each test kit should.. - CORRECT ANSWER✔✔- go
up
A person who believes that neoliberalism is the correct way to run the economy would be For
or Against user fees such as tolls on roads. - CORRECT ANSWER✔✔- for
You have discovered a box of letters and diaries, and some tax forms from your great-
grandparents attic. These are _____ for history - CORRECT ANSWER✔✔- primary sources
This person articulated WHY we have government. What is government supposed to DO?
What is the function of government? - CORRECT ANSWER✔✔- Adam Smith
An person who is present at a car accident gives testimony in court. That person is an "eye-
witness." The eye-witness is considered to be... - CORRECT ANSWER✔✔- a primary
source
Herodotus thought that an historian should - CORRECT ANSWER✔✔- ...describe the
context within which events took place
, The field of history concerns understanding the role of time (chronology) and also context in
describing and explaining events. - CORRECT ANSWER✔✔- True
This individual argued for progressive taxation---that the wealthy individuals should
contribute a higher portion of their money to support the federal government. People should
be taxed according to their ability to pay. - CORRECT ANSWER✔✔- Smith
An economic policy that stresses reliance on "a free market" and expanding market
competition is called (today) - CORRECT ANSWER✔✔- Neoliberalism
This scholar argued that there is no such thing as "a fair price". In fact, prices are set by
whatever the buyer is willing to pay. - CORRECT ANSWER✔✔- Smith
The idea that one should study world events by ordering facts within a context and sequence
of events comes from the writings of - CORRECT ANSWER✔✔- Herodotus
Neoliberal economics generally advocates... - CORRECT ANSWER✔✔- two of these are
correct
Adam Smith lived in the 1700s - CORRECT ANSWER✔✔- True
In Michigan, the sales tax is 6%. Everyone pays 6% of the cost of an item in taxes. It doesn't
matter if the item is cheap or expensive; it doesn't matter if the purchaser is poor or wealthy.
This is an example of a.... - CORRECT ANSWER✔✔- flat tax
According to the video that you watched, Adam Smith... - CORRECT ANSWER✔✔- was
concerned with how to make capitalism more humane
Adam Smith supported the concept of a "progressive tax" on individuals and businesses.
What does that mean? - CORRECT ANSWER✔✔- People who make more money would
spend a higher percent of their wealth on taxes
College students are alarmed that tuition keeps rising. One reason is that the State (e.g., the
state of Michigan) keeps reducing the amount of money that they give to the state
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