Test Bank For Law, Business and Society 13th Edition By Tony McAdams, Kiren Dosanjh Student name:__________ TRUE/FALSE - Write 'T' if the statement is true and 'F' if the statement is false. 1) In terms of United States public policy, the proper balance between open markets and government intervention has been largely resolved. ⊚ true ⊚ false 2) According to philosopher and novelist Ayn Rand, big government suppresses individual
rights and personal freedom and improperly transfers wealth from the highly productive to those who are less so. ⊚ true ⊚ false 3) The term individualism embraces communism, socialism and associated philosophies on the
left side of the political/economic spectrum. ⊚ true ⊚ false 4) Capitalism features economic cooperation and varying degrees of centralized control. ⊚ true ⊚ false 5) North Korea continues to practice communism. ⊚ true ⊚ false 6) Karl Marx felt that the pursuit of wealth and self-interest would erode society’s moral core. ⊚ true ⊚ false 7) Socialism embraces totalitarianism while calling for aggressive government intervention to
correct economic and social ills. ⊚ true ⊚ false