Ashford PHI445 Week 2 Quiz Latest/Ashford PHI445 Week 2 Quiz Latest

 

Question 1

After Superstorm Sandy hit New Jersey, some businesses such as gasoline stations and car repair stores raised prices to bring in windfall profits off desperate customers. This is an example of price

bidding.

fixing.

gouging.

warfare.

Question 2

The philosopher Adam Smith claimed that

self-interest is what motivates us to take care of ourselves.

national wealth is a direct result from government intervention.

national wealth should be distributed by the “invisible hand” of the government.

the desire for luxury items has a negative impact on our economy.

Question 3

In 2007, a defense contractor was found guilty for working with a co-conspirator to submit bids with increased prices for a bulletproof vest contract so that a particular company would win the contract at a lower price.