Private Property and Freedom of Choice in a Market System

question 26

Multiple Choice

Private property and freedom of choice in a market system have the following implications, except

• A) individuals are free to take on the financial risks involved in a business.
• B) trades that take place in the economy are mutually agreeable transactions among individuals.
• C) economic agents can act in their own self-interest.
• D) large firms are allowed to coerce other firms and individuals.

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Definitions:

Feeling

An emotional state or reaction to stimuli, often subjective and not always based on fact.

Behaving

Acting in a manner according to certain standards, rules, or expectations in social contexts.

Heteronomous Morality

The first stage of moral development in Piaget’s theory, occurring from 4 to 7 years of age. Justice and rules are conceived of as unchangeable properties of the world, beyond the control of people.

Immanent Justice

The belief, often held by children, that moral behavior is immediately rewarded and immoral behavior is immediately punished.