Question 1

The society that engaged in the lowest amount of trading was the hunting and gathering society.

Accepted Answer

A) True 
 B)False  True

Question 2

Currency and deposit receipts represent stored value, meaning that there are goods stored and held in reserve to back up and provide value for it.

Accepted Answer

A) True 
 B)False  True

Question 3

Because the American economy is based on state capitalism, manufacturers have a totally free hand in producing and distributing whatever goods and services the market will bear.

Accepted Answer

A) True 
 B)False  False

Question 4

Discuss how the globalization of capitalism can present cultural hurdles for businesspeople marketing products in other countries.

Accepted Answer

The cultural hurdle that most often occu

Question 5

What is significant about Frank Perdue's chicken slogan and Parker Pen's marketing pen slogan?

Accepted Answer

A)  They provide a demonstration of the Thomas theorem. 
B)  They show that corporations will do anything to make a profit. 
C)  They provide a demonstration of the Sapir-Whorf hypothesis. 
D)  They illustrate the cultural barriers of global capitalism. 
A)  They provide a demonstration of the Thomas theorem. 
B)  They show that corporations will do anything to make a profit. 
C)  They provide a demonstration of the Sapir-Whorf hypothesis. 
D)  They illustrate the cultural barriers of global capitalism.

Question 6

Conspicuous consumption has replaced the Protestant ethic in most industrialized nations.

Accepted Answer

A) True 
 B)False

Question 7

How has the American economy changed in agriculture and industry during the transition from the industrial to postindustrial society?

Accepted Answer

The Industrial Revolution permitted farm

Question 8

What are the similarities and differences between the mechanical and organic societies?

Accepted Answer

Both concepts were developed by Emile Du

Question 9

What percent of the entire nation's income goes to the richest fifth of Americans?

Accepted Answer

A)  40 percent 
B)  35 percent 
C)  50 percent 
D)  30 percent 
A)  40 percent 
B)  35 percent 
C)  50 percent 
D)  30 percent

Question 10

Why did Durkheim label his two types of society as "mechanical" and "organic"?

Accepted Answer

Mechanical parts do the same thing over

Question 11

Who coined the term "postindustrial society" in 1973?

Accepted Answer

A)  David Bell 
B)  Michael Burawoy 
C)  Thorstein Veblen 
D)  Max Weber 
A)  David Bell 
B)  Michael Burawoy 
C)  Thorstein Veblen 
D)  Max Weber

Question 12

What are the characteristics of the "typical" woman who is most likely to work for wages?

Accepted Answer

A)  married, African American 
B)  single, white 
C)  married, white 
D)  single, African American 
A)  married, African American 
B)  single, white 
C)  married, white 
D)  single, African American

Question 13

Trace the transformation of economic systems, and emphasize this transformation in the United States.

Accepted Answer

In the earliest human groups, the huntin

Question 14

What are the three mediums of exchange that are replacing paper money in the postindustrial society?

Accepted Answer

(1) credit

Question 15

Inflation in the United States is usually about _________ a year.

Accepted Answer

A)  2 percent 
B)  3 percent 
C)  10 percent 
D)  15 percent 
A)  2 percent 
B)  3 percent 
C)  10 percent 
D)  15 percent

Question 16

Today, most governments issue money that is backed by nothing more than a promise to honor it for all debts public and private. Such currency is called ________.

Accepted Answer

A)  gold standard currency 
B)  fiat money 
C)  warehouse cash 
D)  deposit receipt 
A)  gold standard currency 
B)  fiat money 
C)  warehouse cash 
D)  deposit receipt

Question 17

Theorists who believe that corporations use profit as their moral guide, with no concern for how opening and closing factories affects workers, are most aligned with which sociological perspective?

Accepted Answer

A)  the conflict perspective 
B)  functionalism 
C)  symbolic interactionism 
D)  structuralism 
A)  the conflict perspective 
B)  functionalism 
C)  symbolic interactionism 
D)  structuralism

Question 18

Because the United States uses the gold standard to back its currency, the American dollar is the most valued currency.

Accepted Answer

A) True 
 B)False

Question 19

In the capitalist economy, when the government identifies a firm that has monopolized a product or service, it may order the company to ________, that is, sell off some of its businesses.

Accepted Answer

A)  consolidate 
B)  divest 
C)  merge 
D)  declare bankruptcy 
A)  consolidate 
B)  divest 
C)  merge 
D)  declare bankruptcy

Question 20

What was the earliest medium of exchange?

Accepted Answer

A)  gold standard 
B)  money 
C)  land standard 
D)  barter system 
A)  gold standard 
B)  money 
C)  land standard 
D)  barter system

Exam 14: The Economy

The society that engaged in the lowest amount of trading was the hunting and gathering society.

Currency and deposit receipts represent stored value, meaning that there are goods stored and held in reserve to back up and provide value for it.

Because the American economy is based on state capitalism, manufacturers have a totally free hand in producing and distributing whatever goods and services the market will bear.

Discuss how the globalization of capitalism can present cultural hurdles for businesspeople marketing products in other countries.

What is significant about Frank Perdue's chicken slogan and Parker Pen's marketing pen slogan?

Conspicuous consumption has replaced the Protestant ethic in most industrialized nations.

How has the American economy changed in agriculture and industry during the transition from the industrial to postindustrial society?

What are the similarities and differences between the mechanical and organic societies?

What percent of the entire nation's income goes to the richest fifth of Americans?

Why did Durkheim label his two types of society as "mechanical" and "organic"?

Who coined the term "postindustrial society" in 1973?

What are the characteristics of the "typical" woman who is most likely to work for wages?

Trace the transformation of economic systems, and emphasize this transformation in the United States.

What are the three mediums of exchange that are replacing paper money in the postindustrial society?

Inflation in the United States is usually about _________ a year.

Today, most governments issue money that is backed by nothing more than a promise to honor it for all debts public and private. Such currency is called ________.

Theorists who believe that corporations use profit as their moral guide, with no concern for how opening and closing factories affects workers, are most aligned with which sociological perspective?

Because the United States uses the gold standard to back its currency, the American dollar is the most valued currency.

In the capitalist economy, when the government identifies a firm that has monopolized a product or service, it may order the company to ________, that is, sell off some of its businesses.

What was the earliest medium of exchange?

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