Exam 14: The Economy

Describe how the concept of the corporation has changed capitalism from its original focus.

At one time, the American paper dollar could be exchanged for gold held at Fort Knox. When this was permitted, what quality did paper money possess?

Changing trends in the world's largest corporations indicate that the U.S. is losing economic power while China is gaining dominance.

In socialism, who or what determines what will be produced and what it will cost?

Which industrial giant was responsible for the federal government passing antimonopoly legislation?

How did the advent of the steam engine affect domestic and international trade?

The sociological significance of early development of surplus and trade is that they ________.

Convergence theory suggests that the two economic systems of capitalism and socialism will grow further and further apart, which will lead to international mistrust and trade wars.

What is the primary criticism leveled against capitalism?

Provide an example of the close connections between the corporate and political worlds.

What is convergence theory?

How did John D. Rockefeller inspire the federal government to begin regulating markets?

How did the medium of exchange shift in the United States in 1937, and how did it affect purchasing power?

Jacob lives in the agricultural period. To purchase a new buggy and farm implements from the general store, gives the owner a note that specifies that a certain quantity of goods be set aside for him in a warehouse. Such an arrangement is an example of ________.

What term describes a system that emphasizes hard work, savings, and a concern for salvation?

Hunting and gathering societies that generate very little surplus food and material property are described by sociologists as ________ economies.

The linking of the world's nations by fast communication, transportation, and increased trade has created what sociologists refer to as ________.

In a pure socialist economy, members of the central committee, supervisors, and factory workers are all employees of the government.

Explain how women cope with discrimination in the corporate world.

The author suggests that former capitalist nations could adopt features of socialism, while former socialist nations adopt features of capitalism. This theory is referred to as ________.