Exam 12: Income and Social Class

Fred Johnson has worked hard all of his life to make a decent living for himself and his family.However,in recent years he has become obsessed with a fear of being ruined,either because of losing his job or losing all of his savings.According to clinical psychologists,Fred Johnson's fear of being ruined is equated to ________.

The best predictor of major expenditures that do not have status or symbolic value is ________.

Most groups exhibit a structure called a ________ in which some members are somehow better off than others in terms of authority,power,or respect.

A ________ is an economy that is driven by a fairly small group of rich people.

Many twenty-somethings have rebelled against their more affluent parents by mocking wealth,wearing clothing such as shredded jeans and driving boxy cars.These are examples of what is called a modern potlatch.

Vance comes from the lower-upper class as does Jeff.They are both madly in love with Julia,who is beautiful enough to do part-time modeling.According to the principle of ________,Julia could be attracted to both men.

Amos always felt that it was unfair that society created artificial divisions that discouraged him from having friends from different social structures.Which of the following terms describes the process that Amos is having difficulty with?

Trisha grew up in a drug-ridden inner city neighborhood.Through sheer determination and intelligence,Trisha is now a medical doctor teaching on the staff of a large university hospital.Trisha is proud of what she has accomplished,but sometimes she feels stressed and uncertain of who she really is.The concept of ________ assesses the impact of such inconsistencies.

Anna is a millionaire but she is constantly stressed and unhappy despite her wealth,Anna is experiencing ________.

Explain the difference between restricted codes and elaborated codes.

A middle class person with an income at least 15 percent lower than the median middle class income,would be considered a(n)________ consumer.

The average American's standard of living continues to improve.These income shifts are linked to two key factors: ________.

Explain what a credit score is and how it relates to social class.