Exam 16: The Economy and Work

What arguments are made in favour of a free-market economy? What are the arguments made by those who favour a large regulatory role for government? Consider issues such as economic productivity, economic inequality, and the extent of corporate welfare. Also, how do the recent corporate scandals, beginning with the collapse of the Enron energy trading company, play in to this debate?

In a capitalist economic system, "justice" amounts to

Combining market production and extensive social welfare programs yields what is called "welfare capitalism."

The development of agriculture was set in motion by

Underemployment is a serious problem in Canada.

______________ is economic activity involving income or the exchange of goods and services that is not reported to the government.

Which of the following is NOT one of the ways that industrialization changed the economy?

Looking at economies around the world, the primary sector is the largest in

Capitalism is an economic system in which there is

The concept "state capitalism" refers all productive enterprises in a country being owned by the government.

Name three technological revolutions that reorganized societal production and resulted in broad changes to many other dimensions of social life.

Prostitution and sale of illegal drugs are typically part of the underground economy.

Most self-employed persons are professionals.

Quick Quiz: -The invention of the corporation is generally taken as the point at which a post-industrial society emerged.

The Industrial Revolution was based on

What is the explanation provided in the text for why Alberta has a smaller manufacturing sector than that of Canada on the whole?

The Industrial Revolution was based on

In which of the following Canadian provinces do we find the lowest percentage of the labour market employed in manufacturing industries?

Globalization of the economy means that

Which of the following descriptions does NOT apply to a profession?