Exam 16: The Economy and Work

Capitalism is an economic system in which there is:

The social thinker whose ideas most supported the operation of a free-market economy was:

The economy first became a distinct social institution during which historical era of societal development?

The global economy pays little regard to national borders.

A conglomerate is:

In the United States, about what percentage of the labor force performs tertiary sector work?

The self-employed are more likely to have blue-collar jobs than white-collar jobs.

In the United States about what share of the population aged sixteen and older is in the paid labor force?

As a social institution, the economy:

One key to industrialization was creating new sources of energy.

Socialism is also called a "laissez-faire" economic system.

Which of the following concepts refers to an economy based on computer technology?

The concept "paraprofessional" refers to work that requires skills, but typically lacks a broad theoretical knowledge of a field.

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

Most self-employed persons are professionals.

State the defining characteristics of two economic models: capitalism and socialism. How do these models compare in terms of (a) overall productivity, (b) level of economic inequality, and (c) extent of political freedom? How is welfare capitalism an effort to combine the benefits of both systems?

By about 1950, most of the people in the U.S. labor force had which type of jobs?

In a socialist economic system, "justice" amounts to:

Taken together, local, state, and federal governments are the U.S.'s largest single employer.

About 1 percent of today's U.S. labor force works in agriculture.