Question 1

Which of the following DO NOT describe the operation of a socialist economy?

Accepted Answer

A)  collective orientation 
B)  government control of production 
C)  laissez-faire economy 
D)  command economy 
A)  collective orientation 
B)  government control of production 
C)  laissez-faire economy 
D)  command economy

Question 2

The global economy pays little regard to national borders.

Accepted Answer

A) True 
 B)False

Question 3

The Industrial Revolution was based on:

Accepted Answer

A)  the spread of cottage industry. 
B)  people beginning to work in their homes. 
C)  a decrease in productive specialization. 
D)  new sources of energy. 
A)  the spread of cottage industry. 
B)  people beginning to work in their homes. 
C)  a decrease in productive specialization. 
D)  new sources of energy.

Question 4

Contrasted to socialist economic systems, capitalist economic systems typically:

Accepted Answer

A)  generate more economic inequality. 
B)  generate less economic inequality. 
C)  generate about the same level of inequality. 
D)  do not generate any social equality. 
A)  generate more economic inequality. 
B)  generate less economic inequality. 
C)  generate about the same level of inequality. 
D)  do not generate any social equality.

Question 5

The invention of the corporation is generally taken as the point at which a postindustrial society emerged.

Accepted Answer

A) True 
 B)False

Question 6

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

Accepted Answer

A)  high-income nations. 
B)  middle-income nations. 
C)  low-income nations. 
D)  It is the same size in all nations. 
A)  high-income nations. 
B)  middle-income nations. 
C)  low-income nations. 
D)  It is the same size in all nations.

Question 7

Contrasted to socialist economic systems, capitalist economic systems are typically:

Accepted Answer

A)  equally productive. 
B)  more productive. 
C)  less productive. 
D)  not concerned with productivity. 
A)  equally productive. 
B)  more productive. 
C)  less productive. 
D)  not concerned with productivity.

Question 8

Which of the following countries best exemplifies a system of state capitalism?

Accepted Answer

A)  the United States 
B)  Great Britain 
C)  Australia 
D)  Japan 
A)  the United States 
B)  Great Britain 
C)  Australia 
D)  Japan

Question 9

Oligopoly refers to any company that operates in more than one country.

Accepted Answer

A) True 
 B)False

Question 10

Agricultural production is part of the primary sector of the economy.

Accepted Answer

A) True 
 B)False

Question 11

What sector of the economy generates raw materials directly from the natural environment?

Accepted Answer

A)  primary sector 
B)  secondary sector 
C)  tertiary sector 
D)  None of the above is correct. 
A)  primary sector 
B)  secondary sector 
C)  tertiary sector 
D)  None of the above is correct.

Question 12

What is a social institution? What is the economy?

Accepted Answer

A social institution is a complex, integ

Question 13

The development of agriculture was set in motion by:

Accepted Answer

A)  changes in the church. 
B)  hitching animals to the plow. 
C)  the discovery of writing. 
D)  the discovery of oil. 
A)  changes in the church. 
B)  hitching animals to the plow. 
C)  the discovery of writing. 
D)  the discovery of oil.

Question 14

The expansion of office work marks the growth of the economy's:

Accepted Answer

A)  primary sector. 
B)  secondary sector. 
C)  tertiary sector. 
D)  None of the above is correct. 
A)  primary sector. 
B)  secondary sector. 
C)  tertiary sector. 
D)  None of the above is correct.

Question 15

Dependency theorists see large corporations as:

Accepted Answer

A)  the key to meeting the needs of people in poor nations. 
B)  helping poor nations to develop local industries. 
C)  a major source of foreign investment for poor nations. 
D)  intensifying global inequality. 
A)  the key to meeting the needs of people in poor nations. 
B)  helping poor nations to develop local industries. 
C)  a major source of foreign investment for poor nations. 
D)  intensifying global inequality.

Question 16

How do capitalism and socialism differ in overall productivity? What about economic inequality?

Accepted Answer

Capitalism and socialism differ in overa

Question 17

The concept "global economy" refers to:

Accepted Answer

A)  expanding economic activity that moves across national borders. 
B)  the fact that only a few countries now contribute to the global economy. 
C)  the fact that economic output is under the control of global political leadership. 
D)  All of the above are correct. 
A)  expanding economic activity that moves across national borders. 
B)  the fact that only a few countries now contribute to the global economy. 
C)  the fact that economic output is under the control of global political leadership. 
D)  All of the above are correct.

Question 18

The concept "oligopoly" refers to:

Accepted Answer

A)  any corporation with more than $1 billion in sales. 
B)  the largest company in a particular field. 
C)  domination of a market by a few producers. 
D)  a large company operating in all three economic sectors. 
A)  any corporation with more than $1 billion in sales. 
B)  the largest company in a particular field. 
C)  domination of a market by a few producers. 
D)  a large company operating in all three economic sectors.

Question 19

Globalization of the economy means that:

Accepted Answer

A)  world regions specialize in one sector of economic activity. 
B)  more and more products pass through several nations. 
C)  a small number of businesses represent a large share of the planet's economic output. 
D)  All of the above are correct. 
A)  world regions specialize in one sector of economic activity. 
B)  more and more products pass through several nations. 
C)  a small number of businesses represent a large share of the planet's economic output. 
D)  All of the above are correct.

Question 20

An example of a country with a mostly private economy and extensive social welfare programs is:

Accepted Answer

A)  the United States. 
B)  Sweden. 
C)  Japan. 
D)  All of the above are correct. 
A)  the United States. 
B)  Sweden. 
C)  Japan. 
D)  All of the above are correct.

Exam 16: The Economy and Work

Which of the following DO NOT describe the operation of a socialist economy?

The global economy pays little regard to national borders.

The Industrial Revolution was based on:

Contrasted to socialist economic systems, capitalist economic systems typically:

The invention of the corporation is generally taken as the point at which a postindustrial society emerged.

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

Contrasted to socialist economic systems, capitalist economic systems are typically:

Which of the following countries best exemplifies a system of state capitalism?

Oligopoly refers to any company that operates in more than one country.

Agricultural production is part of the primary sector of the economy.

What sector of the economy generates raw materials directly from the natural environment?

What is a social institution? What is the economy?

The development of agriculture was set in motion by:

The expansion of office work marks the growth of the economy's:

Dependency theorists see large corporations as:

How do capitalism and socialism differ in overall productivity? What about economic inequality?

The concept "global economy" refers to:

The concept "oligopoly" refers to:

Globalization of the economy means that:

An example of a country with a mostly private economy and extensive social welfare programs is:

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