Question 1

A conglomerate is

Accepted Answer

A) a giant corporation composed of many smaller corporations. 
B) a corporation in the manufacturing sector. 
C) a corporation engaged in both legal and illegal activity. 
D) any company that completely dominates a market. 
A) a giant corporation composed of many smaller corporations. 
B) a corporation in the manufacturing sector. 
C) a corporation engaged in both legal and illegal activity. 
D) any company that completely dominates a market.

Question 2

State the defining characteristics of two economic models: capitalism and socialism.How do these models compare in terms of

Accepted Answer

Capitalism is an economic model characte

Question 3

The concepts "primary sector," "secondary sector," and "tertiary sector" refer to how productive a sector is in terms of economic value.

Accepted Answer

A) True 
 B)False

Question 4

The concept "primary labor market" refers to

Accepted Answer

A) jobs that provide extensive benefits to workers. 
B) jobs typically taken by teenagers. 
C) jobs that require no particular training or experience. 
D) jobs that offer little pay and low security. 
A) jobs that provide extensive benefits to workers. 
B) jobs typically taken by teenagers. 
C) jobs that require no particular training or experience. 
D) jobs that offer little pay and low security.

Question 5

What is the hypothetical economic and political system in which all people in society are socially equal?

Accepted Answer

A) capitalism 
B) socialism 
C) welfare capitalism 
D) communism 
A) capitalism 
B) socialism 
C) welfare capitalism 
D) communism

Question 6

Compared to agricultural work, industrial jobs involve less specialization.

Accepted Answer

A) True 
 B)False

Question 7

How has the nature of work in the United States changed over the last 150 years? Answer this question referring to the three sectors of the economy.In your answer, include the changing share of self-employed people as well as the changing importance of labor unions.

Accepted Answer

The nature of work in the United States

Question 8

The postindustrial economy is defined by

Accepted Answer

A) the spread of factories. 
B) mass production of goods and services. 
C) manufacturing of raw materials. 
D) service work and computer technology. 
A) the spread of factories. 
B) mass production of goods and services. 
C) manufacturing of raw materials. 
D) service work and computer technology.

Question 9

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

Accepted Answer

Capitalism and socialism differ in overa

Question 10

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 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 these are correct. 
A) primary sector 
B) secondary sector 
C) tertiary sector 
D) None of these are correct.

Question 12

Large corporations dominate many markets in the global economy.

Accepted Answer

A) True 
 B)False

Question 13

Name three technological revolutions that reorganized societal production and resulted in broad changes to many other dimensions of social life.What factors caused these revolutions? What changed as a result?

Accepted Answer

Three technological revolutions that reo

Question 14

The concept of "global economy" refers to

Accepted Answer

A) 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 these are correct. 
A) 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 these are correct.

Question 15

Which social institution is widely considered to have the greatest effect on society as a whole?

Accepted Answer

A) the family 
B) the economy 
C) the political system 
D) religion 
A) the family 
B) the economy 
C) the political system 
D) religion

Question 16

Capitalism is an economic system in which there is

Accepted Answer

A) government control of production. 
B) private ownership of property. 
C) pursuit of collective goals. 
D) All of these are correct. 
A) government control of production. 
B) private ownership of property. 
C) pursuit of collective goals. 
D) All of these are correct.

Question 17

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

Accepted Answer

A) Thorstein Veblen. 
B) Adam Smith. 
C) Karl Marx. 
D) Max Weber. 
A) Thorstein Veblen. 
B) Adam Smith. 
C) Karl Marx. 
D) Max Weber.

Exam 16: The Economy and Work

A conglomerate is

State the defining characteristics of two economic models: capitalism and socialism.How do these models compare in terms of

The concepts "primary sector," "secondary sector," and "tertiary sector" refer to how productive a sector is in terms of economic value.

The concept "primary labor market" refers to

What is the hypothetical economic and political system in which all people in society are socially equal?

Compared to agricultural work, industrial jobs involve less specialization.

How has the nature of work in the United States changed over the last 150 years? Answer this question referring to the three sectors of the economy.In your answer, include the changing share of self-employed people as well as the changing importance of labor unions.

The postindustrial economy is defined by

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

Dependency theorists see large corporations as

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

Large corporations dominate many markets in the global economy.

Name three technological revolutions that reorganized societal production and resulted in broad changes to many other dimensions of social life.What factors caused these revolutions? What changed as a result?

The concept of "global economy" refers to

Which social institution is widely considered to have the greatest effect on society as a whole?

Capitalism is an economic system in which there is

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

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