Exam 13: The Economy

Public ownership of the means of production and a goal of serving the public is a central part of capitalism.

Critics of democratic socialism argue that

According to Karl Marx, the most significant contradiction that doomed capitalism was________.

According to Eitzen and Baca-Zinn, ________ is central to the human experience.

According to economist Lester Thurow, ________.

Identify and discuss the social problems associated with the concentration of economic power.

According to Karl Marx, one of the contradictions of capitalism that will bring its downfall is________.

Occupational dangers, while prevalent a century ago, no longer constitute a major problem.

When two companies each have a director on the board of a third company, it is referred to as indirect interlock.

The U.S. economy is based on the principles of capitalism, but is far removed from a free enterprise system.

Not included in the unemployment category are those who are________.

Industrialized societies organize their economic activities according to either capitalism and socialism.

The Wagner Act was federal legislation aimed at eliminating interlocking directorates.

The shift in production from the United States to outside the country has resulted in________.

An example of how the U.S. economy is NOT purely capitalistic is the government's monitoring of the safety of food and drugs.

How does Wal-Mart show the dark side of the new economy?

A sweatshop is a substandard work environment where workers are paid less than the minimum wage, workers are not paid overtime premiums, and other labor laws are violated.

The lack of central planning is a result of the resistance of powerful interest groups in society.

Egalitarianism is necessary to true socialism and refers to equality of opportunity for self-fulfillment of all, equality rather than hierarchy in decision-making, and equality in sharing the benefits of society.

The Great Recession began in _________ and ended in _________.