Question 1

Which of the following is an example of convergence theory in action?

Accepted Answer

A)  Germany rebuilt its economy after World War II, creating more job opportunities and prosperity for its citizens.
B)  Following the decline of the automotive industry, Detroit became a bankrupt city with large unemployment.
C)  The suburbs of Paris became crime-infested after wealthier citizens moved into the city, pushing the lower classes out of their homes.
D)  Washington DC has become a city to which many young people flock because of its low unemployment rate and job opportunities.E) A) and C)
F) B) and C)

Question 2

Davis is low on cash, but really wants an electric guitar.He offers to trade his acoustic guitar, for his friend Bill's electric guitar.Davis is engaging in:

Accepted Answer

A)  Supply and demand
B)  Mercantilism
C)  Capitalism
D)  BarteringE) B) and C)
F) A) and D) D

Question 3

Which of the following best defines the term commodity?

Accepted Answer

A)  A physical object we find, grow, or make to meet our needs and those of others.
B)  An activity that benefits people, such as health care, education, and entertainment.
C)  An economic system which adheres to the principles of socialism.
D)  A benefit given to those who participate in the capitalist market.E) All of the above
F) A) and C)

Question 4

During what time period did economies begin to develop globally?

Accepted Answer

A)  The Industrial Revolution
B)  The Post-Industrial Revolution
C)  The Agricultural Revolution
D)  The Information AgeE) A) and B)
F) A) and C)

Question 5

Émile Durkheim described mechanical solidarity as:

Accepted Answer

A)  A form of socialism under which individuals and cooperative groups exchange products with one another on the basis of mutually satisfactory contracts
B)  A form of social cohesion that comes from sharing similar work, education, and religion, as might be found in simpler societies
C)  A form of social cohesion that arises out of the mutual interdependence created by the specialization of work
D)  A practice where jobs are contracted to an outside source, often in another countryE) None of the above
F) B) and C)

Question 6

The term mercantilism can best be defined as:

Accepted Answer

A)  An economic system in which there is private ownership as opposed to state ownership)  and where there is an impetus to produce profit, and thereby wealth.
B)  When children tend to enter the same or similar occupation as their parents.
C)  An economic policy based on national policies of accumulating silver and gold by controlling markets with colonies and other countries through taxes and customs charges.
D)  An economic system in which there is government ownership often referred to as "state run")  of goods and their production, with an impetus to share work and wealth equally among the members of a society.E) All of the above
F) B) and D) B

Question 7

What is one reason unemployment statistics are unreliable?

Accepted Answer

A)  Those surveyed frequently lie about their employment status.
B)  The statistics include only those who are currently looking for work.
C)  The government only surveys those who have been out of work for a year or more.
D)  Different states define unemployment in different ways.E) A) and B)
F) B) and C)

Question 8

Jin is a conflict theorist sociologist.Which of the following statements about Occupy Wall Street would most align with Jin's sociological perspective?

Accepted Answer

A)  Occupy Wall Street is positive; our capitalist economy is only making social inequality grow larger.
B)  Occupy Wall Street is a waste of time; our capitalistic economy is keeping our nation healthy, and is designed for maximum efficiency.
C)  Occupy Wall Street is a threat; with so many angry people gathered in one place, horrible violence will surely break out.
D)  Occupy Wall Street is dangerous; large crowds in these environments heighten the risk for sexual abuse and gender discrimination.E) A) and D)
F) A) and C) A

Question 9

Apple computers ship their computer parts to India to be made, and station their tech support in India.This is an example of a:

Accepted Answer

A)  Decisive export
B)  Global assembly line
C)  Global commodity chain
D)  enophobiaE) All of the above
F) A) and B)

Question 10

By 2009, America had suffered several consecutive quarters of economic decline.America was in the midst of a:

Accepted Answer

A)  Capital rebuttal
B)  Recession
C)  Depression
D)  Economic sling-shot recoveryE) None of the above
F) A) and D)

Question 11

Which of the following is not an example of underemployment?

Accepted Answer

A)  After college graduation, Marcus could only find work part-time as a bartender.
B)  After his wife gave birth to twins, Jerry quit his job to help raise them.
C)  Following the recession, Ellen lost her fulltime job as a PR assistant and found part-time work as a cosmetic sales associate.
D)  When John's sales job is outsourced he's forced to take work as a janitor to pay off his student loans.E) B) and C)
F) A) and D)

Question 12

What was the significance of NAFTA?

Accepted Answer

A)  It encouraged trade with North Korea, which had previously been embargoed.
B)  It allowed freer trade opportunities for the United States, Canada, and Mexico.
C)  It forbade trade with any country that didn't use a capitalist government.
D)  It restricted trade within North American countries by imposing a heavy tax and tariffs.E) A) and B)
F) C) and D)

Question 13

Alex's country was once communist, but now allows limited private ownership of companies, and lets market forces determine production and pricing decisions.What kinds of economy is Alex living in?

Accepted Answer

A)  Market Communist
B)  Market Socialist
C)  Capitalist
D)  DemocraticE) All of the above
F) A) and B)

Question 14

Which of the following is an example of polarization?

Accepted Answer

A)  The job market is increasing in the lowest economic levels, and is increasing in the highest economic levels.
B)  A professional career is guaranteed after earning a college degree.
C)  Unemployment is down for those with PhDs and those without a high school education.
D)  The recession has encouraged many workers to earn their associate degrees.E) A) and C)
F) B) and C)

Question 15

Keshawn used to work for an IT company in Baltimore, but lost his job when his company decided to use workers in New Delhi instead.This is an example of:

Accepted Answer

A)  Outsourcing
B)  Polarization
C)  Automation
D)  The technology gapE) A) and B)
F) A) and C)

Question 16

Which of the following industries is not projected to experience growth within the United States within the next 10 years?

Accepted Answer

A)  Financial
B)  Healthcare
C)  Community and Social Service
D)  Farming, Fishing, and ForestryE) All of the above
F) B) and D)

Question 17

The term xenophobia can best be defined as:

Accepted Answer

A)  An illogical fear and even hatred of foreigners and foreign goods.
B)  A marketing campaign aimed at foreign countries selling American goods.
C)  A pronounced fear of globalization destroying one's job.
D)  A hatred of corporate America and the lobbying push.E) None of the above
F) B) and D)

Question 18

Which of the following is an example of structural unemployment?

Accepted Answer

A)  A large fire burns down an automotive plant in Detroit, forcing the employees temporarily out of work.
B)  Three sales associates from Target are fired after stealing merchandise from the electronics department.
C)  John quits his job after getting accepted into law school.
D)  Though many companies are hiring in Washington D.C., unemployment is high in Tennessee.E) A) and B)
F) A) and D)

Question 19

Terrence and his family own a farm in a remote region of Chile.They farm only enough to produce enough food to feed the family, and pay their taxes.What are Terrence and his family engaging in?

Accepted Answer

A)  Capitalism
B)  Mercantilism
C)  Capitalistic Farming
D)  Subsistence FarmingE) B) and C)
F) B) and D)

Question 20

Which of the following best defines the term globalization?

Accepted Answer

A)  The process of removing manufacturing and industrial sites from foreign countries and returning them to the United States.
B)  When products are assembled over the course of several international transactions.
C)  Long periods of recession followed by sharp economic upturn worldwide.
D)  The process of integrating governments, cultures, and financial markets through international trade into a single world market.E) B) and D)
F) B) and C)

Exam 18: Work and the Economy

Which of the following is an example of convergence theory in action?

Correct AnswerverifiedShow Answer

Davis is low on cash, but really wants an electric guitar.He offers to trade his acoustic guitar, for his friend Bill's electric guitar.Davis is engaging in:

Correct AnswerverifiedD

Which of the following best defines the term commodity?

Correct AnswerverifiedShow Answer

During what time period did economies begin to develop globally?

Correct AnswerverifiedShow Answer

Émile Durkheim described mechanical solidarity as:

Correct AnswerverifiedShow Answer

The term mercantilism can best be defined as:

Correct AnswerverifiedB

What is one reason unemployment statistics are unreliable?

Correct AnswerverifiedShow Answer

Jin is a conflict theorist sociologist.Which of the following statements about Occupy Wall Street would most align with Jin's sociological perspective?

Correct AnswerverifiedA

Apple computers ship their computer parts to India to be made, and station their tech support in India.This is an example of a:

Correct AnswerverifiedShow Answer

By 2009, America had suffered several consecutive quarters of economic decline.America was in the midst of a:

Correct AnswerverifiedShow Answer

Which of the following is not an example of underemployment?

Correct AnswerverifiedShow Answer

What was the significance of NAFTA?

Correct AnswerverifiedShow Answer

Alex's country was once communist, but now allows limited private ownership of companies, and lets market forces determine production and pricing decisions.What kinds of economy is Alex living in?

Correct AnswerverifiedShow Answer

Which of the following is an example of polarization?

Correct AnswerverifiedShow Answer

Keshawn used to work for an IT company in Baltimore, but lost his job when his company decided to use workers in New Delhi instead.This is an example of:

Correct AnswerverifiedShow Answer

Which of the following industries is not projected to experience growth within the United States within the next 10 years?

Correct AnswerverifiedShow Answer

The term xenophobia can best be defined as:

Correct AnswerverifiedShow Answer

Which of the following is an example of structural unemployment?

Correct AnswerverifiedShow Answer

Terrence and his family own a farm in a remote region of Chile.They farm only enough to produce enough food to feed the family, and pay their taxes.What are Terrence and his family engaging in?

Correct AnswerverifiedShow Answer

Which of the following best defines the term globalization?

Correct AnswerverifiedShow Answer

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