1) Capitalism consists of which key features?
- agovernment ownership, central production, communal distribution
- bprivate ownership, competition, profit
- cbureaucracy, efficiency, industrialization
- dmanagement, labor, raw materials
2) The main purpose of advertising is to stimulate the sale of goods and services. This purpose can be considered advertising’s __________.
- adystopian function
- blatent function
- dmanifest function
3) How does a functionalist view the economy?
- aThey view a strong economy as contributing to the overall operation of society and its other interdependent institutions, such as family, education, and religion.
- bThey view capitalism as being characterized by power, greed, and unfair competition.
- cThey study how work contributes to a person’s identity.
- dThey study how men and women engage in the underground economy along gender lines.
4) Calvin always goes on exotic trips whenever he gets the chance. He rarely tells his friends in advance, but they know when he is gone because he posts photos of himself in these exotic locales to his social media account. Calvin is engaging in what type of behavior?
- aCalvin is engaged in conspicuous consumption.
- bCalvin is a victim of environmental determinism.
- cCalvin has been caught up in primary production.
- dCalvin has employed tertiary economic recognition.
5) The major advertising medium between 1920 and 1950 in the United States was ______________.
6) Anh graduated with a Bachelor’s degree in management. She also worked part-time at a diner throughout high school and college. She continues to work at the diner, but cannot get promoted to management at the diner or find a job as a manager elsewhere. Anh could be described as ____________.
- bworking in a pink-collar occupation
7) What is the economic system in which the means of production are owned and controlled by private citizens and groups, and goods and services are distributed with regard to profit?
8) The process by which goods and services are brought into existence is referred to as ____________.
9) If people working in an industry want to professionalize their field, thereby making it more difficult for new people to work in the industry (and reduce competition), how might they do so?
- alobby governments to require specialized training
- bself-regulate by requiring licensure and certification that can be purchased online
- cset up special trade schools without any government oversight
- dset up a 6-week at-home course for learning the trade
10) ________________ is the systematic production, distribution, and consumption of goods and services in society.
- aThe government
- bThe economy
- cThe state
11) The government loses approximately how much money in taxes each year due to the hidden economy?
- a$200 billion
- b$100 billion
- c$500 million
- dIt is impossible to calculate exactly.
12) Oliver works as a dental hygienist. Oliver’s job can be categorized as _______________.
- aa blue-collar occupation
- bmanual labor
- cpart of the hidden economy
- da pink-collar occupation
13) When the same directors sit on multiple boards and control the economic and political activity of an industry, they have produced a(n) ________.
- acorporate interlock
- bconspicuous consumption
- cenvironmental determinism
- dindustrial homogamy
14) ______________ brought the most widespread and lasting change to American society, including its economy.
- aThe Industrial Revolution
- bThe Great Depression
- cThe World Wide Web
- dWorld War II
15) According to William J. Wilson, employment rates differ between blacks and whites due to what?
- asocial class, rather than educational attainment
- beducational attainment, rather than race
- crace, rather than social class
- dsocial class, rather than race
16) Candi is working on her dissertation. She is working in a medical clinic. She is particularly interested in how the doctors and nurses view their work as a profession, but the clerical workers see themselves as working in “just a job.” Which theory would be most relevant to Candi’s research question?
17) The U.S. government views normal unemployment (or unemployment of little concern) to be at a rate of what?
- aabout 8 percent
- b10 percent
- c5 percent or less
- dall unemployment is seen as problematic
18) Occupations that provide high income, prestige, and extensive benefits are called _____________ jobs.
- bsecondary labor market
- cprimary labor market
19) The Sanchez family runs a tomato sauce company. They are required by law to include a list of ingredients, calorie information, and nutritional values on the labels of their sauces. In light of the fact that this information is required by the government, what is the best term to describe the economy of the United States?
- alaissez-faire capitalism
- bwelfare capitalism
- cpure capitalism
- ddemocratic capitalism
20) ____________ serves as the best example of a socialist economy.
- aThe United States