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) 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
3) 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
4) 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?
5) 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
6) 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.
7) 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?
8) 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
9) 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
10) Occupations that provide high income, prestige, and extensive benefits are called _____________ jobs.
- bsecondary labor market
- cprimary labor market
11) ________________ is the systematic production, distribution, and consumption of goods and services in society.
- aThe government
- bThe economy
- cThe state
12) 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.
13) The process by which goods and services are brought into existence is referred to as ____________.
14) 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
15) 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.
16) 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
17) 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
18) The major advertising medium between 1920 and 1950 in the United States was ______________.
19) ______________ 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
20) ____________ serves as the best example of a socialist economy.
- aThe United States