SOCI 111 Week 7 M07 CH 14 REVIEW QUIZ

SOCI 111 Week 7 M07 CH 14 REVIEW QUIZ | Ivy Tech Community College

M07 CH 14 REVIEW QUIZ

Question 1

 (Q001) The feudal system under the Tudors in England gradually removed the commons, an area formerly available to graze animals, which led to urban migrations and the wage system. This demise of the feudal system left a framework in place for one facet of our contemporary economic system, the    

·         social makeup of the elite.  

·         class structure.  

·         monarchy.  

·         holding of private property.

Question 2

 (Q002) Which factor played a role in the development of capitalism?    

·         new farming technologies  

·         a decrease in the value of land  

·         increased centralization of capital  

·         an increase in the need for farmers

Question 3

 (Q003) How did the barter system, which was part of the economic system before the twentieth century, contribute to the development of the corporation?    

·         Bartering was seen as a tax dodge and was therefore eliminated, forcing those who used the system to find other ways to exchange goods.  

·         Bartering was only viable in small villages, but in the context of large cities, the need for a monetary system emerged, leading to new institutional types.  

·         Bartering left the holders of goods vulnerable to legal problems, which helped generate interest in corporations as a way to protect individuals and assets.  

·         Bartering as a system was not easily scaled to large numbers of people.

Question 4

 (Q004) What fundamental question about the nature of society was Adam Smith interested in that led him to reason out his ideas (as found in The Wealth of Nations) and lay the foundation for capitalism?    

·         Smith wondered how societies could more rapidly transition to a full, free-market economy. 

·         Smith wondered why societies had abandoned the earlier, successful model of feudalism.  

·         Smith wondered how Marxist theory could possibly be successful.  

·         Smith wondered how societies could remain intact and avoid devolving into chaos.

Question 5

 (Q005) Suppose you are a freelance graphic designer, and you ask clients to pay you immediately online. One client insists on paying by check, a less immediate process. You start declining this client's projects in favor of clients who pay online. In Adam Smith's terms, your decision is based on finding an unacceptable level of _______ in the proposed exchange.    

·         inequality  

·         inefficiency 

·         liability  

·         conflict

Question 6

 (Q006) According to Georg Simmel's view of monetary payment systems, who is in the best position?    

·         an accountant with a consulting firm  

·         a freelance journalist  

·         an analyst for a federal government agency  

·         a union worker at a manufacturing plant

Question 7

 (Q007) According to Karl Marx, workers in a capitalist economy are alienated from the products they produce because    

·         they have a limited part in conceptualizing those products.  

·         the production process is distributed among many different people.  

·         the worker has no choice about participation in the production process itself.  

·         the worker has a nonspecialized skill that is difficult to transfer to other jobs.

Question 8

 (Q008) According to Marx, capitalism is doomed to fail because of a self-made crisis of overproduction, leading to goods becoming unaffordable to workers. This in turn gives rise to socialism. The fundamental mechanism of distribution differing between these systems is   

·         politics.  

·         the government.  

·         the church.  

·         the market.

Question 9

 (Q009) Max Weber asserted that capitalism would not have arisen without the Protestant Reformation because theological insecurity and predestination    

·         served, along with accounting advances, to make people see monetary fortune as a sign from God.  

·         undermined basic social tenets that had been foundations of earlier Western life.  

·         led to the rise of a new class of entrepreneurs.  

·         challenged religious institutions, which then relinquished much of their economic power.

Question 10

 (Q010) How did the Ford Motor Company's introduction of the family wage help construct the idea of the traditional family?    

·         It encouraged people to have large families because the more children a family had, the higher the wages they received.  

·         It encouraged formerly working wives to stay at home because the family wage was higher than if both the husband and wife worked for Ford.  

·         It encouraged men to marry and have children, as the wage was not available to single men or married men without children.  

·         It encouraged all members of the family to join the workforce at Ford Motor Company.

Question 11

 (Q011) What is one way that wages were related to marriage in the early twentieth century?    

·         Due to having children, married women started their careers later than men or single women, leading to a wage gap.  

·         The family wage impelled women to stay married, even if their marriages were oppressive.  

·         Married women who work have historically earned less than men or single working women. 

·         Employers were able to use a spouse's salary as justification for withholding raises from married women.

Question 12

 (Q012) One of the trends in the current era of globalization is the establishment of trade agreements that    

·         are bilateral.  

·         focus on one category of goods.  

·         are multilateral.  

·         focus on jobs and not products.

Question 13

 (Q013) The top 1 percent of adults in the world hold almost half of the world's wealth. At the other end, the bottom half holds only 1 percent of the world's wealth. To be in the top 10 percent of the world's wealthiest citizens, one must hold assets worth at least    

·         $1 billion.  

·         $4,000.  

·         $4 million.  

·         $40,000.

Question 14

 (Q014) In her interview with Dalton Conley, Nitsan Chorev discusses the reasons why developing countries resist trade agreements that include labor and environmental protections. One reason is that    

·         in many agreements, labor and environmental protections only apply to developing countries rather than all countries.  

·         cheap labor in developing countries often is what gives them a comparative advantage.  

·         many leaders in developing countries claim that trade, labor, and environmental policies should be kept separate.  

·         labor and environmental regulations are often not valued in developing countries.

Question 15

 (Q015) In her interview with Dalton Conley, Nitsan Chorev discusses negotiating trade agreements that include both labor and the environment. Why might such negotiations impact climate change?    

·         The improved wages from including labor in trade agreements worldwide would allow individuals to reduce overall consumption.  

·         The inclusion of environment in trade agreements could help bring more countries into the process of addressing climate change.  

·         The World Trade Organization (WTO) would gradually gain more credibility and power concerning the problem of how to address climate change.  

·         All nations would begin to assume more responsibility for reducing emissions if trade agreements mandated this.

Question 16

 (Q016) The investment firm Goldman Sachs was indirectly implicated in the events precipitating the 2008 financial crisis. Some have alleged that the firm's deep ties to the US government made it possible to capitalize on gains using    

·         price controls.  

·         Troubled Asset Relief Program (TARP) monies.  

·         foreign spies.  

·         political arbitrage.

Question 17

 (Q017) According to Milton Friedman, what is a corporation's sole social responsibility?    

·         to create jobs  

·         to increase its profits through legal means  

·         to protect the environment  

·         to ward off foreign competitors

Question 18

 (Q018) Unionization rates in the United States have __________ over the past 60 years, and recent studies show that __________ workers are interested in being part of a collective bargaining agreement.    

·         declined; more  

·         remained steady; more  

·         increased; fewer  

·         increased; even more

Question 19

 (Q019) Studies show that a primary concern held by US workers about unionizing is related to management hostility. In this age of technology, there's another consideration: employee monitoring. Underlying all this is the fear of    

·         the unions themselves.  

·         a loss of market share and subsequent reduction in pay.  

·         the stress of the collective bargaining process.  

·         getting fired.

Question 20

 (Q020) Vikalp's donut shop has made him quite wealthy. One reason his business has been so lucrative is that he has an implicit agreement with the only other two donut shops in town to set prices at a very profitable level. This situation is an example of a(n)    

·         monopoly  

·         union  

·         oligopoly  

·         corporation

Question 21

 (Q021) What is rent seeking?    

·         adding value to a company  

·         comparing housing prices  

·         action taking prior to eviction  

·         manipulation to increase profits

Question 22

 (Q022) Who is counted in the "underemployment rate"?    

·         retired workers plus those actively looking for work  

·         people on long-term disability plus those actively looking for work  

·         people who have education beyond what they need for their present employment  

·         people not working full time who would like full-time work plus those actively looking for work

Question 23

 (Q023) Mariana works as a customer service representative for a large cable company. She often has to handle calls from irate customers who can be very hostile and demeaning towards her. Some days she just wants to scream back at them, but her employer has made it clear that no matter how horribly a customer treats her over the phone, she must maintain a pleasant demeanor and do her best to resolve the issue. Mariana's job involves    

·         alienation. 

·         emotional labor.  

·         piecework.  

·         offshoring.

Question 24

 (Q024) Lizzy is trying to get by in the expensive city of San Francisco but hasn't been able to secure a full-time job with benefits. She instead has pieced together a living by finding work through online apps through which she can earn money by delivering food, walking dogs, and doing freelance writing. Although she has, for the most part, been able to get by, Lizzy worries about affording health insurance and her inability to save for retirement. Lizzy is a participant in    

·         a corporation.  

·         the offshoring of production.  

·         the gig economy.  

·         the piecework payment system.