Question 1

Karl Marx felt that workers in a capitalist society were alienated in four ways.List these four ways and give examples of each.

Accepted Answer

The answer of Karl Marx felt that workers in a...

Question 2

The rise of large-scale production,the influx of peasants to urban areas to find work,and the rise of a system of wage labor caused the ____________ system to become obsolete in favor of a new system of legal currency.

Accepted Answer

A)   barter
B)   neighborhood
C)   exchange
D)   trade

Question 3

George lives in fifteenth-century England.He is bound to the land but does not own it.He works the land but must give a portion of his harvest to the landowner.In return,he gets protection from roaming bandits and thieves.George is a:

Accepted Answer

A)   serf.
B)   slave.
C)   lord.
D)   vassal.

Question 4

Barbara Risman equated gender inequality,in the form of marriage,to:

Accepted Answer

A)   necessities of American society.
B)   sexism.
C)   feminism.
D)   racism.

Question 5

The "typical" American family today is:

Accepted Answer

A)   dual-income.
B)   one where the father is the main provider.
C)   single-father.
D)   matriarchal.

Question 6

Serfs were the lowest class in the feudal system and were bound to the land they worked,yet they were not slaves.They were different from slaves because they:

Accepted Answer

A)   could own property.
B)   could be sold.
C)   did not have to give the lord any of their earnings.
D)   could be traded to other lords.

Question 7

The Bell Telephone Company,which for decades was the only provider of telephone service in the United States,was a(n) :

Accepted Answer

A)   oligopoly.
B)   autocracy.
C)   market organization.
D)   monopoly.

Question 8

Which term describes the economy that revolves around providing intangible services such as restaurant work,health care provision,higher education,legal advice,computer tech support,and massage?

Accepted Answer

A)   artisans for hire
B)   vocational services
C)   service sector
D)   civil service

Question 9

The dominant economic system before the agricultural revolution was:

Accepted Answer

A)   the enclosure movement.
B)   the feudal system.
C)   the post-Industrial Revolution.
D)   the service sector.

Question 10

Which term refers to the end result of negotiations among multiple players,enforcing rights,imposing sanctions,or encouraging business at a regional or worldwide level?

Accepted Answer

A)   new means of exchange
B)   new players
C)   new rules
D)   new markets

Question 11

In the early days of the new monetary system,stockholders were more willing to invest in corporations because of ____________,which limits their financial liability to whatever they invested in the company.

Accepted Answer

A)   payment per unit
B)   limited liability
C)   champagne glass distribution
D)   political arbitrage

Question 12

FBI consultant Robert Hare claimed that in the pursuit of profits for shareholders,corporations exhibit many of the same traits as:

Accepted Answer

A)   psychopaths.
B)   philanthropists.
C)   narcissists.
D)   hedonists.

Question 13

Which term refers to legally recognized persons who share many of the rights of an individual as well as act as legal entities by entering into contracts or owning property?

Accepted Answer

A)   monetization
B)   socialism
C)   communism
D)   corporation

Question 14

Adam Smith argues that money is inherently social because:

Accepted Answer

A)   it requires an employment relationship between an employer and employee.
B)   it requires complex social and governmental institutions to ensure that markets work properly.
C)   any and all economic exchange requires two partners.
D)   economic activity involves cooperation and even collusion among many participants.

Question 15

Corporations have what is called limited liability.What does this mean?

Accepted Answer

Limited liability is a form of ownership...

Question 16

Studies consistently show that mothers who work outside the home are less depressed,have higher self-esteem,and have a greater sense of happiness than mothers who are stay-at-home moms.Why do you think this might be? How has the feminist movement improved or hindered women's happiness?

Accepted Answer

More women today are educated and have t...

Question 17

Some people consider corporations to be "psychotic" because corporations:

Accepted Answer

A)   routinely kill employees in the name of consensus.
B)   maintain long-term relationships even when they are harmful.
C)   have multiple personalities.
D)   show little regard, remorse, or guilt for harming others.

Question 18

According to the textbook,what is the major reason unions are on the decline in the United States today?

Accepted Answer

A)   It is felt that unions increase productivity.
B)   The government does a better job at collective bargaining for workers.
C)   People don't trust unions, saying they are corrupt and outdated.
D)   The Freedom of Association Act was repealed in 1949.

Question 19

Corporations can dominate the market by offering the lowest prices,thereby attracting the most buyers.To do this,they may lower production costs by cutting environmental corners,weakening labor unions,and lying.Elaborate on some of the ways that corporations profit.

Accepted Answer

Corporations profit in several ways.Micr...

Question 20

At one time,insurance was:

Accepted Answer

A)   available for everyone, paid for by the government.
B)   available for children but not for adults.
C)   not available for illegal immigrants but available for people born in the United States.
D)   illegal; it was considered gambling.

Exam 14: Capitalism and the Economy

Which term describes the economy that revolves around providing intangible services such as restaurant work,health care provision,higher education,legal advice,computer tech support,and massage?

Correct AnswerverifiedShow Answer

Corporations have what is called limited liability.What does this mean?

Correct AnswerverifiedLimited liability is a form of ownership...View AnswerShow Answer

The dominant economic system before the agricultural revolution was:

Correct AnswerverifiedShow Answer

Barbara Risman equated gender inequality,in the form of marriage,to:

Correct AnswerverifiedShow Answer

Serfs were the lowest class in the feudal system and were bound to the land they worked,yet they were not slaves.They were different from slaves because they:

Correct AnswerverifiedShow Answer

At one time,insurance was:

Correct AnswerverifiedShow Answer

Studies consistently show that mothers who work outside the home are less depressed,have higher self-esteem,and have a greater sense of happiness than mothers who are stay-at-home moms.Why do you think this might be? How has the feminist movement improved or hindered women's happiness?

Correct AnswerverifiedMore women today are educated and have t...View AnswerShow Answer

The "typical" American family today is:

Correct AnswerverifiedShow Answer

Which term refers to legally recognized persons who share many of the rights of an individual as well as act as legal entities by entering into contracts or owning property?

Correct AnswerverifiedShow Answer

Some people consider corporations to be "psychotic" because corporations:

Correct AnswerverifiedShow Answer

Karl Marx felt that workers in a capitalist society were alienated in four ways.List these four ways and give examples of each.

Correct AnswerverifiedShow Answer

Corporations can dominate the market by offering the lowest prices,thereby attracting the most buyers.To do this,they may lower production costs by cutting environmental corners,weakening labor unions,and lying.Elaborate on some of the ways that corporations profit.

Correct AnswerverifiedCorporations profit in several ways.Micr...View AnswerShow Answer

FBI consultant Robert Hare claimed that in the pursuit of profits for shareholders,corporations exhibit many of the same traits as:

Correct AnswerverifiedShow Answer

George lives in fifteenth-century England.He is bound to the land but does not own it.He works the land but must give a portion of his harvest to the landowner.In return,he gets protection from roaming bandits and thieves.George is a:

Correct AnswerverifiedShow Answer

Adam Smith argues that money is inherently social because:

Correct AnswerverifiedShow Answer

Which term refers to the end result of negotiations among multiple players,enforcing rights,imposing sanctions,or encouraging business at a regional or worldwide level?

Correct AnswerverifiedShow Answer

According to the textbook,what is the major reason unions are on the decline in the United States today?

Correct AnswerverifiedShow Answer

In the early days of the new monetary system,stockholders were more willing to invest in corporations because of ____________,which limits their financial liability to whatever they invested in the company.

Correct AnswerverifiedShow Answer

The rise of large-scale production,the influx of peasants to urban areas to find work,and the rise of a system of wage labor caused the ____________ system to become obsolete in favor of a new system of legal currency.

Correct AnswerverifiedShow Answer

The Bell Telephone Company,which for decades was the only provider of telephone service in the United States,was a(n) :

Correct AnswerverifiedShow Answer

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Limited liability is a form of ownership...
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Correct Answer
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More women today are educated and have t...
View Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Corporations profit in several ways.Micr...
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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