Question 1

Laissez-faire is a form of ________ under which people compete freely with minimal government intervention in the economy.

Accepted Answer

A)  socialism
B)  communism
C)  totalitarianism
D)  capitalism

Question 2

In which type of economic system is the laissez-faire philosophy rejected,and the central government acting as a representative of the people makes basic economic decisions?

Accepted Answer

A)  informal economy
B)  capitalism
C)  socialism
D)  agrarianism

Question 3

For many years,there was only one long-distance telephone company in the United States-the American Telephone and Telegraph Company.This company was an example of a(n)

Accepted Answer

A)  monopoly.
B)  oligopoly.
C)  veto group.
D)  pressure group. A

Question 4

Which of the following created a heightened demand for particular resources within the Democratic Republic of Congo?

Accepted Answer

A)  a market for cell phones,pagers,and laptop computers with electronic circuit boards
B)  industrializing nations' increasing military weaponry
C)  the increasing greed of jewelry manufacturers
D)  All of these answers are correct.

Question 5

Countries in Eastern Europe dismantled their socialist governments in the early 1980s.

Accepted Answer

A) True 
 B)False

Question 6

Which sociological perspective would most likely suggest that although pure monopolies are not a basic element of the U.S.economy,competition is still far more restricted than is ideal?

Accepted Answer

A)  functionalist perspective
B)  conflict perspective
C)  interactionist perspective
D)  global perspective

Question 7

Communism is an economic system in which

Accepted Answer

A)  the means of production are largely in private hands,and the main incentive for economic activity is the accumulation of profits.
B)  all property is communally owned and no social distinctions are made on the basis of people's ability to produce.
C)  the means of production and distribution are collectively owned.
D)  None of these answers is correct.

Question 8

An unlicensed street vendor sells watches,which may have been stolen,from a makeshift stand in New York City's Times Square.Another individual repairs cars for "private" clients in a garage attached to his home.Neither reports their activities to the government.Both of these people are part of

Accepted Answer

A)  a multinational corporation.
B)  the informal economy.
C)  the private economy.
D)  the underground economy.

Question 9

Discuss the emergence of capitalism within an industrialized society.Include definitions of laissez-faire and monopoly in your answer.

Accepted Answer

The emergence of capitalism within an in...

Question 10

The People's Republic of China,Vietnam,and Cuba are the remaining societies that serve as ideal types of communist systems.

Accepted Answer

A) True 
 B)False

Question 11

Moses is working on a kibbutz in Israel where all the members have the same standard of living and they equally divide the profits from the citrus crop that is the primary source of income for the community.This kibbutz is an example of which type of economic system?

Accepted Answer

A)  communism
B)  informal economy
C)  laissez-faire capitalism
D)  contemporary capitalism

Question 12

Socialist societies differ from capitalist societies in the commitment of socialist societies to

Accepted Answer

A)  free elections.
B)  support of the mass media.
C)  the provision of social service programs.
D)  None of these answers is correct.

Question 13

Capitalism is an economic system in which

Accepted Answer

A)  the means of production are largely in private hands,and the main incentive for economic activity is the accumulation of profits.
B)  all property is communally owned and no social distinctions are made on the basis of people's ability to produce.
C)  the means of production and distribution are collectively owned.
D)  None of these answers is correct.

Question 14

The sociocultural evolution approach developed by Gerhard Lenski categorizes preindustrial societies according to the way in which the ________ is organized.

Accepted Answer

A)  political system
B)  economy
C)  religious system
D)  All of these answers are correct. B

Question 15

Which of the following resources has recently led to unfettered capitalism in the Democratic Republic of Congo?

Accepted Answer

A)  gold
B)  diamonds
C)  coltan
D)  uranium

Question 16

Capitalism and socialism serve as ideal types of economic systems.

Accepted Answer

A) True 
 B)False

Question 17

A particular computer software manufacturer creates a product that all computers are required to use.The exclusive product allows the manufacturer to dictate prices,standards of quality,and product availability.This manufacturer would be an example of a(n)

Accepted Answer

A)  monopoly.
B)  oligopoly.
C)  oligarchy.
D)  conglomerate. A

Question 18

Karl Marx believed that

Accepted Answer

A)  communist societies would naturally evolve out of capitalist societies.
B)  socialist societies would naturally evolve out of capitalist societies.
C)  communist societies would naturally evolve out of socialist societies.
D)  All of these answers are correct.

Question 19

Which two theorists were most responsible for refining the theory of socialism?

Accepted Answer

A)  Émile Durkheim and Max Weber
B)  Karl Marx and Friedrich Engels
C)  Max Weber and Adolph Hitler
D)  James William Gibson and Adam Smith

Question 20

The United States has considered a national health care system that would guarantee medical coverage to all citizens as a basic human right.The government's involvement in providing health care for all citizens is characteristic of which type of economic system?

Accepted Answer

A)  communism
B)  socialism
C)  laissez-faire capitalism
D)  contemporary capitalism

Exam 50: Economic Systems

Laissez-faire is a form of ________ under which people compete freely with minimal government intervention in the economy.

Correct AnswerverifiedShow Answer

In which type of economic system is the laissez-faire philosophy rejected,and the central government acting as a representative of the people makes basic economic decisions?

Correct AnswerverifiedShow Answer

For many years,there was only one long-distance telephone company in the United States-the American Telephone and Telegraph Company.This company was an example of a(n)

Correct AnswerverifiedA

Which of the following created a heightened demand for particular resources within the Democratic Republic of Congo?

Correct AnswerverifiedShow Answer

Countries in Eastern Europe dismantled their socialist governments in the early 1980s.

Correct AnswerverifiedShow Answer

Which sociological perspective would most likely suggest that although pure monopolies are not a basic element of the U.S.economy,competition is still far more restricted than is ideal?

Correct AnswerverifiedShow Answer

Communism is an economic system in which

Correct AnswerverifiedShow Answer

An unlicensed street vendor sells watches,which may have been stolen,from a makeshift stand in New York City's Times Square.Another individual repairs cars for "private" clients in a garage attached to his home.Neither reports their activities to the government.Both of these people are part of

Correct AnswerverifiedShow Answer

Discuss the emergence of capitalism within an industrialized society.Include definitions of laissez-faire and monopoly in your answer.

Correct AnswerAnswered by ExamLex AIThe emergence of capitalism within an in...View AnswerShow Answer

The People's Republic of China,Vietnam,and Cuba are the remaining societies that serve as ideal types of communist systems.

Correct AnswerverifiedShow Answer

Moses is working on a kibbutz in Israel where all the members have the same standard of living and they equally divide the profits from the citrus crop that is the primary source of income for the community.This kibbutz is an example of which type of economic system?

Correct AnswerverifiedShow Answer

Socialist societies differ from capitalist societies in the commitment of socialist societies to

Correct AnswerverifiedShow Answer

Capitalism is an economic system in which

Correct AnswerverifiedShow Answer

The sociocultural evolution approach developed by Gerhard Lenski categorizes preindustrial societies according to the way in which the ________ is organized.

Correct AnswerverifiedB

Which of the following resources has recently led to unfettered capitalism in the Democratic Republic of Congo?

Correct AnswerverifiedShow Answer

Capitalism and socialism serve as ideal types of economic systems.

Correct AnswerverifiedShow Answer

A particular computer software manufacturer creates a product that all computers are required to use.The exclusive product allows the manufacturer to dictate prices,standards of quality,and product availability.This manufacturer would be an example of a(n)

Correct AnswerverifiedA

Karl Marx believed that

Correct AnswerverifiedShow Answer

Which two theorists were most responsible for refining the theory of socialism?

Correct AnswerverifiedShow Answer

The United States has considered a national health care system that would guarantee medical coverage to all citizens as a basic human right.The government's involvement in providing health care for all citizens is characteristic of which type of economic system?

Correct AnswerverifiedShow Answer

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Answered by ExamLex AI
The emergence of capitalism within an in...
View Answer

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B

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A

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