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Which of the following best defines the term commodity?
a. A physical object we find, grow, or make to meet our needs and those of others.
b. An activity that benefits people, such as health care, education, and entertainment.
c. An economic system which adheres to the principles of socialism.
d. A benefit given to those who participate in the capitalist market
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a. A physical object we find, grow, or make to meet our needs and those of others.
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Which of the following is an example of structural unemployment?
a. A large fire burns down an automotive plant in Detroit, forcing the employees temporarily out of work.
b. Three sales associates from Target are fired after stealing merchandise from the electronics department.
c. John quits his job after getting accepted into law school.
d. Though many companies are hiring in Washington D.C., unemployment is high in Tennessee.
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d. Though many companies are hiring in Washington DC, unemployment is high in Tennessee.
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During which time period did economies begin to develop globally?
a. The Industrial Revolution
b. The Post-Industrial Revolution
c. The Agricultural Revolution
d. The Information Age
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c. The Agricultural Revolution
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Terrence and his family own a farm in a remote region of Chile. They farm only enough to produce enough food to feed the family, and pay their taxes. What are Terrence and his family engaging in?
a. Capitalism
b. Mercantilism
c. Capitalistic Farming
d. Subsistence Farming
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d. Subsistence farming
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Which of the following is an example of polarization.
a. The job market is increasing in the lowest economic levels, and is increasing in the highest economic levels.
b. A professional career is guaranteed after earning a college degree.
c. Unemployment is down for those with PhDs and those without a high school education.
d. The recession has encouraged many workers to earn their associate degrees.
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a. The job market is increasing in the lowest economic levels, and is increasing in the highest economic levels.
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Jin is a conflict theorist sociologist. Which of the following statements about Occupy Wall Street would most align with Jin’s sociological perspective?
a. Occupy Wall Street is positive; our capitalist economy is only making social inequality grow larger.
b. Occupy Wall Street is a waste of time; our capitalistic economy is keeping our nation healthy, and is designed for maximum efficiency.
c. Occupy Wall Street is a threat; with so many angry people gathered in one place, horrible violence will surely break out.
d. Occupy Wall Street is dangerous; large crowds in these environments heighten the risk for sexual abuse and gender discrimination.
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a. Occupy Wall Street is positive; our capitalist economy is only making social inequality grow larger.
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The term xenophobia can be best defined as:
a. An illogical fear and even hatred of foreigners and foreign goods.
b. A marketing campaign aimed at foreign countries selling American goods.
c. A pronounced fear of globalization destroying ones job.
d. A hatred of corporate America and the lobbying push.
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a. An illogical fear and even hatred of foreigners and foreign goods.
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Davis is low on cash, but really wants an electric guitar. He offers to trade his acoustic guitar for his friend Bill’s electric guitar. Davis is engaging in:
a. Supply and demand
b. Mercantilism
c. Capitalism
d. Bartering
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d. Bartering
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By 2009, America had suffered several consecutive quarters of economic decline. America was in the midst of a:
a. Capital rebuttal
b. Recession
c. Depression
d. Economic sling-shot recovery
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b. Recession
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Which of the following best defines the term globalization?
a. The process of removing manufacturing and industrial sites from foreign countries and returning them to the United States.
b. When products are assembled over the course of several international transactions.
c. Long periods of recession followed by sharp economic upturn worldwide.
d. The process of integrating governments, cultures, and financial markets through international trade into a single world market.
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d. The process of integrating governments, cultures, and financial markets through international trade into a single world market.
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What was the significance of NAFTA?
a. It encouraged trade with North Korea, which had previously been embargoed.
b. It allowed freer trade opportunities for the United States, Canada, and Mexico.
c. It forbade trade with any country that didnt use a capitalist government.
d. It restricted trade within North American countries by imposing a heavy tax and tariffs.
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b. It allowed freer trade opportunities for the United States, Canada, and Mexico
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Apple computers ship their computer parts to India to be made, and station their tech support in India. This is an example of a:
a. Decisive export
b. Global assembly line
c. Global commodity chain
d. Xenophobia
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b. Global assembly line
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Keshawn used to work for an IT company in Baltimore, but lost his job when his company decided to use workers in New Delhi instead. This is an example of:
a. Outsourcing
b. Polarization
c. Automation
d. The technology gap
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a. Outsourcing
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The term mercantilism can best be defined as:
a. An economic system in which there is private ownership (as opposed to state ownership) and where there is an impetus to produce profit, and thereby wealth.
b. When children tend to enter the same or similar occupation as their parents.
c. An economic policy based on national policies of accumulating silver and gold by controlling markets with colonies and other countries through taxes and customs charges.
d. An economic system in which there is government ownership (often referred to as state run) of goods and their production, with an impetus to share work and wealth equally among the members of a society.
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b. When children tend to enter the same or similar occupation as their parents
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Which of the following is not an example of underemployment?
a. After college graduation, Marcus could only find work part-time as a bartender.
b. After his wife gave birth to twins, Jerry quit his job to help raise them.
c. Following the recession, Ellen lost her fulltime job as a PR assistant and found part-time work as a cosmetic sales associate.
d. When Johns sales job is outsourced hes forced to take work as a janitor to pay off his student loans.
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b. After his wife gave birth to twins, Jerry quit his job to help raise them.
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Alex’s country was once communist, but now allows limited private ownership of companies, and lets market forces determine production and pricing decisions. What kind of economy is Alex living in?
a. Market Communist
b. Market Socialist
c. Capitalist
d. Democratic
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b. Market socialist
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What is one reason unemployment statistics are unreliable?
a. Those surveyed frequently lie about their employment status.
b. The statistics include only those who are currently looking for work.
c. The government only surveys those who have been out of work for a year or more.
d. Different states define unemployment in different ways.
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b. The statistics include only those who are currently looking for work.
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Which of the following industries is not projected to experience growth within the United States within the next 10 years?
a. Financial
b. Healthcare
c. Community and Social Service
d. Farming, Fishing, and Forestry
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d. Farming, fishing, forestry
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Emile Durkheim described mechanical solidarity as:
a. A form of socialism under which individuals and cooperative groups exchange products with one another on the basis of mutually satisfactory contracts
b. A form of social cohesion that comes from sharing similar work, education, and religion, as might be found in simpler societies
c. A form of social cohesion that arises out of the mutual interdependence created by the specialization of work
d. A practice where jobs are contracted to an outside source, often in another country
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b. A form of social cohesion that comes from sharing similar work, education, and religion, as might be found in simpler societies.
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Which of the following is an example of convergence theory in action?
a. Germany rebuilt its economy after World War II, creating more job opportunities and prosperity for its citizens.
b. Following the decline of the automotive industry, Detroit became a bankrupt city with large unemployment.
c. The suburbs of Paris became crime-infested after wealthier citizens moved into the city, pushing the lower classes out of their homes.
d. Washington DC has become a city to which many young people flock because of its low unemployment rate and job opportunities.
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a. Germany rebuilt its economy after World War II, creating more job opportunities and prosperity for its citizens
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Which of these is an example of a commodity?
a. A restaurant meal
b. Corn
c. A college lecture
d. A book, blog entry, or magazine article
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b. Corn
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When did the first economies begin to develop?
a. When all the hunter-gatherers died
b. When money was invented
c. When people began to grow crops and domesticate animals
d. When the first cities were built
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c. When people began to grow crops and domesticate animals
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What is the most important commodity in post-industrial society?
a. Electricity
b. Money
c. Information
d. Computers
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c. Information
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In which sector of an economy would someone working as a software developer be?
a. Primary
b. Secondary
c. Tertiary
d. Quaternary
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d. Quaternary
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Which is an economic policy based on national policies of accumulating silver and gold by controlling markets with colonies and other countries with taxes and custom charges?
a. Capitalism
b. Communism
c. Mercantilism
d. Mutualism
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c. Mercantilism
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Who was the leading theorist on the development of socialism?
a. Karl Marx
b. Heidimarie Schwermer
c. Émile Durkheim
d. Adam Smith
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a. Karl Marx
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The type of socialism now carried on by China is a form of _________ socialism.
a. centrally planned
b. market
c. utopian
d. zero-sum
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b. Market
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Among the reasons socialism never developed into a political movement in the United States was that trade unions _____________.
a. secured workers rights
b. guaranteed health care
c. broke up monopolies
d. diversified the workforce
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a. secured worker’s rights
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Which country serves as an example of convergence?
a. Singapore
b. North Korea
c. England
d. Canada
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a. Singapore
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Ben lost his job when General Motors closed their US factories and opened factories in Mexico. Now Ben is very anti-immigration and campaigns for large scale deportation of Mexican nationals, even though, logically their presence does not harm him and their absence will not restore his job. Ben might be experiencing:
a. xenophobia
b. global commodity chains
c. xenophilia
d. global assembly line
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a. xenophobia
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Which of the following is not an aspect of globalization?
a. Integrating governments through international trade
b. Integrating cultures through international trade
c. Integrating finance through international trade
d. Integrating child care through international trade
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d. Integrating child care through international trade.
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One reason critics oppose globalization is that it:
a. has positive impacts on world trade
b. has negative impacts on the environment
c. concentrates wealth in the poorest countries
d. has negative impacts on political stability
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b. has negative impacts on the environment
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All of the following are characteristics of global cities, except:
a. headquarter multinational corporations
b. exercise significant international political influence
c. host headquarters of international NGOs
d. host influential philosophers
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d. host influential philosophers
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Which of the following is not a characteristic of multinational corporations?
a. A large share of their capital is collected from a variety of nationalities.
b. Their business is conducted without regard to national borders.
c. They concentrate wealth in the hands of core nations.
d. They are headquartered primarily in the United States.
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a. A large share of their capital is collected from a variety of nationalities.
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Which is evidence that the United States workforce is largely a meritocracy?
a. Job opportunities are increasing for highly skilled jobs.
b. Job opportunities are decreasing for midlevel jobs.
c. Highly skilled jobs pay better than low-skill jobs.
d. Women tend to make less than men do for the same job.
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c. Highly skilled jobs pay better than low-skill jobs.
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If someone does not earn enough money to pay for the essentials of life he or she is said to be _______ poor.
a. absolutely
b. essentially
c. really
d. working
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a. absolutely
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