Question 1

The U.S. economy is based on the principles of capitalism, but is far removed from a free enterprise system.

Accepted Answer

A) True 
 B)False

Question 2

Not included in the unemployment category are those who are________.

Accepted Answer

A)   in school
B)   disabled
C)   retired
D)   all of the aboveE) C) and D)
F) A) and B)

Question 3

How does Wal-Mart show the dark side of the new economy?

Accepted Answer

Wal-Mart shows the dark side of the new ...

Question 4

A sweatshop is a substandard work environment where workers are paid less than the minimum wage, workers are not paid overtime premiums, and other labor laws are violated.

Accepted Answer

A) True 
 B)False

Question 5

Occupational dangers, while prevalent a century ago, no longer constitute a major problem.

Accepted Answer

A) True 
 B)False

Question 6

Industrialized societies organize their economic activities according to either capitalism and socialism.

Accepted Answer

A) True 
 B)False

Question 7

The lack of central planning is a result of the resistance of powerful interest groups in society.

Accepted Answer

A) True 
 B)False

Question 8

An example of how the U.S. economy is NOT purely capitalistic is the government's monitoring of the safety of food and drugs.

Accepted Answer

A) True 
 B)False

Question 9

Egalitarianism is necessary to true socialism and refers to equality of opportunity for self-fulfillment of all, equality rather than hierarchy in decision-making, and equality in sharing the benefits of society.

Accepted Answer

A) True 
 B)False

Question 10

Identify and discuss the social problems associated with the concentration of economic power.

Accepted Answer

The concentration of economic power can ...

Question 11

According to Karl Marx, one of the contradictions of capitalism that will bring its downfall is________.

Accepted Answer

A)   the collapse of the bourgeoisie
B)   the rise of the lumpenproletariat
C)   the falling rate of profit
D)   the emphasis on laissez-faire economicsE) A) and D)
F) A) and B)

Question 12

Critics of democratic socialism argue that

Accepted Answer

A)   it minimizes individual freedom.
B)   it is inefficient.
C)   taxes are high.
D)   all of the aboveE) A) and D)
F) All of the above

Question 13

The Wagner Act was federal legislation aimed at eliminating interlocking directorates.

Accepted Answer

A) True 
 B)False

Question 14

When two companies each have a director on the board of a third company, it is referred to as indirect interlock.

Accepted Answer

A) True 
 B)False

Question 15

According to economist Lester Thurow, ________.

Accepted Answer

A)   capitalism is not concerned with how wealth and income are distributed
B)   a concern for fairness does exist
C)   those who do not produce are offered compensations
D)   the market does not compensate those who do produceE) B) and D)
F) A) and D)

Question 16

The Great Recession began in _________ and ended in _________.

Accepted Answer

A)   2007/2010
B)   2003/2004
C)   2000/2002
D)   1999/2005E) None of the above
F) B) and C)

Question 17

According to Eitzen and Baca-Zinn, ________ is central to the human experience.

Accepted Answer

A)   profit
B)   hedonism
C)   work
D)   familyE) None of the above
F) A) and D)

Question 18

The shift in production from the United States to outside the country has resulted in________.

Accepted Answer

A)   an increase in semi-skilled jobs in the United States
B)   decreased unemployment
C)   reduction in welfare costs
D)   increased discontent among the working classE) A) and B)
F) A) and C)

Question 19

According to Karl Marx, the most significant contradiction that doomed capitalism was________.

Accepted Answer

A)   alienation
B)   inevitability of monopolies
C)   inequality
D)   concentration of private wealthE) None of the above
F) All of the above

Question 20

Public ownership of the means of production and a goal of serving the public is a central part of capitalism.

Accepted Answer

A) True 
 B)False

Exam 13: The Economy

The U.S. economy is based on the principles of capitalism, but is far removed from a free enterprise system.

Correct AnswerverifiedShow Answer

A sweatshop is a substandard work environment where workers are paid less than the minimum wage, workers are not paid overtime premiums, and other labor laws are violated.

Correct AnswerverifiedShow Answer

According to Karl Marx, one of the contradictions of capitalism that will bring its downfall is________.

Correct AnswerverifiedShow Answer

How does Wal-Mart show the dark side of the new economy?

Correct AnswerAnswered by ExamLex AIWal-Mart shows the dark side of the new ...View AnswerShow Answer

Identify and discuss the social problems associated with the concentration of economic power.

Correct AnswerAnswered by ExamLex AIThe concentration of economic power can ...View AnswerShow Answer

The Great Recession began in _________ and ended in _________.

Correct AnswerverifiedShow Answer

Critics of democratic socialism argue that

Correct AnswerverifiedShow Answer

An example of how the U.S. economy is NOT purely capitalistic is the government's monitoring of the safety of food and drugs.

Correct AnswerverifiedShow Answer

According to Karl Marx, the most significant contradiction that doomed capitalism was________.

Correct AnswerverifiedShow Answer

The lack of central planning is a result of the resistance of powerful interest groups in society.

Correct AnswerverifiedShow Answer

Industrialized societies organize their economic activities according to either capitalism and socialism.

Correct AnswerverifiedShow Answer

Occupational dangers, while prevalent a century ago, no longer constitute a major problem.

Correct AnswerverifiedShow Answer

The Wagner Act was federal legislation aimed at eliminating interlocking directorates.

Correct AnswerverifiedShow Answer

When two companies each have a director on the board of a third company, it is referred to as indirect interlock.

Correct AnswerverifiedShow Answer

The shift in production from the United States to outside the country has resulted in________.

Correct AnswerverifiedShow Answer

According to Eitzen and Baca-Zinn, ________ is central to the human experience.

Correct AnswerverifiedShow Answer

Public ownership of the means of production and a goal of serving the public is a central part of capitalism.

Correct AnswerverifiedShow Answer

Egalitarianism is necessary to true socialism and refers to equality of opportunity for self-fulfillment of all, equality rather than hierarchy in decision-making, and equality in sharing the benefits of society.

Correct AnswerverifiedShow Answer

According to economist Lester Thurow, ________.

Correct AnswerverifiedShow Answer

Not included in the unemployment category are those who are________.

Correct AnswerverifiedShow Answer

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Wal-Mart shows the dark side of the new ...
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The concentration of economic power can ...
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The Great Recession began in _ and ended in _.

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