Question 1

Discuss three potential outcomes of a "crisis of over-accumulation."

Accepted Answer

1. Economic Recession: A crisis of over-accumulation occurs when there is an excess of goods and capital in the economy, leading to a decrease in demand and a surplus of production. This can result in a recession as businesses cut back on production and investment, leading to job losses and a decrease in consumer spending.

2. Financial Instability: Over-accumulation can also lead to financial instability as businesses struggle to sell their excess goods and make a profit. This can lead to a decrease in stock prices, a rise in corporate debt, and potential bankruptcies. Financial markets may become volatile and investors may lose confidence in the economy, leading to a potential financial crisis.

3. Social Unrest: A crisis of over-accumulation can also have social consequences, as job losses and economic uncertainty can lead to social unrest. Unemployment and underemployment can lead to increased poverty and inequality, which can in turn lead to social and political unrest. This can have long-term consequences for the stability and cohesion of society.

Question 2

How has environmental determinism been employed as a justification for the extent of poverty in the developing world? Does this reasoning stand up to scrutiny?

Accepted Answer

Environmental determinism has been employed as a justification for the extent of poverty in the developing world by suggesting that the natural environment, such as climate, geography, and resources, directly determines the economic and social development of a region. This perspective argues that certain environmental conditions make it difficult for societies to progress and thrive, leading to poverty and underdevelopment.

For example, some proponents of environmental determinism argue that the tropical climate in many developing countries makes it difficult for agriculture to thrive, leading to food scarcity and economic hardship. Others point to the lack of natural resources or geographical barriers as limiting factors for economic growth.

However, this reasoning does not stand up to scrutiny when considering the complex and multifaceted nature of poverty. While environmental factors certainly play a role in shaping the opportunities and challenges faced by societies, they are not the sole determinants of a country's economic and social development. Other factors, such as political instability, corruption, colonial legacies, and global economic systems, also significantly contribute to poverty in the developing world.

Furthermore, the environmental determinist perspective can lead to a fatalistic view of poverty, suggesting that certain regions are destined to remain underdeveloped due to their natural environment. This overlooks the potential for human agency, innovation, and adaptation to overcome environmental challenges and improve living conditions.

In conclusion, while environmental determinism has been used to justify the extent of poverty in the developing world, it does not provide a comprehensive or accurate explanation for the complex realities of poverty. It is important to consider a range of factors, including social, political, and economic dynamics, in understanding and addressing poverty in the developing world.

Question 3

The owners of the "means of production" are:

Accepted Answer

A)  The modern industrial workforce 
B)  Factory workers during the Industrial Revolution 
C)  Farm laborers during the Industrial Revolution 
D)  All of the above 
E)  None of the above 
A)  The modern industrial workforce 
B)  Factory workers during the Industrial Revolution 
C)  Farm laborers during the Industrial Revolution 
D)  All of the above 
E)  None of the above E

Question 4

A key argument of mainstream approaches to economic development over the last 50 years has been that:

Accepted Answer

A)  Uneven economic growth will level out over time 
B)  All economies can develop if they adopt appropriate policies and strategies 
C)  Economic development will tend toward an equilibrium pattern 
D)  All of the above 
E)  None of the above 
A)  Uneven economic growth will level out over time 
B)  All economies can develop if they adopt appropriate policies and strategies 
C)  Economic development will tend toward an equilibrium pattern 
D)  All of the above 
E)  None of the above

Question 5

The unevenness of economic development is commonly seen as a ______________ state of affairs because of the uneven geographical distribution of the bounty of nature.

Accepted Answer

A)  Natural 
B)  Inevitable 
C)  Normal 
D)  All of the above 
E)  None of the above 
A)  Natural 
B)  Inevitable 
C)  Normal 
D)  All of the above 
E)  None of the above

Question 6

While growth increases the price of labor, a drive for profit requires that labor costs be:

Accepted Answer

A)  Maximized 
B)  Minimized 
C)  Standardized 
D)  All of the above 
E)  None of the above 
A)  Maximized 
B)  Minimized 
C)  Standardized 
D)  All of the above 
E)  None of the above

Question 7

Economic relationships involve the creation and __________________ of value.

Accepted Answer

A)  Distribution 
B)  Withholding 
C)  Destruction 
D)  All of the above 
E)  None of the above 
A)  Distribution 
B)  Withholding 
C)  Destruction 
D)  All of the above 
E)  None of the above

Question 8

The possibilities for accumulating more and more profit mean that system-wide incentives exist for firms to create:

Accepted Answer

A)  New products 
B)  New markets 
C)  New ways of organizing the production process 
D)  All of the above 
E)  None of the above 
A)  New products 
B)  New markets 
C)  New ways of organizing the production process 
D)  All of the above 
E)  None of the above

Question 9

A term referring to a situation where capitalists have more products than they can sell, or idle machinery that cannot be used to full capacity because there is insufficient market demand for the product:

Accepted Answer

A)  "Market turmoil" 
B)  "Crisis of insufficiency" 
C)  "Crisis of over-accumulation" 
D)  "Economic meltdown" 
E)  "Capacity limit" 
A)  "Market turmoil" 
B)  "Crisis of insufficiency" 
C)  "Crisis of over-accumulation" 
D)  "Economic meltdown" 
E)  "Capacity limit"

Question 10

A "technological fix" refers to:

Accepted Answer

A)  A process whereby competing capitalist firms try to find technological ways of making their production more cost-efficient than their competitors 
B)  Investments made in machinery and other technological innovations in order to replace workers with machines 
C)  Investments made in labor-saving machinery that encourage the creation of a reserve army of labor 
D)  All of the above 
E)  None of the above 
A)  A process whereby competing capitalist firms try to find technological ways of making their production more cost-efficient than their competitors 
B)  Investments made in machinery and other technological innovations in order to replace workers with machines 
C)  Investments made in labor-saving machinery that encourage the creation of a reserve army of labor 
D)  All of the above 
E)  None of the above

Question 11

A term describing the capitalist process of generating new growth through the destruction of old products, processes, and markets and the creation of new ones:

Accepted Answer

A)  "Creative interpretation" 
B)  "Destructive regeneration" 
C)  "Integrated regeneration" 
D)  All of the above 
E)  None of the above 
A)  "Creative interpretation" 
B)  "Destructive regeneration" 
C)  "Integrated regeneration" 
D)  All of the above 
E)  None of the above

Question 12

However up-to-date and state-of-the-art a landscape of production might be when it is created, it is always destined to become ____________________ as the dynamic system moves forward.

Accepted Answer

A)  Redundant 
B)  Outdated 
C)  Obsolete 
D)  All of the above 
E)  None of the above 
A)  Redundant 
B)  Outdated 
C)  Obsolete 
D)  All of the above 
E)  None of the above

Question 13

California is a good example to show how ___________________ have brought about continued growth and prosperity.

Accepted Answer

A)  Political alliances 
B)  Internal connections 
C)  External connections 
D)  All of the above 
E)  None of the above 
A)  Political alliances 
B)  Internal connections 
C)  External connections 
D)  All of the above 
E)  None of the above

Question 14

The relocation of labor-intensive manufacturing activities from developed countries around the world to the rapidly industrializing economies in East and Southeast Asia in the 1970s came to be known as the:

Accepted Answer

A)  "New international division of labor" 
B)  "New international labor regime" 
C)  "Global manufacturing renaissance" 
D)  "Global division of production" 
E)  "Asian migration" 
A)  "New international division of labor" 
B)  "New international labor regime" 
C)  "Global manufacturing renaissance" 
D)  "Global division of production" 
E)  "Asian migration"

Question 15

A capitalist can create profit by extracting ____________________ from an employee.

Accepted Answer

A)  Indispensable value 
B)  Enthusiasm 
C)  Union fees 
D)  Surplus value 
E)  Wages 
A)  Indispensable value 
B)  Enthusiasm 
C)  Union fees 
D)  Surplus value 
E)  Wages

Question 16

"Exchange value" is defined as:

Accepted Answer

A)  The actual value of nonrenewable resources 
B)  The benefit we get from having or consuming something 
C)  The monetary worth of a good or service traded in the market economy 
D)  All of the above 
E)  None of the above 
A)  The actual value of nonrenewable resources 
B)  The benefit we get from having or consuming something 
C)  The monetary worth of a good or service traded in the market economy 
D)  All of the above 
E)  None of the above

Question 17

Conventional explanations of economic development seldom seek to explain how _____________ is created.

Accepted Answer

A)  Wealth 
B)  Inequality 
C)  Poverty 
D)  All of the above 
E)  None of the above 
A)  Wealth 
B)  Inequality 
C)  Poverty 
D)  All of the above 
E)  None of the above

Question 18

Regulation theorists often refer to historical periods of stability as:

Accepted Answer

A)  Regimes of over-accumulation 
B)  Crises of over-accumulation 
C)  Regimes of accumulation 
D)  Growth eras 
E)  Booms 
A)  Regimes of over-accumulation 
B)  Crises of over-accumulation 
C)  Regimes of accumulation 
D)  Growth eras 
E)  Booms

Question 19

At its core, capitalism is about a structural relationship between:

Accepted Answer

A)  Different social classes 
B)  Retailers and consumers 
C)  Public and private sectors 
D)  All of the above 
E)  None of the above 
A)  Different social classes 
B)  Retailers and consumers 
C)  Public and private sectors 
D)  All of the above 
E)  None of the above

Question 20

Which of the following represents a historical era of growth for California:

Accepted Answer

A)  Its origin as an agricultural region 
B)  The gold rush of the 1800s 
C)  The contemporary growth of the high-technology sector 
D)  All of the above 
E)  None of the above 
A)  Its origin as an agricultural region 
B)  The gold rush of the 1800s 
C)  The contemporary growth of the high-technology sector 
D)  All of the above 
E)  None of the above

Discuss three potential outcomes of a "crisis of over-accumulation."

How has environmental determinism been employed as a justification for the extent of poverty in the developing world? Does this reasoning stand up to scrutiny?

The owners of the "means of production" are:

A key argument of mainstream approaches to economic development over the last 50 years has been that:

The unevenness of economic development is commonly seen as a ______________ state of affairs because of the uneven geographical distribution of the bounty of nature.

While growth increases the price of labor, a drive for profit requires that labor costs be:

Economic relationships involve the creation and __________________ of value.

The possibilities for accumulating more and more profit mean that system-wide incentives exist for firms to create:

A term referring to a situation where capitalists have more products than they can sell, or idle machinery that cannot be used to full capacity because there is insufficient market demand for the product:

A "technological fix" refers to:

A term describing the capitalist process of generating new growth through the destruction of old products, processes, and markets and the creation of new ones:

However up-to-date and state-of-the-art a landscape of production might be when it is created, it is always destined to become ____________________ as the dynamic system moves forward.

California is a good example to show how ___________________ have brought about continued growth and prosperity.

The relocation of labor-intensive manufacturing activities from developed countries around the world to the rapidly industrializing economies in East and Southeast Asia in the 1970s came to be known as the:

A capitalist can create profit by extracting ____________________ from an employee.

"Exchange value" is defined as:

Conventional explanations of economic development seldom seek to explain how _____________ is created.

Regulation theorists often refer to historical periods of stability as:

At its core, capitalism is about a structural relationship between:

Which of the following represents a historical era of growth for California:

Thinking Geographically

The Economy: What Does It Mean

The Statewho Runs the Economy

Environmenteconomy:

Labor Power: Can Workers Shape

Making Money: Why Has Finance

Commodity Chainswhere Does

Technological Changeis the World Getting Smaller

The Transnational Corporationhow Does the Global Firm Keep It All Together

Spaces of Salehow and Where Do We Shop

Clusterswhy Do Proximity and Place Matter

Gendered Economies: Does Gender Shape Economic Lives

Ethnic Economiesdo Cultures Have Economies

Consumptionyou Are What You Buy

Economic Geography: Intellectual Journeys and Future Horizons

Filters

Exam 3: Capitalism in Motion: Why Is Economic Growth so Uneven

Discuss three potential outcomes of a "crisis of over-accumulation."

How has environmental determinism been employed as a justification for the extent of poverty in the developing world? Does this reasoning stand up to scrutiny?

The owners of the "means of production" are:

A key argument of mainstream approaches to economic development over the last 50 years has been that:

The unevenness of economic development is commonly seen as a ______________ state of affairs because of the uneven geographical distribution of the bounty of nature.

While growth increases the price of labor, a drive for profit requires that labor costs be:

Economic relationships involve the creation and __________________ of value.

The possibilities for accumulating more and more profit mean that system-wide incentives exist for firms to create:

A term referring to a situation where capitalists have more products than they can sell, or idle machinery that cannot be used to full capacity because there is insufficient market demand for the product:

A "technological fix" refers to:

A term describing the capitalist process of generating new growth through the destruction of old products, processes, and markets and the creation of new ones:

However up-to-date and state-of-the-art a landscape of production might be when it is created, it is always destined to become ____________________ as the dynamic system moves forward.

California is a good example to show how ___________________ have brought about continued growth and prosperity.

The relocation of labor-intensive manufacturing activities from developed countries around the world to the rapidly industrializing economies in East and Southeast Asia in the 1970s came to be known as the:

A capitalist can create profit by extracting ____________________ from an employee.

"Exchange value" is defined as:

Conventional explanations of economic development seldom seek to explain how _____________ is created.

Regulation theorists often refer to historical periods of stability as:

At its core, capitalism is about a structural relationship between:

Which of the following represents a historical era of growth for California:

Thinking Geographically

The Economy: What Does It Mean

The Statewho Runs the Economy

Environmenteconomy:

Labor Power: Can Workers Shape

Making Money: Why Has Finance

Commodity Chainswhere Does

Technological Changeis the World Getting Smaller

The Transnational Corporationhow Does the Global Firm Keep It All Together

Spaces of Salehow and Where Do We Shop

Clusterswhy Do Proximity and Place Matter

Gendered Economies: Does Gender Shape Economic Lives

Ethnic Economiesdo Cultures Have Economies

Consumptionyou Are What You Buy

Economic Geography: Intellectual Journeys and Future Horizons

Filters