Deck 5: Do You Want Fries With That Work and the Economy

Question 1

What is a trade deficit?

A) When the level of international trade and exchanges falls below the market value expected for global annual growth.
B) When other countries owe a country money and are not able to negotiate productive trades.
C) The state of buying more products and owing more debt to other countries than a nation exports and earns.
D) A mismatch between projected trade and actual trade with other countries.

Answer 1

C

Question 2

In this type of economy, people act in their own self-interests with little if any government regulation.

A) Traditional economy
B) Command economy
C) Market economy
D) Mixed economy

Answer 2

C

Question 3

Which is perhaps the oldest form of economy?

A) Traditional economy
B) Command economy
C) Market economy
D) Mixed economy

Answer 3

A

Question 4

One of the disadvantages of this type of economy is that the government cannot determine the demand for resources since it is the one that sets the prices. This can lead to rationing of goods and services.

A) Traditional economy
B) Command economy
C) Market economy
D) Mixed economy

Question 5

In these types of systems, the government generally stays out of market involvement, but it does control critical areas such as defense, transportation, or some other industry.

A) Traditional economy
B) Command economy
C) Market economy
D) Mixed economy

Question 6

Nations that typify this economy are now referred to as "least developed countries" given the fact that no countries are still considered pre-industrial or pre-modern.

A) Traditional economy
B) Command economy
C) Market economy
D) Mixed economy

Question 7

Examples of this economy exist today in China, Iran, North Korea, and Russia.

A) Traditional economy
B) Command economy
C) Market economy
D) Mixed economy

Question 8

In this type of economy, entitlement programs like Social Security or public assistance to low-income families are seen as a drain on profits and outside of competitive self-interest.

A) Traditional economy
B) Command economy
C) Market economy
D) Mixed economy

Question 9

If a government is very hands off with the economy and does not carry out much in the way of business regulation, this is characterized as

A) monopoly.
B) socialism.
C) laissez-faire.
D) submission.

Question 10

Examples of this type of economy include Sweden, Iceland, France, and the U.S.

A) Traditional economy
B) Command economy
C) Market economy
D) Mixed economy

Question 11

While the U.S. has this type of economy, Covid-19 policies such as the free vaccine and stimulus payments characterize this type of economy.

A) Socialist ; Market
B) Capitalist ; Socialist
C) Market ; Capitalist
D) Traditional ; Mixed

Question 12

Collaboration and cooperation are seen more in these settings.

A) Traditional
B) Socialist
C) Capitalist
D) All of these equally

Question 13

These settings provide the best incentives for innovation and creativity.

A) Traditional
B) Socialist
C) Capitalist
D) Command

Question 14

What is democratic socialism?

A) A command economy where the democratically elected government owns all means of production.
B) Political freedom and a mixed economy with a balance of capitalism and some government control and regulation.
C) In this system, the actor (an individual or a company) who takes risks and is successful gets to keep all profits, not the government. This relative freedom leads to significant innovation in the economy without government interference.
D) A single class system, or communism

Question 15

Social democracies are often called

A) controlled capitalist market economies.
B) laissez faire states.
C) traditional and free market economies.
D) communist states.

Question 16

This is the economic, cultural, and social interconnectedness between countries by trading goods, services, technology, people, and information.

A) Imperialism
B) Free trade
C) Capitalism
D) Globalization

Question 17

What is free trade?

A) When nations trade goods and services directly without any exchange of monetary currency.
B) Exchanges of goods and services across democratic states.
C) An international policy where a country does not apply fees (tariffs) for its imported goods or financially subsidize its exported ones to other countries.
D) Trade that is not forced or coerced by violence or intimidation.

Question 18

The most common complaint about globalization is that

A) countries no longer can survive without participating in it.
B) those who are already rich have become even more wealthy while everyone else suffers the effects of exploitation.
C) local and regional products and customs are overrun by American corporatization.
D) participation requires universal support of beneficiary groups such as low-income families and the elderly.

Question 19

What realization started the US process of deindustrialization?

A) American workers had lower work ethic generally than workers in other countries.
B) Other countries were able to undercut US prices through lower wages as well as better technology in production.
C) US products were of too high a quality and taking too long to make.
D) All of the above

Question 20

In contrast to an agricultural or product-based economy, a service economy focuses its efforts on

A) services like information technology, legal and medical care, transportation, food services, and cleaning.
B) customer service where every job includes direct contact with customers and consumers.
C) manufacturing and large-scale production mixed with direct home sales and multi-level marketing.
D) bulk retail and bundled services exchanged via memberships and consumer collaboratives.

Question 21

Which of the following is an example of a service economy area?

A) Coal plant
B) Legal professions
C) Car production
D) Astronomer/space scientist

Question 22

From the earliest days of the Industrial Revolution, capitalism has been fueled by the use of _____ to both improve productivity and to reduce the dependence on _____ to create products.

A) middle managers ; low-skilled workers
B) trade agreements ; import tariffs
C) machinery ; human labor
D) unions ; higher wages

Question 23

In 2019 Amazon announced it was spending over $700 million to retrain 100,000 of its employees regarding artificial intelligence by 2025 so that they will be ready to assume new jobs. The implication is that

A) Amazon is reducing its profits to strengthen the careers of its workers.
B) the business foresees a reduction in sales and needs to adjust its focus.
C) Amazon has been unsuccessful in maximizing profit in the midst of deindustrialization.
D) many jobs currently performed by humans will be replaced by robots.

Question 24

What is the Fight for $15?

A) The campaign and movement to set the US minimum wage at $15 per hour.
B) The push to shift remaining American production to items costing more than $15 or more, to maximize profits.
C) A movement to tax current workers making more than $15 an hour at much higher rates in order to fund Social Security.
D) An effort to standardize Amazon product prices at $15.

Question 25

Activism focused on a living wage is referred to by some as

A) Occupy Wall Street.
B) a gig revolution.
C) automation adjustment
D) an alt-labor movement.

Question 26

What is a gig job in the context of today's US economy?

A) A computer science job where one must pass exams about "gigabytes" and other key terms.
B) A performance by musicians
C) One that is temporary, short-term, or consultant based pertaining to a specific task, event, or time period.
D) A full-time job with union protection and benefits, also known as a "good gig."

Question 27

Which of the following is a key motivator for companies to shift to gig jobs?

A) Avoidance of paying full-time wages and providing benefits
B) Not having to train and retrain new people, with more people staying in jobs longer
C) Better connections to labor unions
D) Matching the desire of most workers to work only part-time

Question 28

In April 2018, the number of jobs increased by 164,000, but the number of unemployed dropped by 239,000. How can that be explained?

A) In addition to those who found jobs, some of the unemployed stop looking for work altogether and were thus no longer counted as unemployed.
B) This reflects people moving to other countries for work.
C) Typically this is a result of large segments of the employed population taking incentives for early retirement thus creating more openings where retiring workers are replaced with lower paid employees.
D) All of the above

Question 29

Which individuals are typically excluded (either temporarily or permanently) from employment and unemployment rates?

A) Military and government personnel
B) Underemployed workers
C) Women who leave the workforce to have or raise children
D) Gig workers

Question 30

In the 1940s and 1950s, union membership consisted of about one-third of all US workers. In 2018, _____ of American workers are members of unions.

A) about one-tenth (11%)
B) about one-fifth (21%)
C) about half (54%)
D) about two-thirds (66%)

Question 31

As unions have declined

A) job security increased.
B) wages have remained consistent.
C) more workers have full-time jobs.
D) wages and worker protections declined.

Question 32

In his book Beaten Down and Worked Up, Steven Greenhouse (2019) argues that the declining influence of unions, once a paragon of championing worker needs and concerns, have left workers

A) better equipped to champion their own cause.
B) in an improved position to scrutinize employer practices in collective ways.
C) unprotected from exploitation and unreasonable working conditions.
D) with higher wages and smaller wage gaps due to the lack of union dues and increased company loyalty.

Question 33

Are all gig workers dissatisfied with the nature of their work?

A) No, some gig workers thrive off the risk and instability.
B) No, some gig workers enjoy the flexibility, independence, and ability to do many different types of jobs at once.
C) Yes, there is high turnover in gig jobs because people want security and consistent work.
D) Yes, all gig workers strive for full-time status.

Question 34

Participants in this work for an employer "off the books" or without paying taxes or being counted as an employee.

A) Religious organizations
B) Gig economy
C) Union consultancy
D) Underground economy

Question 35

What is the employment to population ratio?

A) The percentage of people who are employed out of all working age adults
B) The proportion of employers to employees
C) The number of people each worker's earnings supports, on average
D) The proportion of people who are seeking jobs out of all unemployed working age adults

Question 36

In recent years, the US employment ratio is consistent at around

A) 85%, an increase compared to the 20^th century.
B) 72%, a slight decrease compared to levels before 2010.
C) 60%, lower than in 1999 when it was close to 65%.
D) 72%, higher than in 2009 when it was close to 70%.

Question 37

Durkheim would note that globalization brings about

A) mechanical solidarity.
B) chaos and decentralization.
C) government control.
D) organic solidarity.

Question 38

Functionalists posit that globalization can contribute to a stronger _____ where the people begin to see the commonality and interdependence across groups of people in different countries, which further enhances their understanding of the economic, social, and cultural connectedness.

A) new world order
B) mechanical solidarity
C) collective conscience
D) underground economy

Question 39

Where functionalists assert that globalization brings about social cohesion, conflict theorists assert that it

A) elevates and expands good job opportunities.
B) has in fact perpetuated existing economic inequalities, increased worker exploitation, and given people a loss of connectedness to their work.
C) builds better international relations as well.
D) has generated better attention and improvements for workers rights.

Question 40

Marx pointed out that when workers are separated from ownership of the means of production and are exploited by capitalists who only prioritize maximizing profits, they experience

A) social cohesion.
B) conflict theory.
C) alienation from work.
D) collective conscience.

Question 41

Symbolic interactionists envision globalization as enhancing some Millennials efforts at

A) work/life balance.
B) civic engagement.
C) class activism.
D) early retirement.

Question 42

Which theoretical perspective might consider the Covid-19 pandemic as motivation for more working class Americans to challenge low wages and protest bad working conditions?

A) Functionalism
B) Conflict theory
C) Symbolic interactionism
D) None of the above

Question 43

Alienation from work is most readily seen in the rise of the problems relating to

A) automation and artificial intelligence.
B) gig work, loss of unions, and rising income inequality.
C) corporate corruption and growing monopolies.
D) flextime and telecommuting.

Question 44

Symbolic interactionists would examine Covid-19 pandemic in terms of how it

A) has revealed our dependence on social programs.
B) is reshaping the meaning of work and the nature of social interaction.
C) exposes the inequalities that workers face compared to most employers.
D) is causing many people to retire or switch careers to find safer jobs.

Question 45

In what ways does the greater US society suffer due to low wages of America's workers?

A) Deferred costs to taxpayers for social assistance programs
B) Diminished tax revenue for programs and services
C) More funds go to the underground economy, with no tax revenue.
D) All of the above

Question 46

Why do American workers put up with the low wages and unfavorable working conditions?

A) Employers convince their workers that hard work and loyalty will eventually benefit them.
B) There is an ample supply of people willing to take jobs that others might give up, unless all workers collectively organize.
C) They believe the U.S. is the global leader and conditions are worse elsewhere.
D) Workers are generally satisfied with low pay and lack of benefits.

Question 47

From an economic perspective, why is requiring companies to pay higher wages or re-train their employees a simple solution?

A) Companies are greedy and not interested in their workers' well-being.
B) The public would never agree on how this would be enforced in a bipartisan and contentious democracy.
C) Shouldering companies with additional costs could end up putting companies out of business and eliminating jobs.
D) Workers would become complacent and less productive.

Question 48

What jobs are not benefited by the rise in telecommuting?

A) Freelance writers and editors
B) Computer programmers and software engineers
C) Finance, investment, and accounting
D) Essential services

Question 49

In 2018 there were over 4 million employees who worked from home at least part-time, which reflects _____ since 2005.

A) an increase of 140%
B) an increase of 40%
C) a consistent share of US workers
D) a decrease of 40%

Question 50

Nike is an example of a leading global corporation that

A) pays its workers living wages and provides good benefits.
B) has outsourced work in sweatshops including child labor in countries like South Korea to manufacture its products.
C) has been successful at eliminating the need for unions by partnering directly with its employees to set fair working conditions.
D) ignores public opinion about its employment practices and compensates with low prices that consumers cannot pass up.