Deck 50: Economic Systems

Question 1

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

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

Answer 1

C

Question 2

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

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.

Answer 2

A

Question 3

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

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

Answer 3

B

Question 4

Which type of society relies chiefly on mechanization for the production of its economic goods and services?

A)agrarian society
B)horticultural society
C)industrial society
D)postmodern society

Question 5

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

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

Question 6

Monopoly is

A)a market with relatively few sellers.
B)a form of capitalism under which people compete freely,with minimal government intervention.
C)the control of a market by a single business firm.
D)a social institution through which goods and services are produced,distributed,and consumed.

Question 7

Karl Marx believed that

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 8

Socialism is defined as

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

Question 9

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)

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

Question 10

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)

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

Question 11

What are the two basic types of economic systems that distinguish contemporary societies?

A)capitalism and communism
B)capitalism and socialism
C)socialism and communism
D)capitalism and democracy

Question 12

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

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 13

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

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

Question 14

Capitalism is an economic system in which

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 15

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?

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

Question 16

A society such as France or Italy that has an economy based on the production of goods in factories through mechanization would be an example of a(n)________ society.

A)agrarian
B)industrial
C)postindustrial
D)horticultural

Question 17

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?

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

Question 18

Which term do we use to refer to an economic system under which all property is communally owned and no social distinctions are made on the basis of people's ability to produce?

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

Question 19

Adam Smith is associated with

A)European socialism.
B)Asian communism.
C)laissez-faire capitalism.
D)British socialism.

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?

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

Question 21

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

Question 22

Transfers of money,goods,or services that take place but are not reported to the government are referred to as

A)socialist sanctions.
B)communism.
C)an informal economy.
D)capitalistic profits.

Question 23

Capitalism and socialism serve as ideal types of economic systems.

Question 24

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

Question 25

Informal economies exist only in developing countries.

Question 26

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

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

Question 27

Discuss the similarities and differences among socialism,communism,and capitalism.Give examples to illustrate each type of economic system.

Question 28

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

Question 29

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?

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

Question 30

Communism is an economic system in which

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.