Question 1

The concept "oligopoly" refers to:

Accepted Answer

A)   any corporation with more than $1 billion in sales.
B)   the largest company in a particular field.
C)   domination of a market by a few producers.
D)   a large company operating in all three economic sectors.E) None of the above
F) All of the above

Question 2

Which of the following DO NOT describe the operation of a socialist economy?

Accepted Answer

A)   collective orientation
B)   government control of production
C)   laissez-faire economy
D)   command economyE) B) and D)
F) B) and C)

Question 3

Which of the following countries best exemplifies a system of state capitalism?

Accepted Answer

A)   the United States
B)   Great Britain
C)   Australia
D)   JapanE) A) and D)
F) None of the above

Question 4

The invention of the corporation is generally taken as the point at which a postindustrial society emerged.

Accepted Answer

A) True 
 B)False

Question 5

The expansion of office work marks the growth of the economy's:

Accepted Answer

A)   primary sector.
B)   secondary sector.
C)   tertiary sector.
D)   None of the above is correct.E) C) and D)
F) All of the above

Question 6

Globalization of the economy means that:

Accepted Answer

A)   world regions specialize in one sector of economic activity.
B)   more and more products pass through several nations.
C)   a small number of businesses represent a large share of the planet's economic output.
D)   All of the above are correct.E) A) and D)
F) A) and C)

Question 7

Contrasted to socialist economic systems, capitalist economic systems are typically:

Accepted Answer

A)   equally productive.
B)   more productive.
C)   less productive.
D)   not concerned with productivity.E) A) and D)
F) None of the above

Question 8

How do capitalism and socialism differ in overall productivity? What about economic inequality?

Accepted Answer

Capitalism and socialism differ in overa...

Question 9

The development of agriculture was set in motion by:

Accepted Answer

A)   changes in the church.
B)   hitching animals to the plow.
C)   the discovery of writing.
D)   the discovery of oil.E) B) and C)
F) None of the above

Question 10

Oligopoly refers to any company that operates in more than one country.

Accepted Answer

A) True 
 B)False

Question 11

The global economy pays little regard to national borders.

Accepted Answer

A) True 
 B)False

Question 12

What is a social institution? What is the economy?

Accepted Answer

A social institution is a complex, integ...

Question 13

The Industrial Revolution was based on:

Accepted Answer

A)   the spread of cottage industry.
B)   people beginning to work in their homes.
C)   a decrease in productive specialization.
D)   new sources of energy.E) A) and C)
F) None of the above

Question 14

Looking at economies around the world, the primary sector is the largest in:

Accepted Answer

A)   high-income nations.
B)   middle-income nations.
C)   low-income nations.
D)   It is the same size in all nations.E) A) and C)
F) All of the above

Question 15

Dependency theorists see large corporations as:

Accepted Answer

A)   the key to meeting the needs of people in poor nations.
B)   helping poor nations to develop local industries.
C)   a major source of foreign investment for poor nations.
D)   intensifying global inequality.E) None of the above
F) All of the above

Question 16

Contrasted to socialist economic systems, capitalist economic systems typically:

Accepted Answer

A)   generate more economic inequality.
B)   generate less economic inequality.
C)   generate about the same level of inequality.
D)   do not generate any social equality.E) A) and B)
F) A) and D)

Question 17

An example of a country with a mostly private economy and extensive social welfare programs is:

Accepted Answer

A)   the United States.
B)   Sweden.
C)   Japan.
D)   All of the above are correct.E) A) and B)
F) B) and D)

Question 18

The concept "global economy" refers to:

Accepted Answer

A)   expanding economic activity that moves across national borders.
B)   the fact that only a few countries now contribute to the global economy.
C)   the fact that economic output is under the control of global political leadership.
D)   All of the above are correct.E) A) and B)
F) None of the above

Question 19

Agricultural production is part of the primary sector of the economy.

Accepted Answer

A) True 
 B)False

Question 20

What sector of the economy generates raw materials directly from the natural environment?

Accepted Answer

A)   primary sector
B)   secondary sector
C)   tertiary sector
D)   None of the above is correct.E) A) and D)
F) C) and D)

Exam 16: The Economy and Work

Looking at economies around the world, the primary sector is the largest in:

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Oligopoly refers to any company that operates in more than one country.

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How do capitalism and socialism differ in overall productivity? What about economic inequality?

Correct AnswerAnswered by ExamLex AICapitalism and socialism differ in overa...View AnswerShow Answer

Globalization of the economy means that:

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The concept "global economy" refers to:

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The concept "oligopoly" refers to:

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Which of the following countries best exemplifies a system of state capitalism?

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What is a social institution? What is the economy?

Correct AnswerAnswered by ExamLex AIA social institution is a complex, integ...View AnswerShow Answer

Which of the following DO NOT describe the operation of a socialist economy?

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The development of agriculture was set in motion by:

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Agricultural production is part of the primary sector of the economy.

Correct AnswerverifiedShow Answer

An example of a country with a mostly private economy and extensive social welfare programs is:

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Contrasted to socialist economic systems, capitalist economic systems typically:

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What sector of the economy generates raw materials directly from the natural environment?

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The expansion of office work marks the growth of the economy's:

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The Industrial Revolution was based on:

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The invention of the corporation is generally taken as the point at which a postindustrial society emerged.

Correct AnswerverifiedShow Answer

Contrasted to socialist economic systems, capitalist economic systems are typically:

Correct AnswerverifiedShow Answer

Dependency theorists see large corporations as:

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The global economy pays little regard to national borders.

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Capitalism and socialism differ in overa...
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Answered by ExamLex AI
A social institution is a complex, integ...
View Answer

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