Question 1

Ideal capitalism is based on the pursuit of collective goals rather than on personal profits.Equality in decision-making replaces hierarchical relationships.Everyone shares in the goods and services of society,especially necessities such as food,clothing,shelter,and medical care,based on need,not on ability to pay.

Accepted Answer

Ideal capitalism is actually based on the pursuit of personal profits rather than collective goals. Hierarchical relationships and unequal distribution of goods and services are also inherent in capitalism. The description in the statement aligns more with a socialist or communist economic system.

Question 2

Sociologists establish broad occupational categories by distinguishing between employment in the labor market.The secondary labor market consists of high-paying jobs with good benefits that have some degree of security and the possibility for future advancement.

Accepted Answer

The description provided is actually a description of the primary labor market, not the secondary labor market. The secondary labor market consists of low-paying jobs with little to no job security and few benefits.

Question 3

The institution of slavery,which came about largely as a result of the demand for cheap agricultural labor,was a major force in the exploitation of many people of color,but it was particularly the women of color who suffered a double burden of oppression in the form of both sexism and racism.

Accepted Answer

The statement correctly acknowledges the intersectional oppression experienced by women of color under slavery.

Question 4

Urbanization brought about sweeping changes to the system of production and distribution of goods and services.In postindustrial economies,work becomes specialized and repetitive,activities become bureaucratically organized,and workers primarily worked with machines instead of with one another.

Accepted Answer

The answer of Urbanization brought about sweeping changes to the...

Question 5

In March 2011,the unemployment rate was 8.9 percent and the number of people employed part-time for economic reasons was 8.3 million.

Accepted Answer

This is a factual statement based on data from March 2011.

Question 6

Interlocking directorates increase competition by producing dependence.Individuals who serve on multiple boards are often able to forge cooperative arrangements that benefit their corporations,but not necessarily the general public.

Accepted Answer

Interlocking directorates can actually decrease competition by creating a network of corporate insiders who may prioritize the interests of their own companies over those of the broader market. This can lead to anticompetitive behavior, such as colluding on prices or excluding smaller competitors from the market.

Question 7

Conflict theorists view the economy as a vital social institution because it is the means by which needed goods and services are produced and distributed.When the economy runs smoothly,other parts of society function more effectively.However,if the system becomes unbalanced,such as when demand does not keep up with production,maladjustment occurs (in this case a surplus).

Accepted Answer

The answer of Conflict theorists view the economy as a...

Question 8

Sociologists focus on the complex workings of economic systems while economists focus on the interconnections among the economy and other social institutions.

Accepted Answer

Sociologists study the ways in which economic systems impact and are impacted by other social institutions, while economists focus primarily on the production, distribution, and consumption of goods and services within the economy.

Question 9

Job satisfaction refers to people's attitudes toward their work based on their job responsibilities,the organizational structure in which they work,and their individual needs and values.

Accepted Answer

Job satisfaction is indeed based on attitudes towards work, organizational structure, and individual needs and values.

Question 10

In Sweden,all residents have health insurance,housing subsidies,child allowances,paid parental leave,and day-care subsidies.National insurance pays medical bills associated with work-related injuries,and workplaces are specially adapted for persons with disabilities.

Accepted Answer

This statement is true. Sweden has a comprehensive welfare system that provides all residents with health insurance, housing subsidies, child allowances, paid parental leave, and day-care subsidies. The national insurance program also covers medical bills associated with work-related injuries, and workplaces are required to be adapted for persons with disabilities.

Question 11

In hunting and gathering societies,the economy becomes distinct from family life.The distribution process becomes more complex,with the accumulation of a surplus such that some people can engage in activities other than food production.

Accepted Answer

The answer of In hunting and gathering societies,the economy becomes...

Question 12

Government intervention in the past two decades included billions of dollars in subsidies to farmers,tax credits for corporations,and large subsidies or loan guarantees to automakers,aircraft companies,railroads,and others.Overall,most corporations have gained much more than they have lost as a result of government involvement in the economy.

Accepted Answer

The statement indicates that most corporations have gained more than they have lost as a result of government intervention, including subsidies and tax credits.

Question 13

Most of us are not capitalists; we spend money on the things we own rather than make money from them.Only a relatively few people own income-producing property from which a profit can be realized by producing and distributing goods and services.

Accepted Answer

This statement is true. The majority of people are not capitalists and do not derive their income from owning and producing goods and services. Instead, they spend money on the things they own for personal use or consumption.

Question 14

Today,many corporations are global in scope.Universal corporations are large corporations that are headquartered in several countries but sell and produce goods and services in only one country.

Accepted Answer

Universal corporations are large corporations that are headquartered in one country but sell and produce goods and services in several countries.

Question 15

Projection by the Census Bureau indicates that the fastest growing occupations of the 21ˢᵗ century are in the service sector.Biomedical engineer was identified as the fast-growing occupation for 2008-2018.

Accepted Answer

The statement is true as per the projection by the Census Bureau. Biomedical engineer was also identified as the fast-growing occupation for 2008-2018.

Question 16

A postindustrial economy is based on tertiary sector production-the provision of services rather than goods,as a primary source of livelihood for workers and profit for owners and corporate shareholders.A majority of U.S.jobs are in tertiary sector employment.

Accepted Answer

A postindustrial economy is indeed based on tertiary sector production, and a majority of jobs in the U.S. are indeed in the service sector.

Question 17

Certain professions are undergoing a process of deprofessionalization,in which some of the characteristics of a profession are eliminated.

Accepted Answer

Deprofessionalization is a process in which certain professions lose some of the characteristics that define them as professions, such as specialized knowledge, autonomy, and ethical codes. As a result, they become more like occupations or jobs rather than professions.

Question 18

In advanced monopoly capitalism,profits have become even more concentrated.Although some people own some stock,they do not own control; in other words,they are unable to participate in establishing the policies that determine the size of the profit or the rate of return on investments.

Accepted Answer

In advanced monopoly capitalism, control and decision-making power are concentrated in the hands of a small group of wealthy individuals or corporations, while the majority of people who own stocks have little influence over the policies and decisions that determine profits and returns on investments.

Question 19

Labor refers to the group of people who contribute their physical and intellectual services to the production process in return for wages that they are paid by firms.

Accepted Answer

Labor is defined as the human effort that is used to produce goods and services in return for payment in the form of wages, salaries, or bonuses.

Question 20

Professions are high-status,knowledge-based occupations that have five major characteristics: abstract,specialized knowledge; autonomy; self-regulation; authority; and altruism.

Accepted Answer

The five major characteristics of professions are indeed abstract, specialized knowledge; autonomy; self-regulation; authority; and altruism.

Quiz 13: The Economy and Work in Global Perspective