Question 1

Modernization theory argues that core countries exploit peripheral countries for their own benefit.

Accepted Answer

Modernization theory primarily focuses on how societies progress through stages of economic growth and development, emphasizing internal factors such as investment, innovation, and cultural changes rather than exploitation by core countries.

Question 2

The power of global market forces take more and more decisions away from democratically elected representatives.

Accepted Answer

With globalization, the growth of multinational corporations and the increase in global trade, the power of global market forces has increased significantly. This often leads to decisions being made by corporations and international organizations rather than democratically elected representatives, especially in countries with weaker governments or where corporate lobbying is strong.

Question 3

Rational Choice Theory argues that people are fundamentally mistaken in their belief that the market will control itself.

Accepted Answer

Rational Choice Theory primarily focuses on how individuals make decisions based on their rational outlook, personal preferences, and the information available to them, rather than making claims about the market controlling itself.

Question 4

Max Weber saw that people in modern society would be seduced into an increasingly materialistic and narcissistic existence.

Accepted Answer

Weber believed that modern society would prioritize efficiency, rational calculation, and material success, which could lead to a focus on material possessions and self-promotion at the expense of other values.

Question 5

Karl Polanyi argued that the economy is unable to self-regulate.

Accepted Answer

Karl Polanyi argued that the economy is embedded in society, and therefore cannot be separated from social and political institutions. He believed that the market-driven economy was inherently unstable and required intervention from government and other social institutions to prevent social and environmental crises. Thus, he argued that the economy was unable to self-regulate.

Question 6

Name and describe three basic economic sectors in the United States.

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Question 7

Describe the features of a hunting-and-gathering society. How are decisions made in such an economy?

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Question 8

Describe the key features of an agricultural economy. How does such an economy become stratified? What is stratification according to your authors?

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Question 9

How are capitalism and socialism different? Begin by defining both then compare and contrast.

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Question 10

What is a "mixed economy"? Does the United States fit into this model? If so, how? If not, explain why not.

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Question 11

Explain the difference between primary financial markets and secondary financial markets. Begin by defining both terms.

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Question 12

Identify how functionalists and conflict theorists view the economic cycle and unemployment.

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Question 13

Define "mixed economies" and give two examples of a mixed economy.

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Question 14

Define and compare socialism and capitalism. In which category is the United States, or does it take some other form?

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Question 15

Describe the key features of an industrial economy. What was the Industrial Revolution and how did it affect society? What were the effects of the Industrial Revolution on 1) households, 2) cities, 3) families, and 4) workers?

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Question 16

Describe the key features of a postindustrial economy. What are the effects on employment and economic conditions in a post-industrial society? Is our current economy post-industrial or something else?

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Question 17

What is the difference between an oligopoly, a monopoly, and a conglomerate? Begin by precisely defining all three terms.

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Question 18

What is a multinational corporation? How are they connected to globalization? What social, political, and economic effects might a multinational corporation have in countries that are classified as "Third World" or the "Global South"?

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Question 19

What are some of the social and economic costs of globalization in the United States and around the world?

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Question 20

Describe how the production of surplus food changed societies. What were the effects on the economic and political structures and on people overall from having a newly realized food surplus?

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Quiz 11: Economy and Society