Question 1

Sweden, Great Britain, and France have economic systems that are forms of __________.

Accepted Answer

Sweden, Great Britain, and France are often classified as having democratic socialist economic systems. This means that they have a mix of government regulation and ownership in certain industries, combined with a market-based economy and private ownership of property.

Question 2

Define each of Weber's three types of authority and give an example of each.

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Question 3

The term __________ refers to the process of converting resources from state ownership to private ownership.

Accepted Answer

Privatization refers to the process of transferring ownership of resources from the public sector to the private sector. This involves the sale of state-owned assets and the transfer of control over public services to private companies. Monopolization refers to the control of a particular industry by a single company or group, and is not related to the transfer of ownership. Centralized decision making refers to a decision-making process where all decisions are made by a central authority, rather than being decentralized across different levels or groups. The pursuit of collective goals refers to the efforts of individuals or groups to achieve common objectives or shared goals.

Question 4

Explain the relationship between politics and government.

Accepted Answer

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Question 5

Define and compare authoritarian and totalitarian systems of government.

Accepted Answer

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Question 6

Differentiate among preindustrial, industrial, and postindustrial economies.

Accepted Answer

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Question 7

A person who is on the board of a bank also sits on the board of a computer manufacturing company that borrows money from that bank. This is an example of an __________.

Accepted Answer

This scenario describes an interlocking corporate directorate, which is when an individual serves on the board of directors for multiple companies, creating a potential conflict of interest.

Question 8

In addition to direct merger, competition is reduced over the long run by __________, where members of the board of directors of one corporation also sit on the board(s) of other corporations.

Accepted Answer

Interlocking corporate directorates occur when board members of one corporation also sit on the board(s) of other corporations. This can lead to a reduction in competition as the board members may prioritize the interests of multiple companies rather than just one, potentially leading to tacit agreements and decreased competition in the industry.

Question 9

__________ is an economic system characterized by public ownership of the means of production, the pursuit of collective goals, and centralized decision making.

Accepted Answer

Socialism is the economic system that is characterized by public ownership of the means of production, the pursuit of collective goals, and centralized decision making. This system aims to distribute resources evenly among all individuals and eliminate the wealth inequality that is prevalent under capitalism.

Question 10

Explain the functionalist perspective on power and political systems.

Accepted Answer

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Question 11

The unemployment rate takes into account ________________________.

Accepted Answer

The unemployment rate measures the percentage of the total labor force that is unemployed and actively seeking employment. Therefore, it only takes into account people who are actively looking for a job, not all people who do not work for pay.

Question 12

Describe the role of special interest groups within the functionalist perspective on power and political systems.

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Question 13

How do professions differ from occupations?

Accepted Answer

Professions are distinguished from occupations by their greater degree of self-regulation. This means that professions typically have organizational bodies that establish and enforce ethical standards, require certifications or licensure for practitioners, and have mechanisms for disciplining members who violate these standards. While certain occupations may have some level of self-regulation, it is generally not to the same extent or with the same level of institutionalization as is seen with professions.

Question 14

A contract worker, or someone working temporarily, is doing__________________.

Accepted Answer

A contract worker is a type of contingent worker, which refers to someone who is employed on a temporary or part-time basis, rather than as a full-time employee. Contingent workers may include contract workers, seasonal workers, freelancers, and others.

Question 15

Define democracy as a political system and differentiate between direct and representative democracy.

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Question 16

Lisa works as a nanny and is paid in cash by the family she works for. She does not declare her earnings to the Internal Revenue Service (IRS). She is a part of the_______________.

Accepted Answer

Lisa is participating in the underground economy by not reporting her earnings to the IRS. The underground economy refers to economic transactions that occur outside of the legal system and are often unreported or underreported to government authorities.

Question 17

Companies such as Time Warner and Viacom have extensive holdings in radio and television stations, cable television companies, book publishing firms, and film production and distribution companies. These companies are referred to as __________.

Accepted Answer

These companies are referred to as conglomerates because they have diverse holdings in various industries.

Question 18

Summarize the major elements of the conflict perspective on power and political systems.

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Question 19

Distinguish between power and authority.

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Question 20

Define monarchy; explain the different forms a monarchy may take.

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Quiz 13: Politics and the Economy in Global Perspective