Deck 8: Exchange in Economic Systems

Question 1

What is the term for how people make their living by satisfying their needs and wants?

A) Reciprocity
B) Economics
C) The marketplace
D) A market economy

Answer 1

Economics

Question 2

The three processes involved in making a living are the creation of products, the consumption of products, and

A) giving the products meaning.
B) selling services.
C) exchange.
D) invention of technology to speed production.

Answer 2

exchange.

Question 3

In a postindustrial economy, people work in

A) manufacturing.
B) agriculture.
C) administration.
D) services.

Answer 3

services.

Question 4

What is reciprocity?

A) A kind of exchange involving money
B) The collection of goods by a central authority
C) An exchange of goods or services without the use of money
D) The exploitation of one group by another

Question 5

Even groups that are largely self-sufficient engage in exchange with other groups. Anthropologists suggest this is because

A) the need to give to others is biologically determined.
B) there are always some goods or services that one cannot get for oneself.
C) exchange creates and sustains relationships that are necessary for other reasons.
D) most groups have spiritual beliefs that value altruistic behavior.

Question 6

When parents provide children with food, shelter, and other things, this is an example of

A) generalized reciprocity.
B) balanced reciprocity.
C) redistribution.
D) negative reciprocity.

Question 7

What is the one type of economic exchange found in all human populations?

A) Redistribution
B) Reciprocity
C) Market
D) There is no type of economic exchange that is found in all human populations.

Question 8

Generalized reciprocity is most likely to occur between which of these groups of people?

A) Employers and employees
B) Neighbors at Christmas time
C) Strangers
D) Close relatives

Question 9

Among hunter-gatherers, the dominant form of exchange is

A) market exchange.
B) redistribution.
C) balanced reciprocity.
D) generalized reciprocity.

Question 10

Which of these is NOT characteristic of balanced reciprocity?

A) The donor expects a return of goods of equivalent value.
B) The donor expects a return soon or at some set future time.
C) The donor keeps giving even if the recipient is unable to reciprocate for a long time.
D) The donor tries to apply sanctions if the recipient does not reciprocate as agreed upon.

Question 11

What is balanced reciprocity characterized by?

A) The absence of bargaining between the parties
B) Giving without any expectation of return
C) Sharing between relatives only
D) Attempts by both sides to gain as much as possible while giving up as little as possible.

Question 12

What distinguishes a gift from other types of exchange of objects?

A) The social value of gifts is more important than the value of the objects exchanged.
B) Gifts are generally more expensive than other objects of exchange.
C) Gift giving is not as widely practiced as other forms of exchange.
D) Gifts have very little symbolic value.

Question 13

Among the Ju/'hoansi, the practice of hxaro involves an exchange of gifts that is heavily​

A) biased in favor of the socially superior party.​
B) delayed.
C) biased in favor of the socially inferior party.​
D) stressful to social relationships.​

Question 14

Each of the following is true of negative reciprocity EXCEPT it

A) is like market exchange without using money.
B) is motivated by the desire to obtain material goods at minimal cost.
C) can take the form of barter.
D) deals primarily with symbolic value.

Question 15

The most common form of negative reciprocity is

A) theft.
B) sharing.
C) barter.
D) gifts.

Question 16

Marshall Sahlins noted that the kind of reciprocity that occurs between individuals or groups depends on

A) the social distance between them.
B) the type of control exerted by the chief.
C) the amount of taxes or tribute collected.
D) supply and demand.

Question 17

Redistribution

A) takes the form of sharing and gift giving.
B) can take the form of tribute.
C) requires money and private property.
D) is common among the Ju/'hoansi.

Question 18

Which of the following is NOT an example of redistribution?

A) Tribute paid by subjects to a chief
B) Taxation
C) "Pork barrel" deals made by politicians
D) Fluctuations in share prices in the stock market

Question 19

What is tribute?

A) A form of gift giving in preindustrial societies
B) The practice of subjects contributing goods to the chief who decides how to distribute them
C) A form of barter that involves achieving the most for the common good
D) Honorific practices that enhance the social status of people in the community

Question 20

Which of these statements about redistribution is true?

A) Redistribution in the form of taxes within modern nations is always done for the public good.
B) Unlike in modern societies, in preindustrial societies taxes are always used for the public good.
C) Wherever redistribution is practiced, it is sometimes used to enhance the wealth and prestige of some of those in authority.
D) Virtually all redistribution practices have an overall negative impact on the general public.

Question 21

Which of the following is NOT a requirement of market exchange?

A) Money or money objects
B) Private property
C) Governmental regulation of prices
D) Prices determined by supply and demand

Question 22

Which of the following is NOT a necessary characteristic of money?

A) Money is a medium of exchange.
B) Money is produced or minted by a national government.
C) Money serves as a standard for comparing the value of things.
D) Money serves as storage of value.

Question 23

What does the term market economy refer to?

A) An economy that includes all of the various types of exchanges equally
B) An economy in which barter in local markets is the dominant form of exchange
C) An economy organized around market principles
D) An economy that is controlled and regulated by the government

Question 24

Which of these is NOT one of the market principles around which a market economy is organized?

A) Almost all privately owned goods and services are bought and sold.
B) Most people make their living selling their labor or goods on the market.
C) Supply and demand determine the allocation of the factors of production.
D) Prices and trading practices are closely regulated by the government.

Question 25

Many rural peasants

A) have become completely dependent on the market for their survival.
B) are completely self-sufficient in terms of the products necessary for survival.
C) sell their products or labor to earn money for some household purchases.
D) are completely dependent on the state for their support.

Question 26

Which of the following statements about the rural peasants of many countries is true?

A) They rely completely on their markets for everything they need.
B) They grow most of their food using family labor rather than wage labor.
C) They work full-time to produce goods to sell.
D) They shop in their equivalent of our department stores.

Question 27

What has been the consequence of growing corn for use in the production of ethanol to alleviate dependence on oil?

A) The price of corn nearly tripled.
B) Americans have saved a significant amount of money due to cheaper gas.
C) The production of fuel for automobiles has become more energy efficient.
D) The price of corn tortillas in Mexico fell.

Question 28

The integration of the economies of most of the world's nations into a single exchange system is termed

A) internationalization of labor.
B) market economy.
C) market globalization.
D) international monetary exchange.

Question 29

Garment factories in Bangladesh pay the world's lowest minimum wages, yet they receive credit for

A) helping the people stand up to an oppressive government.
B) treating their workers with the utmost respect.
C) adhering to remarkably high standards of safety.
D) lifting some families out of poverty.

Question 30

Karen Ho found that the primary motivation of a company in a capitalist economy is to maximize

A) profit.
B) the welfare of its employees.​
C) shareholder value.​
D) the welfare of the surrounding community.

Question 31

In a postindustrial economy, many people do not produce tangible material products; they work providing services.

Question 32

There is no system of exchange in societies in which the same people are both the producers and the consumers.

Question 33

Reciprocity and redistribution are not forms of exchange in modern industrial economies.

Question 34

Generalized reciprocity is the dominant form of exchange in hunter-gatherer societies.

Question 35

Balanced reciprocity is based on the process of bargaining to determine equivalent values.

Question 36

Gifts are more important socially than they are materially.

Question 37

Negative reciprocity is another term for market exchange.

Question 38

All societies practice significant redistribution.

Question 39

Decisions about how to redistribute goods and funds are always made for the benefit of the public good.

Question 40

One common form of redistribution in preindustrial societies is tribute.

Question 41

Market exchange means that goods and services are bought and sold at a price measured in money.

Question 42

Money as a medium of exchange must be portable, easily divisible, and scarce enough to be valuable.

Question 43

Everyone benefits when we make more and more ethanol from corn.

Question 44

While manufacturing has become globalized, the marketing of consumer products is more restricted; it is difficult to sell products from one country to another.

Question 45

Corporations that relocated factories to countries with low wages and low regulations usually return the factories back home when wages and regulations in the outsourced countries increase.

Question 46

List the three types of reciprocity, and give an example of each that might exist within your own culture.

Question 47

Explain the relationship between social distance and the type of exchange and reciprocity that are practiced.

Question 48

Explain the symbolic and social importance of gift-giving. Give an example.

Question 49

Discuss at least three characteristics of money described in the text.

Question 50

Describe the differences between socialism, capitalism, neoliberalism, and social welfare capitalism.