Question 1

Which term refers to an economy in which the people live off the land and have little or no surplus?

Accepted Answer

Subsistence economies are characterized by individuals living off the land with minimal or no surplus production. This means they produce only enough goods for their own consumption without engaging in extensive trade or accumulating wealth.

Question 2

Which economic system is characterized by private ownership of the means of production, the pursuit of profit, and market competition?

Accepted Answer

Capitalism is defined by private ownership of the means of production, where individuals or corporations own and operate businesses for profit, and market forces determine the distribution of goods and services through competition.

Question 3

What is underemployment?

Accepted Answer

Underemployment occurs when individuals work at jobs that do not fully utilize their skills, education, or experience, meaning the job is beneath their level of training or qualifications.

Question 4

Which form of capitalism only exists in a society when market forces are able to operate without government interference?

Accepted Answer

Laissez-faire capitalism is characterized by minimal government intervention, allowing market forces to operate freely.

Question 5

Which invention ushered in the industrial societies?

Accepted Answer

The steam engine was pivotal in ushering in the industrial societies by powering factories, revolutionizing transportation with steamships and railways, and enabling mass production.

Question 6

As industrialization created a greater and greater surplus, what did people begin to emphasize?

Accepted Answer

As industrialization progressed, the surplus of goods led to a shift in focus from merely producing goods to emphasizing the consumption of those goods. This shift was necessary to sustain economic growth and to absorb the increasing volumes of products being manufactured.

Question 7

Once people began to breed animals and cultivate plants it was possible to accumulate a surplus, trade with others, and develop a specialized division of labour. What also occurred in these societies?

Accepted Answer

The accumulation of surplus and specialization often led to social stratification and greater inequality, as some individuals or groups gained more resources and power than others.

Question 8

Daniel Bell suggests that key elements of the postindustrial society include ________.

Accepted Answer

Daniel Bell's concept of the postindustrial society emphasizes the role of information technology and the global spread of information, which he refers to as an "information explosion," and the concept of a "global village," highlighting the interconnectedness of societies through communication technologies.

Question 9

After the invention of the plow, in which societies did even greater social, political, and economic inequality develop?

Accepted Answer

The invention of the plow led to increased agricultural productivity, which allowed for surplus production. This surplus enabled the development of more complex social hierarchies and greater inequality in agricultural societies.

Question 10

Which social institution is a system of producing, distributing, and exchanging goods and services?

Accepted Answer

The economy is the social institution that encompasses the systems of producing, distributing, and exchanging goods and services within a society.

Question 11

Which term refers to pure capitalism?

Accepted Answer

Laissez-faire capitalism is the term that refers to pure capitalism, where there is minimal government intervention in the economy, allowing the free market to operate on its own.

Question 12

In a democratic socialist economy, who engages in production and distribution for profit?

Accepted Answer

In a democratic socialist economy, both the state and individuals can engage in production and distribution for profit. The state may own certain key industries or resources, while allowing individuals or private entities to own and operate their own businesses. This model aims to combine the benefits of socialism (such as social welfare and equity) with the innovation and efficiency often associated with capitalist markets.

Question 13

Martin lives in a postindustrial society. When he purchases something, he will often have the purchase charged directly against his bank account. What does Martin use in order to do this?

Accepted Answer

A debit card allows purchases to be charged directly against a bank account, which is what Martin does in a postindustrial society.

Question 14

Between 1970 and 2007, the top 1 percent of Canada's income earners reported a dramatic increase in their share of total income, from ________in 1980 to_________ in 2007.a. 2 percent; 3.4 percent

Accepted Answer

The answer of Between 1970 and 2007, the top 1...

Question 15

Which is the mechanism by which we establish values in order to exchange goods and services?

Accepted Answer

The market is the mechanism where buyers and sellers interact to establish prices and exchange goods and services.

Question 16

Albert has a condo in an exclusive neighbourhood and wears Armani suits, solid gold chains, and a Rolex watch. He recently purchased a Porsche and a speedboat. According to Thorstein Veblen, Albert's orientation is one of_______ .

Accepted Answer

Thorstein Veblen coined the term "conspicuous consumption" to describe the spending of money on and the acquiring of luxury goods and services to publicly display economic power—both the actual income or wealth and the social status of an individual. Albert's behavior of purchasing luxury items and displaying wealth fits this concept.

Question 17

What is the sociological significance of trade and surplus?

Accepted Answer

Trade and surplus can lead to social inequality as they often result in unequal distribution of resources and wealth, creating social hierarchies and class distinctions within societies.

Question 18

Which economic system is characterized by public ownership of the means of production, central planning, and the distribution of goods without a profit motive?

Accepted Answer

Socialism is characterized by public ownership of the means of production, central planning, and the distribution of goods without a profit motive.

Question 19

What is Thorstein Veblen's term for an eagerness to show off wealth?

Accepted Answer

Thorstein Veblen coined the term "conspicuous consumption" to describe the act of spending money on luxury goods and services to publicly display economic power.

Question 20

In Canada, what limits a person's ability to immediately produce and sell a product that he or she has discovered or invented?

Accepted Answer

The answer of In Canada, what limits a person's ability...

Quiz 11: The Economy and Work