Question 1

Which of the following constitutes corporate welfare?

Accepted Answer

Tax breaks can be considered corporate welfare as they provide financial assistance to corporations from the government at the expense of the taxpayers. Flextime, pension, and health insurance are benefits provided to employees by the corporation and are not considered corporate welfare.

Question 2

________ refers to working remotely through electronic linkups to a central office.

Accepted Answer

Telecommuting refers to working remotely, often from home, using electronic communication to stay connected to a central office or team. This can allow for greater flexibility and work-life balance, as well as cost savings for both the employee and the employer.

Question 3

People who spend at least 27 weeks a year in the labor force, working or looking for work, but whose family or personal incomes fall below the official poverty level are called ________.

Accepted Answer

These individuals are known as the working poor, as they are employed or actively seeking employment but still live below the poverty line. Option A refers to those who receive government assistance, Option B refers to the middle class, and Option D refers to those who have given up looking for work.

Question 4

Matthew works as a personal finance advisor.Over the course of his career, he has provided financial advice to several families in Baltonia.Recently, he wrote an article on how Baltonian middle-class families are spendthrifts rather than savers.Which of the following is most likely to weaken Matthew's analysis?

Accepted Answer

Option D directly contradicts Matthew's analysis by indicating that a significant majority of people in Baltonia actually have substantial savings, which undermines the claim that they are spendthrifts.

Question 5

Which of the following is a difference between dual-earner and dual-career couples?

Accepted Answer

The main difference between dual-earner and dual-career couples is the level of commitment to their jobs. In dual-earner couples, one or both partners may work in a job that does not require long-term commitment, while in dual-career couples, both partners are typically in positions that require ongoing professional growth and advancement.

Question 6

Which of the following is a characteristic of work?

Accepted Answer

Work provides a sense of stability in terms of income, routine, and purpose. None of the other choices accurately describe the characteristic of work.

Question 7

________ is a process of social and economic change because of the reduction of industrial activity, especially manufacturing.

Accepted Answer

Deindustrialization refers to the decline in industrial activity, particularly in manufacturing, which results in social and economic change. This process often leads to a shift in the economy towards service industries and can have significant impacts on employment, income inequality, and urban development.

Question 8

Wealth has several components.Which of the following is an example of property, one of the components of wealth?

Accepted Answer

Real estate is an example of property, which is a component of wealth. Bonds, stocks, and wages are not classified as property.

Question 9

CL Corp., an automobile manufacturing firm, decided to close its home office in Detroit and open three manufacturing centers across India.The company decided to take advantage of the lower labor and investment costs in India.This scenario is an example of ________.

Accepted Answer

The scenario described is an example of offshoring, which involves a company moving its operations to a different country in search of lower costs, such as labor and investment costs. In this case, CL Corp. decided to close its office in Detroit and open three manufacturing centers in India, taking advantage of lower costs in India.

Question 10

In the early 1960s, there was a reduction in industrial activity, especially manufacturing because ________.

Accepted Answer

In the early 1960s, there was a reduction in industrial activity, especially manufacturing because employers replaced the lowest skilled workers with automation. This means that machines were being used instead of workers, which led to fewer job opportunities in manufacturing.

Question 11

A study about women in the workforce reported that women are less likely to be offered promotions than men.Which of the following statements, if true, is most likely to support the findings of the study?

Accepted Answer

If a majority of working women complain of biased and damaging evaluations by male supervisors, this could indicate systemic biases against women in the workplace that may lead to reduced opportunities for advancement and promotion.

Question 12

Which of the following best describes corporate welfare?

Accepted Answer

Corporate welfare refers to favorable treatment that the government creates for businesses, such as tax breaks, subsidies, and other incentives.

Question 13

Which of the following is true of deindustrialization?

Accepted Answer

Deindustrialization refers to the decline of manufacturing industries in a particular region or country. This decline has been accelerated by globalization, as companies move their operations to countries with lower labor costs and fewer regulations. Option A is incorrect because deindustrialization refers to a decrease in manufacturing activities, not an increase. Option B is incorrect because inshoring refers to bringing manufacturing jobs back to a country, not the decline of manufacturing industries. Option C is incorrect because deindustrialization is about companies spending less on people as they move their operations overseas to take advantage of lower labor costs.

Question 14

The working poor are those ________.

Accepted Answer

The working poor are defined as those who earn wages that fall below the official poverty level. Option A is incorrect because simply spending a minimum of 15 weeks in the labor force doesn't define someone as a working poor. Option B is incorrect because the working poor can work in any type of job, not just white-collar jobs. Option D is incorrect because earning high disposable income means that a person is not poor.

Question 15

Which of the following is true of offshoring?

Accepted Answer

Offshoring refers to the transfer of jobs or processes from a company's home country to another country, often one with lower labor costs. This can help reduce a company's costs in the home country. Choice A is incorrect because offshoring is actually facilitated by globalization. Choice C is incorrect because offshoring specifically refers to the transfer of jobs or processes between countries, not within a country. Choice D is incorrect because offshoring typically involves the transfer of service jobs, rather than manufacturing jobs.

Question 16

Briefly explain some benefits of flextime.

Accepted Answer

The answer of Briefly explain some benefits of flextime....

Question 17

Robert works as a maintenance engineer at ASL Corp., a steel plant.His co-workers are planning to form a labor union to lobby for better employee facilities.Robert is unsure whether he should be a part of the labor union and support its formation.Which of the following, if true, would strengthen his decision to do so?

Accepted Answer

Knowing that the formation of labor unions has helped in providing greater workplace safety to employees would strengthen Robert's decision to join the labor union and support its formation, as safety is a crucial concern for employees working in a steel plant.

Question 18

Though Tracy prefers to be a full-time homemaker and spend more time with her children, she cannot do so because she is a single mother and needs to provide financial support to her family.Which of the following categories of working mothers does Tracy fit into?

Accepted Answer

Tracy fits into the category of "captives" because she works not out of choice but out of necessity to provide financial support for her family, indicating she would prefer not to work if her circumstances allowed.

Question 19

Which of the following is true of commuter marriages?

Accepted Answer

Commuter marriages refer to marriages where one or both spouses live and work in different locations, often due to job or career obligations. Spouses in commuter marriages typically meet occasionally, such as over weekends, and may have limited opportunities to spend time together. Option B is incorrect as traveling together to work would not be considered as a commuter marriage. Option C is incorrect as open marriages imply that the partners are open to having sexual relationships with other people. Option D is incorrect as visitation rights are not necessarily related to commuter marriages.

Question 20

Joe is a destitute and lives on streets and abandoned buildings because he has no money to pay rent.He often sorts through garbage to find food to eat.In this scenario, Joe is experiencing ________.

Accepted Answer

Absolute poverty refers to the extreme lack of basic necessities such as food, shelter, and clothing. Joe's situation of living on the streets and sorting through garbage to find food indicates absolute poverty.

Quiz 13: The Economy and Family Life