Question 1

State the defining characteristics of two economic models: capitalism and socialism.How do these models compare in terms of

Accepted Answer

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Question 2

Which category of the U.S.population is showing the greatest labor-force increase in percentage terms?

Accepted Answer

According to the Bureau of Labor Statistics, the labor force participation rate for Hispanic women has increased from 53.5% in January 2010 to 57.2% in January 2020, a percentage point increase of 3.7%, which is the largest increase among all categories of the U.S. population.

Question 3

Describe trends in the U.S.labor force over the course of the last century.What technological changes have accompanied the shift from agricultural work to blue-collar work and then to white-collar service jobs? What changes in other social patterns have accompanied this shift? Consider rural-urban residential patterns, family patterns, and the relationship between work and home.

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Question 4

The global economy pays little regard to national borders.

Accepted Answer

The global economy is integrated and interconnected across countries and regions, with the flow of goods, services, capital, information and people happening across national borders with little restriction or hindrance.

Question 5

By about 1950, most of the people in the U.S.labor force had which type of jobs?

Accepted Answer

white-collar

Question 6

The expansion of office work marks the growth of the economy's

Accepted Answer

Office work falls under the service sector or tertiary sector of the economy, which includes activities like banking, insurance, retail, education, healthcare, and other service-based industries. As the economy grows, there is usually a corresponding expansion in the service sector.

Question 7

Compare and contrast three types of economies according to their dominant technology: agrarian, industrial, and postindustrial.What are the characteristics of production in each? In what ways does each type of economy shape society as a whole?

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Question 8

Explain how corporations operate as the core of the U.S.economy.How has the globalization of the economy made many corporations much larger? What are conglomerates? Look ahead to the world's economy at mid-century: Do you think large multinational corporations will dominate the world more than they do now? Is this good for the world's people? Why or why not?

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Question 9

Which social institution is widely considered to have the greatest effect on society as a whole?

Accepted Answer

The economy is widely considered to have the greatest effect on society as a whole because it shapes people's lives through the provision of jobs, income, and resources necessary for survival. It impacts the distribution of wealth and power, affects social status, and influences political systems.

Question 10

How do capitalism and socialism differ in overall productivity? What about economic inequality?

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Question 11

What arguments are made in favor of a free-market economy? What are the arguments made by those who favor a large regulatory role for government? Consider issues such as economic productivity, economic inequality, and the extent of corporate welfare.Also, how do the recent corporate scandals, beginning with the collapse of the Enron energy trading company, play in to this debate?

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Question 12

Based on what you have read in this chapter, describe an economic system that you think would come closest to being "just." This economic system might be some combination of the types of economic systems described in theCHAPTER.Explain what you mean by "just" and how the system operates to generate "justice."

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Question 13

The invention of the corporation is generally taken as the point at which a postindustrial society emerged.

Accepted Answer

The invention of the corporation is typically associated with the development of industrial capitalism, not the emergence of a postindustrial society. Postindustrial society is generally characterized by an economy focused on services and information, rather than the industrial production of goods.

Question 14

The social thinker whose ideas most supported the operation of a free-market economy was

Accepted Answer

Adam Smith is famous for his book "The Wealth of Nations" which outlined his laissez-faire economic policies that advocated for a free-market economy with limited government intervention. He believed that individuals pursuing their own self-interest would ultimately benefit society as a whole, creating increased efficiency and prosperity.

Question 15

How has the nature of work in the United States changed over the last 150 years? Answer this question referring to the three sectors of the economy.In your answer, include the changing share of self-employed people as well as the changing importance of labor unions.

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Question 16

An example of a European country with a mostly private economy and extensive social welfare programs is

Accepted Answer

The best choice is B, Sweden, because it is a prime example of a European country with a mostly private economy and extensive social welfare programs. Sweden has a capitalist economy with a large government sector, and it is often cited as a model of a successful welfare state. It provides free education, healthcare, and child care, as well as generous social security benefits and parental leave. While Germany and Spain also have social welfare programs, they have a more mixed economy with more government ownership of businesses and industries.

Question 17

The development of agriculture was set in motion by

Accepted Answer

Hitching animals to the plow allowed for more efficient tilling of the soil and cultivation of crops, leading to the development of agriculture. The other choices are not directly related to the development of agriculture.

Quiz 16: The Economy and Work