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Chapter 11

Hunting and gathering societies that generate very little surplus food and material property are described by sociologist as ----- economies

Subsistence

What condition had to exist before members of society could create a permanent or semi-permanent place to live

a surplus of food that could be distributed and exchanged

The sociological significance of early development of surplus and trade is that they ---?

fostered social inequality

What term describes a system that emphasizes hard work, savings, and a concern for salvation?

Protestant Ethic

The "Global Village" refers to ?

the elimination of poverty and disease from humanity

The eagerness to show wealth by the purchase and visible ownership of goods is called -----?

conspicuous consumption

Who suggested the concept of "Conspicuous Consumption" in 1912

Thorstein Veblen

Who coined the term "postindustrial society" in 1973

David Bell

The plow was to the agricultural society as the ----- was to the industrial society

steam engine

The linking of the worlds nations by fast communication, transportation, and increased trade has created what sociologist refer to as ----?

the global village

What was the earliest medium of exchange?

Barter System

Today most governments issue money that is backed bu nothing more than a promise to honor it for all debts public or private. Such currency is called?

Fiat money

The means by which people value and exchange goods and services is referred to as --

The medium of exchange

Jacob lives in the agriculture period. To purchase a new buggy and farm implements from the general store, gives the owner a note that specifies that a certain quality of goods be set aside for him in a warehouse. Such an arrangement is an example of

Deposit receipts

At one time, the american paper dollar could be exchanged for gold held at Fort Knox. When this was permitted, what quality did paper money possess?

The currency had store value

What is the determining factor for inflation to occur?

Currency is issued at a higher rate than the growth of the Gross Domestic Product.

What has been the average rate of inflation over the past several years?

5%

Jack just received $10,000 in e-cash. By doing so, how did he actually receive the funds?

They were sent to his computer

In theory, industries can manufacture and sell poisons, bombs, and weapons of any type as long as there are consumers to buy them and they operate within a movement that permit -----?

laissez-faire capitalism

In the US government interventions that restricts a persons ability to immediately produce and sell a product that he or she has discovered or invented are referred to as ---?

market restraints

What is another name for welfare capitalism?

State Capitalism

Which of the following social or economic arrangements is described as being the capitalists dream?

a monopoly

Which industrialized giant was responsible for the federal government antimonopoly legislation?

Rockefellers control of the oil market

In the capitalist economy, when the government identifies a firm that has monopolized a product or service, it may order the company to -----, that is, sell some of its business

Divest

In socialism who or what determines what will be produced and what it will cost?

The central community that deciders what the country needs

How would Karl Marx define profit?

The excess value of a product that is withheld from workers

What is the primary criticism level against capitalism

It leads to severe social inequalities

What theory is based on the idea that the two economic systems - capitalism and socialism - will eventually adopt features of one another until there is a hybrid economic system in all societies?

Convergence theory

The author suggest that former capitalist nations could adopt features of socialism, while former socialist nations adopt features of capitalism. This theory is referred to as -----

Transformation

What has the most significant economic change in the last 100 years, one that may even rival the Industrial Revolution in its impact on peoples lives?

The global integration of giant corporations

What term did Durkeim use to refer to the sense of unity that comes from doing similar activities and directly sharing most aspects of life?

Mechanical solidarity

What term did Durkheim use to refer to global division of labor that has led to a specific task performed by members of society and a lessening of social cohesion?

Organic solidarity

If a corporation is sued for selling unsafe products and loses the suit and is held liable, who or what is responsible for the debt?

the corporation as a legally defined entity

What is the significance about Frank Perdues chicken slogan and Parker Pens marketing pen slogan?

They illustrate the cultural barriers of global capitalism

At an annual shareholders meeting, the CEO proposed that the corporation go public and create an additional million shares of stock to raise capital. The shareholders rejected this idea because their stock value would drop. This scenario is an example of

Stockholders revolt

In the globalization of capitalism, the dominant European nation is

Germany

The eastern trading block is currently headed by----- , but the nation at its heels ready to overtake its position is ----?

Japan, China

The groups that head the countries top corporations sand have access to high level politicians, which they use to promote legislation favorable to big business, are known as ----?

inner circles

What is the worlds largest corporation based on sales, market value, assets, and profit?

General Electric

Overlapping membership of the worlds top multinational companies enfold their leaders into a small circle is called a(n)?

Global superclass

Frank Buchman sits on the board of directors for seven oil companies and three corporations that manufacture oil rigs and oil-producing machinery. Serveral of his closest business associates belong to the same boards. Such a scenario is an example of a(n)?

Interlocking directorate

Theorist who believe that corporations use profit as their moral guide, with no concern for how opening and closing factories affects workers, are most aligned with which social perspective?

The conflict perspective

Sociologist use the term ----- to refer to fundamental changes in society that occur as a result of vast numbers of women entering the work force.

quite revolution

Economic activities, illegal or legal, that people do not report to the government are sometimes referred to as the --------- economy.

Underground

In the workplace, which attributes do men have a tendency to emphasize as part of their motive and style?

Individualism, power, competition

What are the characteristic of the "typical" woman who is most likely to work for wages?

single, African American

The largest single source of income that qualifies as being part of the US economy is most likely?

Drug dealing

Jose is a Mexican worker referred to as los sin documentos.

Joe works without proper identification and is paid in cash.

The society with most leisure time spread rather constantly through-out the year is the

hunting and gathering society

In which of the following nations do workers have the most leisure time, averaging a 35 hour work week?

Germany

What is the major concern expressed by corporate managers as it pertains to teleworking?

Mangers lose control over workers

When global trade opens markets that were previously closed to manufactures around the world, which group usually suffers the most?

the workers

What percent of the entire nations income goes to the richest fifth of americans?

51%

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