Question 1

A postindustrial economy is based on______________production,which is the provision of services rather than goods as a primary source of livelihood for workers and profit for owners and corporate shareholders.

Accepted Answer

The concept of postindustrial economy is based on the shift from a manufacturing-based economy to a service-based economy, where the service sector (also known as tertiary sector) plays a dominant role. Therefore, the correct option would be C - tertiary sector. Primary sector involves activities related to natural resources, while secondary sector involves activities related to manufacturing and construction. Lastly, the quaternary sector involves knowledge-based services, such as information technology and research and development.

Question 2

A(n)______________exists when several companies overwhelmingly control an entire industry.

Accepted Answer

An oligopoly exists when a small number of companies control an entire industry.

Question 3

Under early monopoly capitalism (1890-1940),most ownership rapidly shifted to:

Accepted Answer

Under early monopoly capitalism, ownership rapidly shifted from individual and family ownership to corporations. This was due to the consolidation and concentration of wealth and power in the hands of a few large corporations, such as Standard Oil and U.S. Steel, which were able to dominate their industries and control prices. As a result, small businesses and individual owners were often forced out of the market, leading to the rise of corporate ownership.

Question 4

Which of the following is NOT a characteristic central to the postindustrial economy?

Accepted Answer

The characteristic that is NOT central to the postindustrial economy is workplace culture shifting toward factories and away from increased diversification of work settings, the workday, and the employee. The postindustrial economy is characterized by information displacing property as the central preoccupation, conventional boundaries between work and home being breached, and workplace culture shifting away from factories and toward increased diversification of work settings, the workday, and the employee.

Question 5

______________ are based on the right of individuals to own income-producing property,such as land, water,mines,and factories,and the right to "buy" people's labor.

Accepted Answer

The statement describes the principles of a capitalist economy, which is based on the ownership of property and the ability to generate income through the labor of others. Socialism and communism, on the other hand, reject or severely limit private ownership of property and focus on collective ownership and distribution of resources. Imperialism refers to the domination of one country over another, which may or may not involve capitalist economic principles.

Question 6

A______________is a group of employees who join together to bargain with an employer or a group of employers over wages,benefits,and working conditions.

Accepted Answer

A labor union is a formal organization made up of workers who have joined together to protect and promote their common interests. The primary focus of a labor union is collective bargaining with employers to negotiate better wages, benefits, and working conditions for the members. The group of employees who join together in a union are known as a bargaining unit.

Question 7

In advanced______________(1940-present),ownership and control of major industrial and business sectors have become increasingly concentrated.

Accepted Answer

Monopoly capitalism refers to a capitalist economy in which a few large corporations or companies dominate the market and control the production, distribution, and pricing of goods and services. This has been the trend in advanced economies since 1940-present, leading to increased concentration of ownership and control of major industrial and business sectors. Pure capitalism and socialism both promote more distribution of ownership and control, while democratic socialism advocates for a mix of public and private ownership.

Question 8

As automobile and steel plants shifted to mass production,workers perceived that their needs were not being met.In 1935,the______________was established to represent both skilled and unskilled workers in entire industries such as automobile manufacturing.

Accepted Answer

The establishment of the Congress of Industrial Organization (CIO) in 1935 represented a shift in labor organizing strategies, as it sought to represent entire industries rather than specific workplaces or trades. The CIO focused on organizing industries such as automobile manufacturing, which had seen a shift towards mass production and the marginalization of skilled workers. The other choices, including the Knights of Labor, Teamsters, and American Federation of Workers, were all labor organizations that predated the CIO but did not represent the same type of industry-wide organizing.

Question 9

______________ includes a wide range of activities,such as fast-food service,transportation,communication,education,real estate,advertising,sports,and entertainment.

Accepted Answer

The activities listed in the question, such as fast-food service, transportation, communication, education, real estate, advertising, sports, and entertainment all fall under the category of the tertiary sector of production, also known as the service sector. This sector focuses on providing services rather than producing goods, and it makes up a large portion of most economies.

Question 10

As workers grew tired of toiling for the benefit of capitalists instead of for themselves,some of them banded together to form the first national labor union,the______________,in 1869.

Accepted Answer

The Knights of Labor was the first national labor union formed in 1869. The AFL-CIO, Teamsters, and American Federation of Government Employees were all formed later in history.

Question 11

______________ is an economic system characterized by private ownership of the means of production,from which personal profits can be derived through market competition and without government intervention.

Accepted Answer

The description given aligns with the definition of capitalism, which emphasizes free market competition, private ownership, and limited government intervention. Socialism, on the other hand, stresses collective ownership and distribution of resources for the benefit of all members of society. Imperialism refers to the expansionist policies of a country or empire, while authoritarianism emphasizes centralized power and control over individuals and society.

Question 12

All of the following are distinctive features of "ideal" capitalism EXCEPT:

Accepted Answer

The distinctive features of "ideal" capitalism include private ownership of the means of production, pursuit of personal profit, and competition. However, a guarantee of government intervention goes against the principles of laissez-faire capitalism, which advocates for minimal government involvement in the economy.

Question 13

In theory,______________acts as a balance to excessive profits.When producers vie with one another for customers,they must be able to offer innovative goods and services at aggressive prices.

Accepted Answer

Competition among producers is a key concept in capitalism, which serves as a balance to excessive profits. When companies compete for customers, they must offer high-quality goods and services at affordable prices, leading to innovation and greater consumer choice. In contrast, communism (B) is an economic system in which the government owns and controls all property and resources, while conspicuous monopoly (D) refers to a situation in which a single company dominates a particular market without having produced better goods or services.

Question 14

______________ are large companies that are headquartered in one country but sell and produce goods and services in many countries.

Accepted Answer

Transnational corporations are companies that operate in multiple countries, with their headquarters usually being located in one country. They conduct business and production in many different countries and often have a significant impact on the global economy.

Question 15

______________ is the world's largest corporation.

Accepted Answer

Exxon/Mobil is currently the world's largest corporation based on its revenue and market capitalization. While Wal-Mart may have the highest revenue, Exxon/Mobil's market capitalization surpasses Wal-Mart's. Phillip Morris and General Motors are not currently ranked among the top corporations in the world.

Question 16

In 1937,______________held their first sit-down strike.The workers occupied the facilities,but refused to work,thus paralyzing production.The sit-down strike represented a new approach that came to dominate U.S.labor activism.

Accepted Answer

The sit-down strike, described in the question, is widely associated with General Motors workers who held the first such strike in Flint, Michigan in 1937.

Question 17

According to the Census Profiles in your text,a majority of U.S.jobs are in what sector of employment?

Accepted Answer

Tertiary sector, also known as the service sector, is the largest sector of employment in the United States. This includes jobs in healthcare, education, retail, hospitality, finance, and other service industries.

Question 18

______________ are large-scale organizations that have legal powers,such as the ability to enter into contracts and buy and sell property separate from their individual owners.

Accepted Answer

Corporations are large-scale organizations that have legal powers, such as the ability to enter into contracts and buy and sell property separate from their individual owners.

Question 19

In a postindustrial economy,traditional boundaries between work and home (public and private life)no longer exist because:

Accepted Answer

Digital technologies have enabled people to work from home and communicate with colleagues and clients from anywhere in the world. This has blurred the boundaries between work and home life and made it easier for people to work outside of traditional office environments.

Question 20

The______________,founded in 1886,targeted groups of skilled workers such as plumbers and carpenters.

Accepted Answer

The American Federation of Labor (AFL) was founded in 1886 and primarily targeted skilled workers such as plumbers and carpenters. The other options listed targeted different groups of workers or were organized after the founding of the AFL.

Quiz 13: The Economy and Work in Global Perspective