Question 1

About what percentage of eligible voters actually voted in the 2012 and the 2016 presidential elections?

Accepted Answer

According to the United States Election Project, the turnout for the 2012 election was 58.6 percent and the turnout for the 2016 election was 60.2 percent. Therefore, the best choice is C)58 percent.

Question 2

In the United States, about what percentage of the gross domestic product comes from the privately owned sector of the economy?

Accepted Answer

The privately owned sector of the economy in the United States accounts for about 82 percent of the gross domestic product (GDP), reflecting the significant role of private enterprise in the U.S. economy.

Question 3

In Western European nations, including Italy, France, and Sweden, which political and economic system is common?

Accepted Answer

In Western European nations such as Italy, France, and Sweden, the political and economic system that is common is welfare capitalism. This system combines elements of both capitalism and socialism, with a strong social welfare system that provides benefits to citizens and supports income redistribution. It allows for some degree of free market competition while also emphasizing the importance of social and economic equality.

Question 4

According to Karl Marx,

Accepted Answer

Karl Marx believed that capitalism's private ownership of productive property allows a small elite class to dominate and exploit the working class, resulting in social and economic inequality.

Question 5

The formal organization that directs the political life of a society is

Accepted Answer

The formal organization that directs the political life of a society is government. While economics, religion, and politics certainly play a role in shaping societal values and beliefs, it is the government that is responsible for creating and enforcing laws that shape the social, economic, and political landscape of a society.

Question 6

Which of the following statements about socialism is correct?

Accepted Answer

In practice, socialist nations often aim to reduce economic inequality through policies such as redistribution of wealth, social welfare programs, and public ownership of major industries, which can result in less economic inequality compared to capitalist nations where wealth distribution is primarily determined by market forces.

Question 7

According to Scottish economist Adam Smith, Macionis, Social Problems, 7/e
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Accepted Answer

Adam Smith believed that the pursuit of self-interest, or what he called "the invisible hand," actually benefits society as a whole by producing the greatest good for the greatest number of people. In other words, when individuals pursue their own self-interest in a free market economy, it creates incentives for innovation, efficiency, and competition, which ultimately benefit everyone.

Question 8

What is the social institution that guides a society's collective decision-making process?

Accepted Answer

Politics is the social institution that guides a society's collective decision-making process. It is through the political system that policies and laws are formulated and consensus is built among the citizens for the betterment of society as a whole. Education, economics, and mass media can all play a role in the political process, but they are not solely responsible for guiding the collective decision-making process.

Question 9

In which type of political system does a single family rule from generation to generation?

Accepted Answer

Monarchy is a political system where a single family, usually headed by a king or queen, rules from generation to generation. In a monarchy, political power is passed down through the family line rather than being determined by elections or any other means of public participation. Examples of monarchies include the United Kingdom, Saudi Arabia, and Japan.

Question 10

Which type of economic system places natural resources and the means of producing goods and services under collective ownership?

Accepted Answer

Socialism is the economic system that places natural resources and the means of producing goods and services under collective ownership. In this system, the government or society as a whole owns the property and directs resources towards the benefit of society as a whole. This stands in contrast to capitalism, where private individuals or businesses own the means of production, and a mixed economy, where both private and government ownership exist. Feudalism is an economic system that existed in medieval Europe, and while it did involve some collective ownership of resources, it is not a modern economic system.

Question 11

Which of the following countries is currently ruled by a monarchy?

Accepted Answer

Saudi Arabia is currently ruled by a monarchy, with King Salman bin Abdulaziz Al Saud serving as the current monarch. The United States, France, and Italy are all republics with elected officials as the head of state.

Question 12

Which type of economic system has government working closely with large, privately owned companies?

Accepted Answer

In a state capitalist system, the government works closely with large, privately owned companies to achieve economic development goals. The government may provide subsidies, tax breaks, or other incentives to these companies in exchange for their cooperation in achieving these goals. This type of economic system is sometimes characterized as a merger of capitalist and socialist economic principles, as the government uses its regulatory powers to steer the economy towards certain outcomes. State socialism, on the other hand, involves direct government ownership of the means of production and planning of the economy, while social welfare and state welfare refer to systems that provide government assistance and services to support the well-being of citizens.

Question 13

Which type of political system, by definition, denies popular participation in government?

Accepted Answer

Authoritarianism is a system of government where a single leader or a small group exercises absolute and centralized power, often through the use of force. This type of political system denies the participation of the general public in government decision-making processes.

Question 14

You probably approve of the operation of Wal-Mart if you support

Accepted Answer

Wal-Mart is a large corporation operating in a capitalist economy. Supporting Wal-Mart would indicate a preference for pure capitalism, as opposed to pure socialism or local, family-owned businesses.

Question 15

In a socialist economy,

Accepted Answer

In a socialist economy, there is a collective orientation that teaches people to be motivated by serving the common good, rather than self-interest. The emphasis is on the community as a whole, rather than individual gain. The means of production are typically owned by the state, or by the workers themselves, rather than by private individuals. Therefore, option C is the most accurate answer.

Question 16

Capitalism is an economic system in which natural resources and the means of producing goods and services are

Accepted Answer

Capitalism is a system where the means of production such as factories, machinery, and natural resources are privately owned and operated for profit.

Question 17

In the United States

Accepted Answer

The United States has a capitalist economic system, which means that corporations are the primary drivers of economic activity. The government plays a role in regulating and facilitating economic activity, but the majority of production occurs in the private sector. Additionally, the government provides various forms of assistance to corporations, including tax breaks, subsidies, and regulatory support, in both times of crisis and regular economic conditions.

Question 18

Which term refers to businesses with a legal existence, including rights and liabilities, apart from those of their members?

Accepted Answer

A corporation is a legal entity separate from its owners, with its own rights and liabilities. This means that if the corporation owes debts or is sued, the shareholders are generally not personally responsible for those liabilities. Family businesses and conglomerates are not necessarily legal entities with separate rights and liabilities, and interlocking directorates refer to a situation where several corporations have the same people serving on their boards of directors.

Question 19

The social institution that organizes the production, distribution, and consumption of goods and services is

Accepted Answer

The economy is the social institution that organizes the production, distribution, and consumption of goods and services. Government, politics, and religion may play a role in the economy, but they are not the primary institution responsible for organizing economic activity.

Question 20

Which of the following concepts refers to a political system in which power is exercised by the people as a whole?

Accepted Answer

Democracy is a political system where power is held by the population either directly or through elected representatives. Aristocracy refers to a system where power is held by a noble or aristocratic class. Authoritarianism is a system where power is held by a single person or small group, without the input or consent of the wider population. Monarchy is a system where power is held by a monarch or royal family.

Quiz 10: Economy and Politics