Quiz 11: The Economy and Politics

Economy: The economy is a social institution that determines the way the society produces, consumes, and distributes goods and services. Politics: Politics is the social institution through which the people in the society make decisions, and exercise power and authority. Statement: Capitalism is the system in which the trade of a particular country is controlled by the private owners rather than the government. Monopoly refers to the domination of a particular industry by one person or a firm. Oligopoly is the domination of the market by few large producers or suppliers. Socialism is the system that is based on the public ownership of production of goods and services. Hence, options (a), (b), and (d) are wrong. Justification: Oligopoly is the market system in which few large producers and suppliers dominate the market. Hence, the option is correct.

Economy: The economy is a social institution that determines the way the society produces, consumes, and distributes goods and services. Politics: Politics is the social institution through which the people in the society make decisions, and exercise power and authority. Statement: Interlocking directorate is the situation in which an individual serves as the board of director for many companies. A transnational Corporation is a company that has its base in one country and operates across international boundaries. A conglomerate is the corporation that owns several companies in several industries. Monopoly refers to the domination of a particular industry by one person or a firm. Hence, option (b), (c), and (d) are right. Justification: Person F serves as the board of director for several companies. It is required to find the status of Person F from the given options. Interlocking directorate is the situation in which an individual serves as the board of director for many companies. Hence, the option is correct.

Economy: The economy is a social institution that determines the way the society produces, consumes, and distributes goods and services. Politics: Politics is the social institution through which the people in the society make decisions, and exercise power and authority. Statement: In 1960s, there was a surge in women employment. Many factors influenced the women in the work force, which are the growth of educated women, job opportunities, increase in the working single mother, cost of home ownership, and requirement of two incomes for a family. These are the factors, which influences the women in the work force in twentieth century. Hence, options (b), (c), and (d) are wrong. Justification: Fall in the wages of men is not the factor that influenced the increase of women in the labor work force. Hence, the option is correct.