Question 1

Which of the following best describes the concept of GDP (Gross Domestic Product)?

Accepted Answer

The total monetary value of all finished goods and services produced within a country's borders in a specific time period.

Question 2

A society where the means of production are privately owned, market competition is encouraged, and profit is a primary motive is best described as:

Accepted Answer

Capitalism

Question 3

Which economic system is characterized by collective ownership of property, cooperation, and the absence of a profit motive?

Accepted Answer

Socialism

Question 4

In which type of economy does the government combine private ownership, market competition, and regulation of programs and services?

Accepted Answer

Mixed economy (welfare capitalism)

Question 5

A corporation that owns a collection of companies in different industries, often through mergers, is known as:

Accepted Answer

Conglomerate

Question 6

Which of the following best illustrates an interlocking directorate?

Accepted Answer

Board members of General Electric also sit on the boards of Johnson & Johnson, Home Depot, and Kellogg.

Question 7

Which process describes the reduction of industrial activity in a society, often due to automation and globalization?

Accepted Answer

Deindustrialization

Question 8

Offshoring is best defined as:

Accepted Answer

Sending work or jobs to another country to cut a company’s costs at home.

Question 9

Which of the following is NOT a characteristic of the gig economy in the United States?

Accepted Answer

Most jobs pay enough to let workers save or get ahead.

Question 10

Which factor has contributed to the increase of women in the workplace?

Accepted Answer

Higher costs of homeownership

Question 11

A government that controls every aspect of people’s lives, often using secret police and military intimidation, is best described as:

Accepted Answer

Totalitarianism

Question 12

Which political system is characterized by power based on heredity and legitimized by tradition and religion?

Accepted Answer

Monarchy

Question 13

Which scenario best exemplifies legitimate power?

Accepted Answer

The governor has power over the state because she was elected.

Question 14

A transnational conglomerate is best defined as:

Accepted Answer

A corporation that owns a collection of different companies in various industries in a number of countries.

Question 15

Which of the following is a function of a political party in the United States?

Accepted Answer

Organizing elections

Question 16

Which of the following best describes the role of a lobbyist?

Accepted Answer

A person hired by a special-interest group to influence legislation on the group’s behalf.

Question 17

Which scenario best illustrates crony capitalism?

Accepted Answer

The government provides tax breaks, subsidies, and grants to wealthy people and large corporations.

Question 18

Which of the following is a characteristic of democracy?

Accepted Answer

Universal suffrage with free, fair, frequent, and secret elections.

Question 19

Which of the following best describes the concept of authority in sociology?

Accepted Answer

The legitimate use of power.

Question 20

A study analyzing gender inequality in health benefits is most likely using which sociological perspective?

Accepted Answer

Conflict theory

Economy and Politics: Sociological Perspectives and Systems

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