ISBN-13: 9780205961054 978-0205961054
PART III: TEST QUESTIONS
(KEY AND PAGE GUIDE TO ANSWERS TO SHORT ANSWER QUESTIONS FOLLOWS).
INTRODUCTION TO PART 1:
TRUE OR FALSE QUESTIONS
1. The relations between capitalists, laborers, and consumers, are tied together by the pursuit of money.
2. The culture of capitalism is best thought of as the interactions among consumers, laborers, capitalists and the nation-state tied together by the pursuit of money.
3. Money is best conceptualized as simply a standardized means of exchange.
4. GDP is a measure of the value of all goods and services produced and sold over a given period of time.
5. Credit money requires backing by some commodity of recognizable value.
6. The U.S. Federal Reserve was created to limit control and stabilize the money supply.
MULTIPLE CHOICE QUESTIONS:
1. Commodity or fiat money is __________.
a) backed by nothing more than the guarantee of the state
b) backed by the promise of banks to exchange it for gold
c) a kind of money first used by the indigenous peoples of Oceania
d) refers only to money contained in checking accounts
2. Bills and coins make up about __________.
a) 50-60% of the total money supply
b) 5-10% of the total money supply
c) 100% of the money supply
d)15-20% of the money supply
SHORT ANSWER OR ESSAY QUESTIONS
1. How has money functioned to maintain perpetual economic growth?
2. What is the difference between commodity money and fiat money, and why is the distinction important?
3. Discuss the reasons why credit money may be seen as a modern-day philosopher’s stone.
4. How does the economy work to convert nonmonetary goods into goods and services that money can buy?
CHAPTER 1: CONSTRUCTING THE CONSUMER
TRUE OR FALSE QUESTIONS
1. In a capitalist culture, people have an innate drive to accumulate goods and it is this which drives them to work hard.
2. Prior to the early twentieth century, the American culture emphasized frugality and people were expected to save their money, only buying necessities. Consumerism is a product of the twentieth century.
3. The concept of “fashion” revolutionized marketing by creating a desire to replace owned goods with new goods because of a wish to be “up-to-date” rather than because of necessity or wear.
4. In the culture of capitalism, the story of Santa Claus is an idealization of all facets of capitalism, depicting an idealist view of the consumer, the laborer and the capitalist as a happy coalition of benevolence.
5. Children’s literature has not been able to be used as an instrument to create the impulse to consume as children tend to look for moral lessons in their stories.
MULTIPLE CHOICE QUESTIONS
1. As part of a healing ceremony, Navajo sandpainters created a representation of the universe in order to help the ill return to his/her proper place in the world. In capitalism, contemporary sandpainters __________.
a. are consumers who have been induced to purchase commodities by people such as advertisers, entertainers, marketing specialists and others in a capitalist culture
b. are those in the society who create a consumer society in which buying commodities becomes the duty of the consumer
c. express values through stories and chants associated with their cultural heritage in an attempt to restore harmony to the world
d. are expressionist artists
2. The foundation for the construction of the consumer was laid in the 1890’s as a result of __________.
a. urbanization which created a need to buy goods
b. the movement of settlers into the Western territories creating a need for goods to take with them
c. the evolution of the department store as a place to display goods
d. the display of bulk goods
3. An important feature in the creation of the consumer society helped to “mask the inequality, poverty, and labor conflict” which was occurring at the turn of the century. This feature was __________.
a. the discounting of prices by means of weekly sales
b. service, which made the consumer feel like a guest
c. the development of chain stores which allowed all consumers access to such stores
d. attention to detail
4. Disney has created the ultimate Mecca of consumerism. The Disney kingdoms have rewritten history as “it should have been” and created fantasy lands where the imagination can soar. Disney __________.
a. is a place designed for the entertainment of children
b. separates the consumer from the negative side of capitalism
c. is a universal attraction, designed for all people regardless of income
d. separates money from profit
5. India and China, the two most populous countries on earth __________.
a) are rapidly being converted into consumer societies
b) are still unable to supply their citizens with consumer goods
c) are attempting to become consumer societies, but have economic growth rates well below the wealthy countries
d) have consciously rejected the consumer model of economic growth
SHORT ANSWER AND/OR ESSAY QUESTIONS
1. The culture of capitalism encourages the __________ to accumulate profit, the __________ to accumulate wages and the __________to accumulate goods.
2. What is meant by “the arousal of free-floating desire”?
3. In what ways did 1) educational and cultural institutions, 2) government agencies and 3) financial institutions of American society adapt their functions to promote consumption?
4. Discuss the relationship between the story of the Wizard of Oz and consumerism.
5. What is meant by the term “kinderculture”?
6. Within a period of approximately thirty years, children’s lives changed dramatically. They went from being workers to the pillars of the consumer economy. How did this change occur?
7. What is some of the evidence that China and India are quickly adopting the culture of capitalism?
CHAPTER 2: THE LABORER IN THE CULTURE OF CAPITALISM
TRUE OR FALSE QUESTIONS
1. The capitalist’s view of money is similar to that of the Colombian peasant in that both views exhibit a belief that money has a life of its own.
2. Migration became an important factor in the development of capitalism because it kept the cost of labor low.
3. In the culture of capitalism, ethnic and racial groups were unified because they were all part of the laboring class.
4. The theories of Karl Marx formed the basis for socialism and served as a blueprint for union organizers.
5. Factories which have moved their assembly operations from core to peripheral countries have brought about the entrance into the labor market of young women because traditionally women in these countries work harder than men.
MULTIPLE CHOICE QUESTIONS
1. The laborer, a person who survives by selling his or her labor __________.
a. has been the basis of all economies throughout history
b. exists only in capitalist societies and plays no part in socialist societies
c. is historically a recent phenomenon evolving from the growth of capitalism
d. is no more than a shill in the capitalist system
2. It is imperative to keep the cost of production as low as possible in order to maximize profits because __________.
a. investors must receive a high return as an incentive to not take their money elsewhere
b. enterprises must assure enough profit to reward laborers
c. it allows them to create new markets in peripheral countries by paying workers higher wages which allow them to purchase the products they produce
4. they can be used for necessary environmental cleanup
3. The working class which emerged from the British economy was unlike any before it because __________.
a. it received a fair share of the profits produced by their labor
b. it was mobile, segmented by various characteristics, subject to discipline and militant
c. it was made up of free men, unlike previous laborers who were serfs and slaves
d. indentured servants were the earlier labor force