Multiple Choice Questions Leave essay ques. 35 and 36 blank on your scantron form.

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1 Globalism/Cultures Quiz 3 Robbins 2013 C. Milner-Rose Chapter 3: Globalization, Neo-Liberalism & the Nation-State Multiple Choice Questions Leave essay ques. 35 and 36 blank on your scantron form. 1. The wealthiest 20 percent of the world s people annually accounts for approximately what percentage of total private consumption? a) 64 percent b) 86 percent c) 47 percent d) 66 percent 2. What material symbol defines what is important in life for most people in Europe and the United States? a) Drama and music b) Food c) Money d) Kin 3. How does commodity money differ from exchange money? a) Exchange money has intrinsic value. b) Commodity money is actually a barter system. c) Exchange money requires more than two parties. d) Commodity money has some intrinsic value. 4. For an economy to grow, there has to be a) a paper currency that makes a claim to economic value. b) a paper currency backed by either gold or silver. c) a constant transfer of things and activities into the monetary sphere. d) a process of capital conversion. 5. What percentage of money circulating in the United States exists as bills and coins? a) 45 to 50 percent b) 5 to 10 percent c) 75 percent d) 25 to 30 percent 6. Why is perpetual economic growth necessary in a modern market economy? e) Because the world s population continues to increase. f) Because citizens now expect a constantly rising living standard. g) Because the constant creation of debt money requires the creation of additional money to cover interest payments. h) Because the money supply is generally stable. 1

2 7. Social capital resides in i) solidarities people working together for the common good. j) government sanctioned community services. k) bowling alleys and fraternal lodges. l) situations in which debt money is backed by a community. 8. How are objects and activities transformed into commodities in a modern market economy? m) Through laws n) Through social norms and values o) Through rules and regulations p) All of the above 9. According to Robert Putnam, the main reason for a decline in social capital in the United States is a) the replacement of a civic-minded generation with less active citizens. b) increased personal wealth. c) a decline in average family size. d) the Internet. 10. Much of the economic growth in core countries over the past fifty years is a result of what key process? a) The increased number of women in the workforce b) A rapid increase in immigration c) The transfer of social capital-rich activities into market activities d) The U.S. decision to end the gold standard 11. According to Karl Polanyi, what has been one of the major historical issues since the nineteenth century? a) The issue of democracy versus growth b) Balancing a desire to allow market forces to shape society and using state regulations to minimize social problems caused by market forces c) Preventing major industrialists from becoming too rich d) Maintaining a clean environment 12. How do neoliberals view government? q) Governments are able to gather sufficient information to solve most social problems. r) Government intervention, while not necessarily effective, is needed for social stability. s) Government action should be limited to guaranteeing property rights and public security. t) Government efforts to shape economic policy should focus on trade. 13. Economist John Maynard Keynes advocated a policy of using government to a) operate in a framework of strong property rights, free markets, and free trade. 2

3 b) regulate the economy through its spending, tax policies, interest rates. c) control markets and the flow of goods using tariffs and military control. d) open up economic markets in non-industrial countries through the use of military force. 14. The goal of the World Trade Organization is to a) protect and defend its members. b) regulate currency transactions between countries. c) ensure the free flow of goods and services across national boundaries. d) approve projects related to economic development. 15. The automobile is essential to the U.S. economy. It accounts for a) 8% of the GNP. b) 4% of the GDP. c) 14% of our GDP. d) 4% of the GNP. 16. The car expresses a) American ideals of money and sexuality. b) the American values of thrift and conservative consumption. c) nothing, it is a utilitarian device to move people from point A to point B. d) the American values of self-reliance, freedom, individualism, and progress. 17. The total consequence of the automobile, from production, to roads, to health issues (including fatalities), to securing access to cheap oil through military intervention has a) increased our efficiency in this mode of transport by 68% in the past 40 years. b) allowed us to travel 20 miles an hour faster than on a bicycle. c) narrowed the economic and class disparities during the 20 th century. d) enriched American lives and total prosperity and lowered unemployment rates. 18. How can governments avoid responsibility for domestic environmental concerns? a) Displace regulatory power onto global governance institutions such as the WTO b) Remove all regulations on corporate practices c) Curtail press freedoms d) Encourage global activism 19. According to the author, what contributed to the rise of the Iraqi insurgency following the 2003 U.S. invasion? a) Resentment at their defeat b) Latent support for Saddam Hussein c) The imposition of neoliberal economic policies on Iraq d) Unhappiness at the slow pace of economic reform 20. How do neoliberal policies stimulate dissent in developing countries? a) They limit government regulation of the environment. b) They limit government social programs. 3

4 c) They encourage manufacturers to seek cheaper labor. d) All of the above 21. Lending money at interest the most basic form of making money with money--. a) emerged with the Dutch in the late 15 th and early 16 th centuries. b) defined in the Bible as well as the Qur an as usury and is explicitly banned. c) is the basis for our modern financial system on Wall Street and other markets.. d) all of the above. 22. When the Dutch invented investing, using money to make money through purchasing shares or stock, one commodity was a) the house mortgage. b) the tulip. c) horse drawn cart manufacture. d) the wooden shoe. 23. "WTO" stands for a) World Tribal Organization b) World Trade Organization c) Wisconsin Trade Organization d) Wrestling Traditions Organization 24. When you buy a car, which of these costs is externalized? a) The manufacturing cost b) The retailer s cost c) The cost of a public road system d) Licensing fees 25. Corporate hog production facilities are a) less efficient than family-owned hog farms. b) more environmentally friendly than family-owned farms. c) more damaging to social and economic well-being in rural communities. d) Both a and b True/False Questions 26. For most people in the United States, money is the main means by which they can get what they need and want. 27. Markets are relatively new. 28. Some large corporations have annual revenues greater than many countries G.N.P. 29. The lack of a car is a major reason for unemployment among blacks. 4

5 30. Neoliberals generally argue that state intervention in economic activity should be eliminated. 31. The World Trade Organization (WTO) works through non-governmental organizations to ensure that nations comply with universal health, environmental, and labor standards. 32. In the hog hotel controversy, community residents embraced the opportunity for profits from the factory system of pork production 33. The shift to neoliberal economic policies in the United States has seen a revival of citizen involvement in social, labor, religious, and volunteer organizations. 34. The current economic crisis has more to do with the internal logic of our economic system particularly the need for perpetual growth and the constant return on capital than it does anything else. 35. Short Answer Questions worth 2 pts each. a. Explain the ideological values of neoliberalism. [pp ] b. In what ways are states guardians of national economy? [p. 100] c. Describe the idea of hidden costs using an automobile as an example. [pp ] c. Explain how a T-Shirt travels. [pp ] d. Describe the Dutch development of making money from money. [pp ] e. How does the WTO ensure free trade between nations? [pp ] f. What are the market externalities of hog hotels? [p. 123] g. Name three activities that have been transformed from social capital into market services during your lifetime. [p. 98] h. What is meant by free trade? [pp ] i. Explain why a market economy requires constant increases in productivity. [p. 90] 36. Essay Questions - grade by letter a. What is the difference between paper money and credit money? [p. 91] 5

6 b. Why does different access to wealth and resources create social stratification? [pp ] c. Explain how global institutions such as the WTO can limit environmental safeguards imposed by elected governments. [pp ] d. How have large multinational corporations been able to use their power to influence nation-states to look out for their interests? [pp ] e. What are the similarities between the Dutch tulip collapse of 1636 and the American (then global) housing bubble of 2007? [pp ] f. What international factors contributed to the financial collapse beginning in 2007? [p. 119] Annual Editions: Article #12 Ties that Bind KEY TERMS AND TOPICS Moqui -- Hopi. Pahos -- prayer-sticks. Kikmongwi -- Hopi for village chief. Kinship -- reciprocal family ties, which frame the great majority of human social activity. 37. As noted in "Ties that Bind," the Hopi typically divide their work according to a. age. b. skill level. c. gender. d. interest. 38. Among the Hopi, as indicated in "Ties that Bind," clan heads and chiefs of religious societies a. are typically worse off materially than the average member of the clan. b. expect others to create ritual gifts for them on a weekly basis. c. establish heads of household by gender-neutral design. d. receive land as payment for their roles as elders of the clan. 39. As discussed in "Ties that Bind," as in strict barter, an exchange in Hopi culture that begins by making a gift to someone a. causes immediate concern among the neighboring villages. b. brings about a round of celebrations. 6

7 c. requires relatives to honor the commitments expressed by the gift giving. d. does not involve money, but does require reciprocity. 40. As related in "Ties that Bind," work done by men among the Hopi such as farming and harvesting of crops, is perceived as a gift to the women. (T/F) 41. As noted in "Ties that Bind," so averse are the Hopi to material accumulation that in May 2004 they voted against casino gambling. (T/F) 42. The diplomatic packet sent to President Millard Fillmore by the Hopi in 1852 was meant as a. a message of their intent. b. a gift to engage him in a mutually beneficial exchange c. a means to open a diplomatic exchange d. all of the above 43. Which of the following is true of the Hopi lifestyle? a. Men control the material economic life. b. Women control the ritual and spiritual aspects of life. c. Individuals gain their social positions not through material wealth, but through gender and kinship relations. d. All of the above are true. 44. Which of the following is true of the gift-based system of the Hopi? a. Reciprocity is not expected. b. It develops interconnectedness between individuals that outright purchases cannot. c. It is an economic act which does not involve the religious or spiritual realm. d. Kinship relationships are irrelevant. 45. Among the Hopi, the words to give (maqa), to barter or trade (huuya), and to buy (tu I) were all created as a result of European influence. (T/F) Annual Editions #13. CELL PHONES, SHARING, AND SOCIAL STATUS IN AFRICAN SOCIETY, By DANIEL JORDAN SMITH KEY TERMS AND TOPICS The fire that consumes money -- the vernacular name for the cell phone, which expresses ordinary citizens frustrations with the perceived costs of cell phone calls. Flashing calling the recipient s line and allowing the phone to ring just once so that the incoming number is displayed to the recipient, but the caller hangs up. 7

8 This saves the cost of a phone call in the hope that the recipient has enough credit to call back. Generalized reciprocity - the sharing and exchange of consumable commodities over time rather than trading equivalences at one point in time. Demonetization of cell phone credit the conversion of cell phone credit from money into a commodity that carries a more social definition. 46. Which of the following aspects of cell phone etiquette can be interpreted as stinginess in Nigeria? a. Too much text messaging. b. Failure to call back after a friend has flashed. c. An unwillingness to share phone credit. d. All of the above. 47. According to Daniel Jordan Smith, the vast majority of cell phone users in Nigeria make calls that are a. of a business nature. b. equivalent to a friendly visit. c. of an emergency nature. d. for making appointments with doctors, dentists, and other professional services. 48. Nigerians see cell phone credit as something like money, to be kept to oneself, rather than like food and drink, which should be shared. (T/F) 49. In Nigeria, the cell phone has become a means for a. maintaining communication between family and friends separated by long distances. b. symbolizing social status. c. carrying out generalized reciprocity. d. all of the above. SHORT ANSWER OPTIONS pick one- 2pts. 50a. As set out in "Ties that Bind," what is distinctive about Hopi custom? 50b. As disclosed in "Ties that Bind," what value did the Hopi place on gems& minerals? 51a. How does the interpretation of one s behavior around sharing cell phone credit relate to issues of inequality and social status in Nigeria? 51b. How do Nigerians conceptualize cell phone credit as money to be held privately or as a commodity to be shared? 8