Spring 2024 Midterm Review

Neoclassical economics holds the belief that humans are inherently _______.

• Skeptical

• Kind

• Self-Interested

• Trusting

Which is not true about the economic sociology perspective?

• Humans are not rational

• Actions are constrained by income, time, imperfect memory, opportunity, discrimination, morals, preferences, attitudes, etc.

• The government and the economy should be intertwined.

• Human behavior can be predicted

What is the concept called that states governments should refrain from interfering in the workings of the free market?

Also, what perspective believes that government should have little involvement?

• Ceteris Peribus- economic sociology

• Laissez Faire- economic sociology

• Ceteris Peribus- neoclassical economics

• Laissez Faire- neoclassical economics

________ Theory is attributed to Karl Marx who believed that there is an inherently antagonistic relationship between the proletariat and the bourgeoisie.

__________ is when workers are forced to sell their labor power to capitalists for less than the full value of what they produce.

• Isolation

• Devaluation

• Alienation

• Exploitation

_______ is when a worker is made to feel foreign to the products of their labor.

Which perspective says society functions like a body?

• Conflict Theory

• Structural Functionalist

• Feminist

• Institutionalist

This perspective stresses external influences and constraints- such as legal, political, and cultural aspects of the environment.

• Institutionalist

• Structural Functionalist

• Feminist

• Conflict

__________ is the idea that economic behavior is not governed by traditional economic rationality. Instead it is affected by the social world around us.

Which is not a fictitious/false commodity? (Polanyi)

• Land

• Labor

• Time

• Money