Chapter 7 Student Quiz 2

. Neoclassical economic theory argues that

conflicting interests of two classes are one of the outcomes of capitalism.

symbols and morals are important in the understanding of a society's economy.

the daily transactions people actually engage in to get what they need or desire are the "substance" of the economy.

people make decisions to allocate resources such as time, labor, and money in order to maximize their personal satisfaction.

. Substantivist economic theory argues that

the daily transactions people actually engage in to get what they need or desire are an important part of the economy.

symbols and morals are important in the understanding of a society's economy.

conflicting interests of two classes are one of the outcomes of capitalism.

people make decisions to allocate resources such as time, labor, and money in order to maximize their personal satisfaction.

. Cultural economic theory argues that

symbols and morals are important in the understanding of a society's economy.

conflicting interests of two classes are one of the outcomes of capitalism.

the daily transactions people actually engage in to get what they need or desire are the "substance" of the economy.

people make decisions to allocate resources such as time, labor, and money to maximize their personal satisfaction.

. What is the social institution in which people come together to buy and sell goods?

value

money

currency

markets

. The cooperative organization of work into specialized tasks and roles is

the division of labor.

Marxism.

the domestic market.

inequality.

. The economic system based on private ownership of the means of production, in which prices are set and goods distributed through a market, is

Marxism.

socialism.

consumer culture.

capitalism.

. The point of the Kula exchange is to

get what people needed to survive.

barter.

gain prestige.

trade farm goods for ocean goods.

. Value is

the relative worth of an object.

the process of taking possession of an object.

the act of using and assigning meaning to a good, service, or relationship.

a mass-produced and impersonal good with no meaning or history.

. Obligation is a key element of

market capitalism.

consumption.

balanced reciprocity.

gift giving.

. __________ argued that gift exchange is based on obligation.

Marcel Mauss

Eric Wolf

Bronislaw Malinowski

Ruth Benedict

. When a grandparent gives a grandchild a birthday present, they are engaging in __________ reciprocity.

balanced

generalized

negative

positive

. An economic anthropologist would be most interested in which of the following research projects?

predicting the financial choices of retired people in the suburbs

analyzing the boom and bust cycle of housing prices in low income neighborhoods

the way people assign value to visual art in high end art galleries

looking at global market trends to predict the success of a new multinational media conglomerate

. The cooperative organization of work into specialized tasks and roles is known as a(n)

division of labor.

economic system.

market order.

spheres of exchange.

. According to Adam Smith, which form of economics most reflects human nature?

market exchange

socialism

communism

gift exchange

. Cultural economists are interested in which perspective on economics?

emic

etic

rational

irrational

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