SOCY 1000 Final Exam 5 McConnell (Economy) Questions and Answers 2026 Updated.

1. Greater demand for inexpensive products and various services are characteristics of what? - Answer Consumer society 2. The Sherman Antitrust Act was to put an end to what form of capitalism? - Answer Monopoly Capitalism 3. What kind of economy is based only on the use value of goods? - Answer Subsistence Economy 4. High inequality results in what form of capitalism? - Answer Corporate capitalism 5. The former Soviet Union established an economy of what type? - Answer State Bureaucratic Socialism 6. What is an economy in which goods are produced for both use value and exchange value, but where there is no labor market? - Answer Simple Market Economy 7. Mass production of homogeneous goods on an assembly line for a mass market is what? - Answer Fordism 8. An economy in which the state arbitrates between corporations and labor unions is what? - Answer Simple Market economy 9. A worker who somehow reorganizes some aspect of a client's experience is working where? - Answer Service sector 10. The principles of scientific management were developed in what? - Answer ?? The Principles of Scientific Management (1911) is a monograph published by Frederick Winslow Taylor. This laid out Taylor's views on principles of scientific management, or industrial era organization and decision theory. Taylor was an American manufacturing manager, mechanical engineer, and then a management consultant in his later years. The term "scientific management" refers to coordinating the enterprise for everyone's benefit including increased wages for laborers[1] although the approach is "directly antagonistic to the old idea that each workman can best regulate his own way of doing the work."[2] His approach is also often referred to as Taylor's Principles, or TAYLORISM.