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Economic Sociology and Institutional Economics

Description: This quiz covers the topics of Economic Sociology and Institutional Economics, exploring the relationship between economic behavior and social institutions.
Number of Questions: 15
Created by:
Tags: economic sociology institutional economics social institutions economic behavior
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Which of the following is a key concept in Economic Sociology?

  1. Social Embeddedness

  2. Rational Choice Theory

  3. Marginal Utility

  4. Perfect Competition

Show answer
Correct Option: A
Explanation:

Social Embeddedness refers to the idea that economic behavior is influenced by social relationships and institutions.

What is the primary focus of Institutional Economics?

  1. The role of institutions in shaping economic outcomes

  2. The behavior of individual consumers and firms

  3. The determination of equilibrium prices

  4. The measurement of economic growth

Show answer
Correct Option: A
Explanation:

Institutional Economics emphasizes the role of institutions in shaping economic behavior and outcomes.

According to Economic Sociology, how do social institutions influence economic behavior?

  1. By providing a framework for economic exchange

  2. By shaping individual preferences and values

  3. By creating social networks that facilitate economic transactions

  4. All of the above

Show answer
Correct Option: D
Explanation:

Economic Sociology argues that social institutions influence economic behavior through a combination of factors, including providing a framework for exchange, shaping preferences, and creating social networks.

What is the concept of path dependence in Institutional Economics?

  1. The idea that economic outcomes are influenced by historical events and institutional arrangements

  2. The tendency for economic systems to evolve in a predictable manner

  3. The belief that economic institutions are always efficient and rational

  4. The assumption that economic behavior is always rational and self-interested

Show answer
Correct Option: A
Explanation:

Path dependence refers to the idea that economic outcomes are shaped by historical events and institutional arrangements, leading to persistent patterns of economic behavior.

Which of the following is an example of an economic institution?

  1. Money

  2. Property rights

  3. The stock market

  4. All of the above

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Correct Option: D
Explanation:

Economic institutions include money, property rights, the stock market, and other formal and informal rules and structures that govern economic behavior.

How do social norms influence economic behavior according to Economic Sociology?

  1. By shaping individual preferences and values

  2. By creating social networks that facilitate economic transactions

  3. By providing a framework for economic exchange

  4. Both A and B

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Correct Option: D
Explanation:

Economic Sociology argues that social norms influence economic behavior by shaping individual preferences and values, as well as by creating social networks that facilitate economic transactions.

What is the concept of institutional isomorphism in Institutional Economics?

  1. The tendency for organizations to adopt similar structures and practices

  2. The idea that economic institutions are always efficient and rational

  3. The belief that economic behavior is always rational and self-interested

  4. The assumption that economic outcomes are influenced by historical events and institutional arrangements

Show answer
Correct Option: A
Explanation:

Institutional isomorphism refers to the tendency for organizations to adopt similar structures and practices, often due to pressures from the environment or from other organizations.

According to Economic Sociology, how do economic institutions shape social relationships?

  1. By creating social networks that facilitate economic transactions

  2. By shaping individual preferences and values

  3. By providing a framework for economic exchange

  4. All of the above

Show answer
Correct Option: D
Explanation:

Economic Sociology argues that economic institutions shape social relationships by creating social networks, shaping preferences and values, and providing a framework for economic exchange.

Which of the following is a key concept in Institutional Economics?

  1. Transaction costs

  2. Rational Choice Theory

  3. Marginal Utility

  4. Perfect Competition

Show answer
Correct Option: A
Explanation:

Transaction costs are a key concept in Institutional Economics, referring to the costs incurred in making economic transactions.

How do institutions reduce transaction costs according to Institutional Economics?

  1. By providing a framework for economic exchange

  2. By creating social networks that facilitate economic transactions

  3. By reducing uncertainty and information asymmetry

  4. All of the above

Show answer
Correct Option: D
Explanation:

Institutional Economics argues that institutions reduce transaction costs by providing a framework for exchange, creating social networks, and reducing uncertainty and information asymmetry.

Which of the following is a type of economic institution?

  1. Government regulations

  2. Social norms

  3. Property rights

  4. All of the above

Show answer
Correct Option: D
Explanation:

Economic institutions include government regulations, social norms, property rights, and other formal and informal rules and structures that govern economic behavior.

What is the concept of economic embeddedness in Economic Sociology?

  1. The idea that economic behavior is influenced by social relationships and institutions

  2. The tendency for economic systems to evolve in a predictable manner

  3. The belief that economic institutions are always efficient and rational

  4. The assumption that economic behavior is always rational and self-interested

Show answer
Correct Option: A
Explanation:

Economic embeddedness refers to the idea that economic behavior is influenced by social relationships and institutions, rather than being solely driven by rational economic calculations.

According to Economic Sociology, how do social institutions shape economic outcomes?

  1. By providing a framework for economic exchange

  2. By shaping individual preferences and values

  3. By creating social networks that facilitate economic transactions

  4. All of the above

Show answer
Correct Option: D
Explanation:

Economic Sociology argues that social institutions shape economic outcomes by providing a framework for exchange, shaping preferences and values, and creating social networks that facilitate economic transactions.

Which of the following is a key concept in Institutional Economics?

  1. Institutional change

  2. Rational Choice Theory

  3. Marginal Utility

  4. Perfect Competition

Show answer
Correct Option: A
Explanation:

Institutional change is a key concept in Institutional Economics, referring to the process by which economic institutions evolve and adapt over time.

What is the concept of path dependence in Institutional Economics?

  1. The idea that economic outcomes are influenced by historical events and institutional arrangements

  2. The tendency for economic systems to evolve in a predictable manner

  3. The belief that economic institutions are always efficient and rational

  4. The assumption that economic behavior is always rational and self-interested

Show answer
Correct Option: A
Explanation:

Path dependence refers to the idea that economic outcomes are shaped by historical events and institutional arrangements, leading to persistent patterns of economic behavior.

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