Theories of Economic Sociology

Description: Theories of Economic Sociology Quiz
Number of Questions: 15
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Tags: economic sociology social movements collective behavior sociology
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Which theory emphasizes the role of social networks and institutions in shaping economic behavior?

  1. Rational Choice Theory

  2. Institutional Theory

  3. Marxian Theory

  4. Symbolic Interactionism


Correct Option: B
Explanation:

Institutional Theory emphasizes the role of social networks and institutions in shaping economic behavior by providing a framework of rules, norms, and values that influence individuals' economic decisions.

According to Marxian Theory, what is the primary driver of economic change?

  1. Technological Innovation

  2. Class Struggle

  3. Consumer Demand

  4. Government Intervention


Correct Option: B
Explanation:

Marxian Theory posits that economic change is primarily driven by class struggle between the bourgeoisie (owners of capital) and the proletariat (working class), leading to the transformation of economic systems.

Which theory focuses on the symbolic meanings and interactions associated with economic behavior?

  1. Rational Choice Theory

  2. Institutional Theory

  3. Marxian Theory

  4. Symbolic Interactionism


Correct Option: D
Explanation:

Symbolic Interactionism emphasizes the symbolic meanings and interactions associated with economic behavior, arguing that individuals' economic decisions are shaped by their interpretations of the social world and their interactions with others.

According to Rational Choice Theory, individuals make economic decisions based on:

  1. Social Norms

  2. Cultural Values

  3. Personal Preferences

  4. All of the Above


Correct Option: C
Explanation:

Rational Choice Theory assumes that individuals make economic decisions based on their personal preferences and self-interest, seeking to maximize their utility or satisfaction.

Which theory emphasizes the role of culture and values in shaping economic behavior?

  1. Rational Choice Theory

  2. Institutional Theory

  3. Marxian Theory

  4. Cultural Theory


Correct Option: D
Explanation:

Cultural Theory emphasizes the role of culture and values in shaping economic behavior, arguing that individuals' economic decisions are influenced by their cultural beliefs, norms, and practices.

According to Institutional Theory, institutions:

  1. Constrain Economic Behavior

  2. Facilitate Economic Exchange

  3. Both A and B

  4. None of the Above


Correct Option: C
Explanation:

Institutional Theory posits that institutions both constrain economic behavior by providing a framework of rules and norms, and facilitate economic exchange by reducing transaction costs and providing a stable environment for economic activity.

Marxian Theory predicts that capitalism will eventually be replaced by:

  1. Socialism

  2. Communism

  3. Anarchy

  4. Feudalism


Correct Option: A
Explanation:

Marxian Theory predicts that capitalism will eventually be replaced by socialism, a system in which the means of production are collectively owned and controlled, leading to the elimination of class divisions and exploitation.

Which theory emphasizes the role of social movements and collective action in shaping economic outcomes?

  1. Rational Choice Theory

  2. Institutional Theory

  3. Marxian Theory

  4. Resource Mobilization Theory


Correct Option: D
Explanation:

Resource Mobilization Theory emphasizes the role of social movements and collective action in shaping economic outcomes by examining how social movements mobilize resources, such as money, people, and expertise, to achieve their goals.

According to Rational Choice Theory, individuals are assumed to be:

  1. Rational and Self-Interested

  2. Emotional and Irrational

  3. Altruistic and Cooperative

  4. None of the Above


Correct Option: A
Explanation:

Rational Choice Theory assumes that individuals are rational and self-interested, seeking to maximize their utility or satisfaction in their economic decisions.

Which theory emphasizes the role of power and inequality in shaping economic outcomes?

  1. Rational Choice Theory

  2. Institutional Theory

  3. Marxian Theory

  4. Power and Inequality Theory


Correct Option: D
Explanation:

Power and Inequality Theory emphasizes the role of power and inequality in shaping economic outcomes, arguing that economic systems are structured to benefit the powerful and perpetuate inequality.

According to Institutional Theory, institutions are:

  1. Social Constructs

  2. Natural Phenomena

  3. Divine Creations

  4. All of the Above


Correct Option: A
Explanation:

Institutional Theory posits that institutions are social constructs created by humans to organize and regulate social life, including economic activity.

Marxian Theory predicts that the working class will eventually:

  1. Overthrow the Bourgeoisie

  2. Become the Bourgeoisie

  3. Form an Alliance with the Bourgeoisie

  4. None of the Above


Correct Option: A
Explanation:

Marxian Theory predicts that the working class will eventually overthrow the bourgeoisie through class struggle, leading to the establishment of a socialist society.

Which theory emphasizes the role of social networks and trust in shaping economic behavior?

  1. Rational Choice Theory

  2. Institutional Theory

  3. Marxian Theory

  4. Social Network Theory


Correct Option: D
Explanation:

Social Network Theory emphasizes the role of social networks and trust in shaping economic behavior, arguing that individuals' economic decisions are influenced by their social connections and the trust they have in others.

According to Rational Choice Theory, individuals make economic decisions based on:

  1. Complete Information

  2. Limited Information

  3. Perfect Information

  4. None of the Above


Correct Option: B
Explanation:

Rational Choice Theory assumes that individuals make economic decisions based on limited information, as they cannot have perfect knowledge of all relevant factors.

Which theory emphasizes the role of emotions and feelings in shaping economic behavior?

  1. Rational Choice Theory

  2. Institutional Theory

  3. Marxian Theory

  4. Economic Psychology


Correct Option: D
Explanation:

Economic Psychology emphasizes the role of emotions and feelings in shaping economic behavior, arguing that individuals' economic decisions are influenced by their psychological states, such as fear, greed, and optimism.

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