Sociology final

Because the United States uses the gold standard to back its currency, the American dollar is the most valued currency.

False

Changing trends in the world's largest corporations indicate that the U.S. is losing economic power while China is gaining dominance

False

Convergence theory suggests that the two economic systems of capitalism and socialism will grow further and further apart, which will lead to international mistrust and trade wars.

False

Although socialism is ideologically in conflict with capitalism, a number of programs operating in the United States could be classified as socialistic.

True

Conspicuous consumption has replaced the Protestant ethic in most industrialized nations.

True

Currency and deposit receipts represent stored value, meaning that there are goods stored and held in reserve to back up and provide value for it.

True

In theory, socialists believe that profit is immoral and that capitalists create social inequality and exploit poorly paid workers.

True

Until 1937, the buying power of the American dollar was relatively constan

True