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Economics > 1142 Questions & Blanks > Flashcards

1142 Questions & Blanks Flashcards

1
Q

When economic activity is growing, both ______ and _____ are increasing

A

total output

total income

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2
Q

Of the ingredients necessary for economic growth, __________ provide personal gain for efficient, dedicated workers; ________ includes money and people’s knowledge and expertise; and ______________ has produced changes in goods and the way that they are produced.

A

institutional incentives
investment
technological development

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3
Q

_______ are not predictors but are only rough estimates of what direction an economy is likely to take.

A

Representative indicators

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4
Q

The Employment Act of 1946 requires the U.S. government to _______________

A

create full employment
prevent cyclical employment
control structural employment

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5
Q

When unemployment sinks below the target rate, ______________ and _______________

A

demand exceeds supply

inflation accelerates

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6
Q

When unemployment rises above the target rate

A

supply exceeds demand and

a recession occurs

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7
Q

The unemployment rate is the percentage of people in the labor force who want to work but cannot find a job.

A

.

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8
Q

when calculating the unemployment rate, disregard those in the armed forces

A

.

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9
Q

Members of a stock exchange meet in one place to deal in securities, but _______ exchange bids and ask prices through the NASDAQ system

A

OTC brokers

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10
Q

NASDAQ can handle stock transactions either through the _______ or over the phone

A

computer link

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11
Q

In a/an _________, a smaller firm is purchased by a larger one, which may not take direct control of its operations

A

acquisition

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12
Q

In a/an ____________, the purchasing firm takes direct control over the purchased firm

A

takeover

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13
Q

Hostile/friendly takeover

A

.

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14
Q

A firm that does not wish to be taken over may use the ___________

A

poison pill strategy

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15
Q

Two unrelated firms might merge to _______

A 
benefit from each other's expertise
diversify
get a good buy
prevent a takeover bid
strengthen their political-economic influence
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16
Q

Characteristics of a good manager

A

integrity
allegiance to the firm and its goals
a desire to serve others

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17
Q

Top management- middle management- laborers

corporation pyramid

A

.

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18
Q

The civilian ______ includes adults working for pay or in a family business and those _________

A

labor force

actively seeking work

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19
Q

In a labor market, ______ are the supply, and ______ provide the demand

A

workers

firms

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20
Q

Workers are not paid strictly according to the laws of ______ because economic, social, and political pressures influence the labor market.

A

supply and demand

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21
Q

A desire to participate in _________ may influence one’s job decisions.

A

nonmarket activities

22
Q

Although one assumes that the _____ the wage the greater the quantity of labor supplied, the upwards sloping curve is not always accurate.

A

higher

23
Q

1 Timothy 6:6 teaches that ______

A

Godliness with contentment is great gain

24
Q

______ increases government revenue

A

reducing taxes

25
Q

Government welfare programs may create a _____

A

negative incentive effect

26
Q

Government welfare programs require ______ of those who work

A

higher income taxes

27
Q

Any program that provides assistance based on ______ reduces people’s incentive to work

A

need

28
Q

Demand for labor is a _______ based on demand for a product or service.

A

derived demand

29
Q

When demand for labor increases, wages ______ and the labor supplied ______

A

increase

increases

30
Q

Highly paid jobs tend to require more ______

A

preparation

31
Q

_______ place restrictions on employers, and _______ are organized groups of employees who bargain collectively with their employers

A

Labor laws

Labor unions

32
Q

Some labor laws have __________ and the free-market economy

A

restricted the labor market

33
Q

Labor laws dictate the number of hours one may work in one ______, the minimum ____ of workers, the amount of pay for ______ work, and health and safety conditions in the workplace.

A

day
age
overtime

34
Q

Other labor laws prevent sexual harassment or forbid ________ based on race, religion, sex, age, disability, or national origin.

A

discrimination

35
Q

A _________ law forbids union membership as a requirement for continuing one’s employment.

A

right-to-work

36
Q

Unions in the ____ are organized by industry; those in the ____ are organized by trade.

A

Congress of Industrial Organizations

American Federation of Labor

37
Q

In a _______ union membership is necessary for employment; in a _____ shop, employees must join the union after a certain period of time.

A

closed

union

38
Q

The _____ Act of 1947 limited union activities,prohibited closed shops, and allowed states to pass right-to-work laws to ban union shops.

A

Taft-Hartley

39
Q

Because service industries have overtaken manufacturing in economic importance and
Because unions have successfully pressured legislators to pass laws that protect workers

A

Union membership has been decreasing in recent years

40
Q

Additions to a firm’s capital stock may be in the form of ____ investment or ______ investment.

A

plant and equipment

inventory

41
Q

Investment is affected by:

A

the factors of time
depreciation
sales potential

42
Q

A firm may finance capital investment projects by ______ from outside sources or by using its own funds

A

borrowing

43
Q

In either case of financing capital investment projects, the cost of the investment is the _____ or that it loses on its funds

A

interest the firm must pay

44
Q

When interest rates ______, investment increases.

A

decrease

45
Q

Only the ________ of an investment and the _____ are considered costs for tax purposes.

A

opportunity cost

depreciation of the equipment

46
Q

Government encourages _______ by allowing faster depreciation or lower taxes.

A

increased investment

47
Q

Keynesian economists believe:

A

that government intervention should control economic fluctuations
that society should provide everyone with a job
that structural and cyclical unemployment and more common

48
Q

Classical economists believe:

A

that fluctuations are a natural part of the economy
that every individual is responsible for his own employment
that almost all unemployment is frictional

49
Q

______ must decrease during an economic downturn, but _______ does not necessarily increase

A

Income

unemployment

50
Q

The unemployment rate provides a measure of, and indicates _______ in, the economy.

A

change

51
Q

A firm’s _____ includes its plant and equipment and its inventory

A

capital stock

Economics (12 decks)

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