Ch-9

Question 0

Equilibrium Wage

Answer 0

The wage rate that produces neither an excess supply of workers nor an excess demand for workers in the labor market

Question 1

Productivity

Answer 1

Value of output produced

Question 2

Unskilled Labor

Answer 2

Labor that requires no specialized skills, education, or training

Question 3

Semi-Skilled Labor

Answer 3

Labor that requires minimal specialized skills and education

Question 4

Skilled Labor

Answer 4

Labor that requires specialized skills and training

Question 5

Professional Labor

Answer 5

Labor that requires advanced skills and education

Question 6

Glass Ceiling

Answer 6

An unofficial, invisible barrier that prevents women and minorities from advancing in businesses dominated by white men

Question 7

Labor Union

Answer 7

An organization of workers that tries to improve working conditions, wages, and benefits for its members

Question 8

Featherbedding

Answer 8

The practice of negotiating labor contracts that keep unnecessary workers on a company’s payroll

Question 9

Strike

Answer 9

An organized work stoppage intended to force an employer to address union demands

Question 10

Collective Bargaining

Answer 10

The process in which union and company representatives meet to negotiate a new labor contract

Question 11

Mediation

Answer 11

A settlement technique in which a neutral mediator meets with each side to try to find a solution that both sides will accept

Question 12

Arbitration

Answer 12

A settlement technique in which a third party reviews the case and imposes a decision that is legally binding for both sides