Chapter 9

Question 1

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

Answer 1

Equilibrium Wage

Question 2

Labor that requires no specialized skills, education, or training.

Answer 2

Unskilled labor

Question 3

Labor that requires minimal specialized skills and action

Answer 3

Semi-Skilled labor

Question 4

Labor that requires specialized skills and training

Answer 4

Skilled labor

Question 5

Labor that requires advanced skills and education

Answer 5

Professional Labor

Question 6

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

Answer 6

Glass Ceiling

Question 7

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

Answer 7

Labor Union

Question 8

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

Answer 8

Featherbedding

Question 9

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

Answer 9

Strike

Question 10

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

Answer 10

Collective Bargaining

Question 11

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

Answer 11

Mediation

Question 12

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

Answer 12

Arbitration

Question 13

Value of output period

Answer 13

Productivity