Econ lesson 47 - unit 10

Question 1

What is meant by the term white collar job?

Answer 1

Professional jobs that receive an annual salary and usually an office job or administrative role.

Question 2

What is meant by the term blue collar job?

Answer 2

Manual labor jobs paid an hourly wage and usually in a factory or outdoors.

Question 3

Which of the two categories of collar jobs has grown in recent years?

Answer 3

White collar.

Question 4

What percentage of the working population considers itself to be self employed?

Answer 4

25%

Question 5

What are some factors that have influenced the trend of more women being in the labor force?

Answer 5

1. More women have gone to college and gotten training
2. Increased wage rates
3. American women waiting longer to have children
4. More working mothers
5. Increased acceptance of women in the workplace

Question 6

How have immigrants historically had an impact on the growth of the American economy?

Answer 6

Immigrants have provided much of the labor that helped the growth of American industries and then they became consumers for what was produced.

Question 7

What is the difference between substitute labor and complementary labor?

Answer 7

Substitute labor competes with each other for the same job, and complementary labor builds off each other and does not compete.

Question 8

What are 3 ways that discrimination has a negative effect on society and the economy?

Answer 8

1. Assuming women do not deserve the same pay that men do for the same job introduces inequity into the labor market
2. Discrimination denies the right and freedom of individuals to achieve all they can on the basis of their talent and leads to misallocation of resources.
3. Discrimination reinforces economic portion of the group in power.

Question 9

According to Robert Sirico, the Marxist prediction of a socialist revolution rested on what erroneous assumption?

Answer 9

That the condition of the working classes would grow ever worse under capitalism.

Question 10

What have most socialists done about their position in the face of the failure of socialism in many parts of the world?

Answer 10

They cling to their position.

Question 11

How does Sirico say that the socialist goal of economic betterment has been accomplished for most people?

Answer 11

Political and economic freedom / capitalism.