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Econ > Exam 4 > Flashcards

Exam 4 Flashcards

1
Q

Labor union whose members perform the
same kind of work; same as trade union.

A

Craft Union

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2
Q

Labor union whose members perform
different kinds of work in the same
industry.

A

Industrial Unions

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3
Q

Union-organized work stoppage designed to gain concessions from an employer

A

Strike

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4
Q

Demonstrate or march before a place of business to protest a company’s actions or policies

A

Picket

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5
Q

Protest in the form of refusal to buy, including attempts to convince others to take their business elsewhere

A

Boycott

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6
Q

Antiunion Backlash Right to work laws

A

State law making it illegal to require a
worker to join a union.

Established by the Labor-
Management Relations Act, or
Taft-Hartley Act, of 1947.

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7
Q

explanation stating that the supply and demand
for a workers skills and services
determine the wage or salary.

A

Market Theory of Wage
Determination

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8
Q

Explanation of wage rates based on the
bargaining strength of organized labor.

A

THEORY OF NEGOTIATED WAGES

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9
Q

Theory that employers are willing to pay more for people with certificates, diplomas, degrees, and other indicators of superior ability

A

Signaling theory

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10
Q

Process of negotiating between union
and management representatives over
pay, benefits, and job-related matters.

A

COLLECTIVE BARGAINING

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11
Q

Process of resolving a dispute by bringing
in a neutral third party to help both sides
reach a compromise.

A

Mediation

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12
Q

Agreement by two parties to place a
dispute before a third party for a binding
settlement; also called binding
arbitration.

A

Arbitration

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13
Q

Agreement between union and
management to have a neutral third
party collect facts about a dispute and
represent nonbinding recommendations.

A

Fact-finding

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14
Q

Court order issued to prevent a company
or union from taking or not taking action
during a labor dispute.

A

Injunction

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15
Q

Temporary government takeover of a
company to keep it running during a
labor management dispute.

A

Seizure

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16
Q

Seemingly invisible barrier hindering the advancement of women and minorities in a white male-dominated organization

A

Glass Ceiling

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17
Q

Wage scale paying newer workers a
lower wage than others already on the
job.

A

Two-Tier wage system

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18
Q

Wage, fringe benefit, or work rule given
up when renegotiating a contract.

A

Giveback

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19
Q

Systematic changes in real GDP marked by alternating periods of expansion and contraction

A

Business Cycles

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20
Q

Changes in the real GDP marked by alternating periods of expansion and contraction that occur on an irregular basis

A

Business Fluctuations

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21
Q

Decline in real GDP lasting at least two
quarters or more.

A

Recession

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22
Q

Point in time when real GDP stops expanding
and begins to decline.

A

Peak

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23
Q

Point in time when real GDP stops declining
and begins to expand.

A

Trough

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24
Q

Period of uninterrupted growth of real GDP,
industrial production, real income, and
employment lasting for several years or more;
recovery from recession.

A

Expansion

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25
Q

Index used to measure price changes for a
market basket of frequently used consumer
items.

A

Consumer Price Index (CPI)

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26
Q

State of the economy with large numbers of
unemployed, declining real incomes,
overcapacity in manufacturing plants, and
general economic hardship.

A

Depression

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27
Q

Explanation that prices rise because all sectors of the economy try to buy more goods and services than the economy can produce

A

Demand-pull inflation

28
Q

noninstitutionalized part of the
population, aged 16 and over,
either working or looking for a job.

A

Civilian Labor force

29
Q

State of working for less than one hour per week for pay or profit in a non-family-owned business, while being available and having made an effort to find a job during the past month

A

Unemployed

30
Q

Ratio of unemployed individuals divided by total number of persons in the civilian labor force, expressed as a percentage

A

Unemployment rate

31
Q

Frictional unemployment

A

unemployment caused by workers changing
jobs or waiting to go to new ones.

32
Q

Structural unemployment

A

unemployment caused by a fundamental
change in the economy that reduces the demand for some workers.

33
Q

Technological unemployment

A

unemployment caused by technological
developments or automation that make some workers skills obsolete.

34
Q

Cyclical unemployment

A

unemployment directly related to swings in
the business cycle.

35
Q

Seasonal unemployment

A

unemployment caused by annual changes in
the weather or other conditions that prevail at certain times of the year.

36
Q

The first attempt to organize labor in
America was in

A

1778

37
Q

In 1778 who joined together where for what?

A

printers joined
together in New York City to demand
higher pay.

38
Q

Until about 1820…

A

most of Americas workforce was made up of farmers, small business owners, and the self-employed.

39
Q

Labor union whose members perform the
same kind of work; same as trade union.

A

Craft union

40
Q

Labor union whose members perform
different kinds of work in the same
industry.

A

Industrial Unions

41
Q

During the Great Depression how many people were without jobs?

A

1 in 4 workers

42
Q

Wage Determination

A

1.Noncompeting Categories of Labor

2.Market Theory of Wage Determination

3.Theory of Negotiated Wages

4.Signaling Theory

43
Q

explanation stating that the supply and
demand for a workers skills and services determine the wage or salary.

A

Market Theory of Wage Determination

44
Q

Why would an athlete have a higher wage?

A

High demand and low supply result in high annual wages.

45
Q

Resolving Labor Disputes

A

Collective Bargaining
Mediation
Arbitration
Fact Finding
Injunction
Seizure
Presidential Intervention

46
Q

What are the reasons that women get paid less then men?

A

Human capital differences
Gender and occupation
Discrimination

47
Q

Causes of Business Cycles

A

External shocks
Changes in investment spending
Changes in monetary policy
Fiscal-policy shocks
Speculation and “bubbles”

48
Q

External shocks

A

an increase in oil prices, wars,
or international conflicts.

49
Q

Changes in Investment Spending

A

changes in
capital expenditures.

50
Q

Changes in Monetary Policy

A

point to the
Federal Reserve Systems policies on interest
rates.

51
Q

Fiscal-Policy Shocks

A

fiscal policy, the use of federal government spending and revenue-collection measures, have also been blamed.

52
Q

Speculation and “Bubbles”

A

expectations
about the future.

53
Q

Advantages and disadvantages to a 30 year loan

A

lower payments each month
greater financing overall

54
Q

advantages and disadvantages to a 15 year loan

A

greater payments each month
lower financing overall

55
Q

Why do creditors prefer creeping inflation rather than hyperinflation

A

because the money they loan will not
decline in value as much by the time
the loan is repayed.

56
Q

ratio of unemployed individuals divided by total number of persons in the civilian labor force, expressed as a percentage.

A

Unemployment rate

57
Q

Example of Cyclical Unemployment

A

An autoworker is laid of during a recession.

58
Q

Example of Frictional Unemployment

A

A college graduate is
looking for her first job.

59
Q

example of Structural Unemployment

A

A steelworker loses her job
when her company moves to Mexico.

60
Q

example of Seasonal Unemployment

A

A snowplow operator is laid
off after winter.

61
Q

example of unemployed

A

A new father quits his job to
become a stay-at-home dad.

62
Q

example of Technological Unemployment

A

A photographer loses his job
because his skill as a slide
developer becomes obsolete.

63
Q

Signaling theory

A

Is the theory that employers are willing to pay more for people with certificates, diplomas, degrees, and other indicators of superior ability

64
Q

Theory of negotiated wages

A

is the explanation of wage rates based on the bargaining strength of organized labor

65
Q

Market theory of wage determination

A

is the explanation stating that the supply and demand for a workers skills and services determine the wage or salary

66
Q

Noncompeting Categories of Labor

A

unskilled
semi skilled
skilled
professional

Econ (7 decks)

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