Labor

Question 1

Labor Force

Answer 1

All nonmilitary people who are employed or unemployed

Question 2

Learning Effect

Answer 2

Theory that education increases productivity and results in higher wages

Question 3

Screening Effect

Answer 3

Theory that the completion of college indicates to employers that a job applicant is intelligent and hardworking

Question 4

Equilibrium Wage

Answer 4

Wage where there is equal supply and demand

Question 5

Unskilled Labor

Answer 5

Labor that requires no specialized skills, education, or training

Question 6

Semi-Skilled Labor

Answer 6

Labor that requires minimal specialized skills and education

Question 7

Skilled Labor

Answer 7

Labor that requires specialized skills and training

Question 8

Professional Labor

Answer 8

Labor that requires advanced skills and education

Question 9

Glass Ceiling

Answer 9

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

Question 10

Labor Union

Answer 10

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

Question 11

Featherbedding

Answer 11

Negotiating labor contracts that keep unnecessary workers on the company payroll

Question 12

Collective Bargaining

Answer 12

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

Question 13

Mediation

Answer 13

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

Question 14

Arbitration

Answer 14

Settlement technique in which a third party reviews the case and imposes a judgment that is legally binding for both sides.