Unit 3/4 Review Flashcards
Which of the following is an advantage of a sole proprietorship?
It is the least-regulated form of business organization.
Which of the following is not a disadvantage of a sole proprietorship?
Share decision making
What is the most common type of partnership?
General Partnership
If a general partnership fails, who is responsible for the debts?
All of the partners
Publicly held corporations are owned by which of the following?
Everyone
Which of the following make the major decisions for corporations?
Board of Directors
Who is responsible for the day to day operations of corporations?
Corporate Officers
Which of the following is an example of a horizontal merger?
Ford & Chevy
Which of the following is not an example of an advantage of a multinational?
Do not have to pay taxes to host nation
Which of the following is not a criticisms people have about multinationals?
Provide high wages, but unsafe conditions
What type of economy did America have at the founding of the country?
Agriculture
The US occupational trend that began in the 1950s?
Electronics
What was the occupational trend in the US that occurred in the early 1900s?
Heavy Industry
What occupational trend occurred in the 1970s?
Personal Computer
Which of the following is not experiencing occupational growth in today’s economy?
Manufacturing
International competition has diminished the demand for what type of labor in the US?
Unskilled
This economic theory states education increases productivity and results in higher wages.
Learning Effect
This economic theory suggests that people who complete college are intelligent and hardworking.
Screening Effect
Who graduates college at a higher rate at all degree levels?
Women
This type of labor has no specialized skills, education, or training.
Unskilled Labor
This type of labor has advanced skills and education.
Professional Labor
This type of labor has specialized training and abilities.
Skilled Labor
This type of labor has minimal skills and training?
Semi-Skilled Labor
Employers respond to high wages by doing which of the following?
Replace workers with technology
Replace workers with technology
Quality of life
Labor unions have the strongest ties with which of the following groups?
Blue-collar Workers
Which of the following terms is used to describe the use of money as a comparison of value for G & S?
Unit of Account
Describe the use of money and your ability to use it in the future?
Store of Value
Modern money in denominations of $1, $2, $5, $10, $20, $50, & $100 bills is an example of what?
Divisibility
Deals with its ability to withstand the wear & tear of everyday use is which of the following?
Durability
Which of the following is the idea that money must be similar & recognizable?
Uniformity
The characteristic of money where people have to agree to use the money?
Acceptability
What type of money is only backed by the government saying its money?
Fiat Money
What is the name of the federal agency that monitors the money supply and banks?
Federal Reserve Bank
Bank accounts are insured through which of the following?
FDIC
Bank accounts are insured for up to how much?
$250,000
What is money called that can be accessed easily and immediately?
M1
Money that can be converted to cash fairly easy, but is a little more complicated?
M2
What type of interest is paid on the principal and accumulated interest?
Compound Interest
ATM services allow consumers to do which of the following?
To withdraw or deposit money at any time—day or night.
