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Study Guides > Unit 3 > Flashcards

Unit 3 Flashcards

1
Q

Good Wireless and Better Wireless merge to form Best Wireless. The federal government watches this merger carefully for evidence of a…

A

Monopoly

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2
Q

Approximately what percentage of US workers belong to labor unions?

A

13%

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3
Q

Current labor market trends include…

A

An increase in service jobs accompanied by a decrease in manufacturing jobs.

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4
Q

What is monopolistic competition?

A

Many companies selling similar but not identical products

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5
Q

Which of the following represents the percentage of all US businesses that are corporations, and the percentage of all goods that those corporations sell?

A

20% of businesses, 90% of goods sold

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6
Q

In your community there are enough lawn are workers to fill all the lawn are jobs available. There are also no unemployed law care workers. You can assume that the wages paid to lawn are workers is…

A

In equilibrium

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7
Q

According to economic theory, what happens to Jon opportunities in low-paying jobs when the minimum wage goes up?

A

The quantity of labor demanded goes up

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8
Q

Labor unions arose largely in response to the…

A

Dangerous working conditions and long house of factory jobs in the 1800s.

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9
Q

Emily has been waiting for a promotion to a management position for almost 5 years. When she notified that men fill most of the higher-level jobs in her company, she suspects that her company has…

A

A glass ceiling

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10
Q

What is the major difference between a corporation and other kinds of business?

A

A corporation has a separate entity apart form that of the owners and workers

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11
Q

You are looking for a job with many fringe benefits. You therefore want to work for a…

A

Corporation

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12
Q

For which kinds of discrimination does the EEOC handle complaints?

A

Race, sex, color, religion, and nationality

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13
Q

The label in your jeans says that they were made in a Latin American country. This is probably because the jeans manufacturing company wanted to locate its plant…

A

Where labor was planted up and therefore cheaper

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14
Q

The equilibrium wages for doctors is high because the…

A

Supply of doctors is relatively low and the demand is relatively high

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15
Q

What percentage of businesses are sole proprietorships?

A

75%

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16
Q

When your grandfather and his friends enters the work force in 1950, they were likely to have jobs in…

A

Factories producing electronics

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17
Q

Everyday on your way to basketball practice you wave to Mr. Martin, who owns the neighborhood flower stand. Mr. Martin’s stir is probably a…

A

Sole proprietorship

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18
Q

Tracy, q recent college graduate who earned straight “A’s” as a history major, is applying for a job as a legal assistant. Although she does not have a background in law, she hopes to land a job because of the…

A

Screening effect

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19
Q

When did labor unions being to gain some legal rights in the United States?

A

1930

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20
Q

What are the money and other valuables that belong to a corporation or partnership called?

A

Assets

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21
Q

The government usually allows conglomerates because they…

A

Do not result in decreased competition

22
Q

Which of the following could be considered company benefits?

A

The employer’s payments to social security

23
Q

Your cousin tells you the his trucking company has resorted to arbitration with the trucker’s union. This means that…

A

A neutral third party is receiving the disputed and will impose a legally binding decision

24
Q

In inflation-adjusted dollars, how have averages In the United States changed in the last 20 years?

A

Wars have stayed the same

25
Q

Which oft eh following is an advantage of sole proprietorships?

A

It’s the least-regulated form of business organizations

26
Q

Which of the following is a business organization owned by a group of people for their mutual benefit?

A

A cooperative

27
Q

You are part owner of NewBrands corporation because you…

A

Own the company’s stock

28
Q

Mark is switching form his job as a data entry clear in an office to a job is a steel mill. One reason his wages will increase significantly in his new job is that…

A

It is more dangerous to work in a steel mill than in an office

29
Q

Which of the following is an example of using physical capital instead of human capital to get a job done?

A

An automatic teller machine

30
Q

Why is it easier for a partnership to borrow money and to hold good employees then it is for s sole preppie torsion to do so?

A

A partnership has officers who are responsible for the businesses

31
Q

Dr. Ruiz sheared equal responsibility and liability with her colleagues in their medical practice. Her practice is a…

A

General partnership

32
Q

How are wages for a particular job determined?

A

By the equilibrium between the supply and Emma’s for workers for that job

33
Q

You live in a community with many teenagers, and you work during the summer bagging groceries for a low hourly wage. How might living in a community with fewer teenagers looking for grocery bagging jobs affect jobs affect your hourly wage?

A

Your wages would probably be higher because the demand for naggers would be higher.

34
Q

What is collective bargaining?

A

Union and company representatives meeting to negotiate a new labor contract

35
Q

Which of the following is a disadvantage of s sole proprietorship?

A

Lack of permanence

36
Q

Ellen started a catering business, but soon decided that catering was to stressful for her. She could close he business relatively easily tans return to school because the business was a…

A

Sole proprietorship

37
Q

Which of the following jobs are expected to grown significantly

A

Computer related jobs

38
Q

The strength of labor unions has declined in recent years because…

A

The number of white collar jobs is increasing, blue collar jobs is decreasing, and the same manufacturers have relocated to countries where labor is cheaper or to South America

39
Q

You own a successful bicycle repair boyishness. You are considering incorporating in order to…

A

Raise money more easily

40
Q

What are royalties?

A

A percentage of franchise’s earnings paid to the parent company.

41
Q

Your family’s house needs a roof. In order to find out which roofers are reliable and charge fair prices, your family should call your local…

A

Better business bureau

42
Q

Corporations are defined as “entities” because they…

A

Have a legal identity separate from those of their owners

43
Q

You’re running shoes were designed in the United States but assembled in Asia by a company called RunnerPro. RunnerPro is a…

A

Multinational corporation

44
Q

What are organizations that are in the business of benefiting society and operate like business called?

A

Nonprofit organizations

45
Q

I’d a general parent worship fails, who is responsible for the debts?

A

All of the partners

46
Q

In a publicly held corporation…

A

A large number of stockholders can buy and sell stock

47
Q

You decide to go to a concert maimed cooperative to buy supplies for your class party. Prices are cheaper there mainly because consumer cooperatives…

A

Make large purchases

48
Q

Jon is deciding between a job with Company A that pays $500 a week and a job with Company B that pays $550 a week. He decided to take the job with Company A, whose compensation is offset by its…

A

Benefits such as health insurance and stock options

49
Q

What is a fringe benefit?

A

Payment other than wages or salaries

50
Q

A joining of two or more businesses that are involved in different stages of producing the same good or service is called which of the following?

A

Vertical Merger

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