Unit 3 Flashcards
Good Wireless and Better Wireless merge to form Best Wireless. The federal government watches this merger carefully for evidence of a…
Monopoly
Approximately what percentage of US workers belong to labor unions?
13%
Current labor market trends include…
An increase in service jobs accompanied by a decrease in manufacturing jobs.
What is monopolistic competition?
Many companies selling similar but not identical products
Which of the following represents the percentage of all US businesses that are corporations, and the percentage of all goods that those corporations sell?
20% of businesses, 90% of goods sold
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…
In equilibrium
According to economic theory, what happens to Jon opportunities in low-paying jobs when the minimum wage goes up?
The quantity of labor demanded goes up
Labor unions arose largely in response to the…
Dangerous working conditions and long house of factory jobs in the 1800s.
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 glass ceiling
What is the major difference between a corporation and other kinds of business?
A corporation has a separate entity apart form that of the owners and workers
You are looking for a job with many fringe benefits. You therefore want to work for a…
Corporation
For which kinds of discrimination does the EEOC handle complaints?
Race, sex, color, religion, and nationality
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…
Where labor was planted up and therefore cheaper
The equilibrium wages for doctors is high because the…
Supply of doctors is relatively low and the demand is relatively high
What percentage of businesses are sole proprietorships?
75%
When your grandfather and his friends enters the work force in 1950, they were likely to have jobs in…
Factories producing electronics
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…
Sole proprietorship
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…
Screening effect
When did labor unions being to gain some legal rights in the United States?
1930
What are the money and other valuables that belong to a corporation or partnership called?
Assets