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Economics > Unit 3 > Flashcards

Unit 3 Flashcards

1
Q

Good wireless and better wireless merged 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

Currently labor market trends include

A

An increase in service jobs

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4
Q

Accompanied by a decrease in manufacturing jobs what is a monopolistic competition

A

Many companies selling similar but not identical products

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5
Q

You can assume the wages paid to lawn care workers is

A

And equilibrium

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6
Q

According to economic theory what happens to job opportunities in low-paying jobs when minimum-wage goes up

A

Quantity of labor demand goes down

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7
Q

Labor unions arose largely in response to

A

Dangerous conditions and long hours in factory jobs in the 1800s

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8
Q

Emily has been waiting for a promotion to a management position for almost 5 years, When she notices that men feel most of higher level jobs to men in her company she suspects that her company has a

A

Glass ceiling

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9
Q

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

A

The corporation has a separate entity apart from that of the owners and workers

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10
Q

You’re looking for a job with many fringe benefits you therefore probably want to work for a

A

Corporation

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11
Q

For which kind of discrimination does the EEOC handle complaints

A

Race sex nationality color religion

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12
Q

This is probably because the jeans manufacturing company wanted to locate it’s plant

A

Where labor was plentiful and therefore cheaper

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13
Q

The equilibrium wage is for doctors is high because the

A

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

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14
Q

What percentage of businesses are sole proprietor ships

A

75%

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15
Q

When your grandfather and his friends enter the workforce in 1950 they were likely to have jobs in

A

Factories producing electronics

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16
Q

Every day on your way to basketball practice you leave to Mr. Martin who owns the neighborhood flower stand Mr. Martin store is probably

A

Soul proprietorship

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17
Q

Although she doesn’t have a background in launch she hopes to land the job because of the

A

Screening affect

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18
Q

Went to labor unions begin to gain some legal rights in the United States

A

1930s

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19
Q

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

A

Assets

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20
Q

The government usually allows conglomerates because they

A

Do not result in decreased competition

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21
Q

Which of the following could be considered company benefits

A

The employers payments to Social Security

22
Q

Your cousin tells you that his trucking company has resorted to arbitration with the truckers union this means that

A

A neutral third-party is reviewing the dispute and will impose a legally binding decision

23
Q

In inflation-adjusted dollars how many averages in the US changed in the last 20 years

A

We just stayed the same

24
Q

Which of the following is an advantage of a sole proprietor ship

A

It is the least regulated form of business organization

25
Q

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

A

a cooperative

26
Q

Your part owner of the new brands corporation because you

A

Own the company stock

27
Q

Mark is switching from his job as a data clerk in an office to a job in a steel one reason his wages will increase significantly in the new job is that

A

It is more dangerous to work in the steelmill than an office

28
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

29
Q

Why is it easier for a partnership to borrow money and to hold good employees that is For a sole proprietorship to do so

A

A partnership has officers who are responsible for the business

30
Q

Dr. leashes equal responsibility and liability with her colleagues in the medical practice her practice is a

A

General partnership

31
Q

How are wages for a particular job determined

A

By the equilibrium between the supply and demand for workers for the job

32
Q

You live in a community with many teenagers and you work during the summer bagging groceries for a low hourly wage what might living in a community with your teenager looking for grocery bagging jobs affect your hourly wage

A

Your wages will probably be higher because the demand for baggers will be higher

33
Q

What is collective-bargaining

A

Union and company representatives meeting to negotiate a new labor contract

34
Q

Which of the following is a disadvantage of a soul proprietor ship

A

Lack of permanence

35
Q

Ellen started catering business but soon decided the catering was too stressful for her she could close for business relatively easy and return to school because the business was a

A

Proprietorship

36
Q

Which of the following jobs are expected to grow significantly

A

Computer related jobs

37
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 some manufacturers have been relocated to countries were labor is cheaper or to South America

38
Q

You own a successful by bike repair shop you’re considering incorporation in order to

A

Raise money more easily

39
Q

What are royalties

A

A percentage of a franchises earnings paid to the parent company

40
Q

Your family house needs a new roofin order to find out which roofers are reliable to charge fair prices your family should call local

A

Better business bureau

41
Q

Corporations are defined as entities because they

A

Have a legal identity separating from those of their owners

42
Q

Your running shoes were designed in the US but assembled in Asia by a company called runner pro runner pro is a

A

Multi nation corporation

43
Q

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

A

Nonprofit organization’s

44
Q

If general partnership Falls who is responsible for the debts

A

All the partnerships

45
Q

In a publicly held corporation

A

A large number of stockholders can buy and sell stocks

46
Q

Prices are cheaper there mainly because consumers who operatives

A

Make larger purchases

47
Q

He decides to take a job with a company whose love compensation is offset by its

A

Benefits such as health insurance and stock options

48
Q

What is the fringe benefit

A

Payment other than wages or salaries

49
Q

Joining of two or more businesses that are involved in different stages of producing the same good or service is called WOTF

A

Vertical merger

50
Q

Last question

A

Last answer

Economics (6 decks)

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