Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Econ 2023 > Unit 4 Exam Review > Flashcards

Unit 4 Exam Review Flashcards

1
Q

What is the difference between Craft unions and Industrial Unions?

A

Craft unions are made up of members who perform the same work, industrial unions are made up of members who perform different kinds of work but in the same industry

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Union organized work stoppage designed to gain concessions from an employer

A

Strike

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Demonstration or march before a place of business to protest a company’s actions or policies

A

Picket

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Protest in the form of refusal to buy

A

Boycott

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

State law making it illegal to require a worker to join a union

A

Right-to-work-laws

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

explanation stating that the supply and demand of a worker’s skills and services determine the wage or salary

A

Market Theory of Wage Determination

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Explanation of Wage rates based on the bargaining strength of organized labor

A

Theory of Negotiated Wages

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Theory that employers are willing to pay more for people with certificates, diplomas, degrees, and other indicators of superior ability

A

Signaling Theory

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Process of negotiating between union and management representatives over pay, benefits, and job related matters.

A

Collective Bargaining

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Process of resolving a dispute by bringing in a neutral third party to help both sides reach a compromise

A

Mediation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Agreement by two to place a dispute before a third party for a binding settlement

A

Arbitration

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Agreement between union and management to have a neutral third
party collect facts about a dispute and represent nonbinding recommendations.

A

Fact-Finding

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Court order issued to prevent a company
or union from taking or not taking action
during a labor dispute.

A

Injunction

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Temporary government takeover of a
company to keep it running during a
labor management dispute.

A

Seizure

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Seemingly invisible barrier hindering the advancement of women and minorities in a white male-dominated organization

A

Glass ceiling

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Wage scale paying newer workers a
lower wage than others already on the
job.

A

two-tier wage system

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Wage, fringe benefit, or work rule given
up when renegotiating a contract.

A

giveback

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

systematic changes in real GDP marked by alternating periods of expansion and
contraction.

A

Business Cycles

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

changes in real GDP marked by alternating periods of expansion and
contraction that occur on an irregular basis.

A

Business Fluctuations

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

decline in real GDP lasting at least two quarters or more.

A

Recession

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Point in time when real GDP stops expanding
and begins to decline.

A

Peak

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Point in time when real GDP stops declining
and begins to expand.

A

Trough

23
Q

period of uninterrupted growth of real GDP, industrial production, real income, and employment lasting for several years or more; recovery from recession.

A

Expansion

24
Q

Index used to measure price changes for a
market basket of frequently used consumer items.

A

CPI

25
Q

State of the economy with large numbers of
unemployed, declining real incomes,
overcapacity in manufacturing plants, and
general economic hardship.

A

Depression

26
Q

explanation that prices rise because all sectors of the economy try to buy
more goods and services than the economy can produce.

A

Demand-Pull Inflation

27
Q

noninstitutionalized part of the population, aged 16 and over, either working or looking for a job.

A

Civilian Labor Force

28
Q

state of working for less than one hour per week for pay or profit in a non-family-owned business, while being available and having made an effort to find a job during the past month.

A

unemployed

29
Q

Ratio of unemployed individuals divided by total number of persons in the civilian labor force, expressed as percentage

A

unemployment rate

30
Q

unemployment caused by workers changing
jobs or waiting to go to new ones.

A

Frictional Unemployment

31
Q

unemployment caused by a fundamental
change in the economy that reduces the demand for some workers.

A

Structural Unemployment

32
Q

unemployment caused by technological
developments or automation that make some workers’ skills obsolete.

A

Technological Unemployment

33
Q

unemployment directly related to swings in
the business cycle.

A

Cyclical Unemployment

34
Q

unemployment caused by annual changes in
the weather or other conditions that prevail at certain times of the year.

A

Seasonal Unemployment

35
Q

When was the first attempt to organize labor

A

The first attempt to organize labor in
America was in 1778,

36
Q

During the Great depression, what ratio of workers were without jobs

A

1 in 4

37
Q

what does high demand and low supply mean?

A

High annual wages

38
Q

What are the 4 explanations of wage determination?

A
  • Noncompeting Categories of Labor
  • Market theory of wage determination
  • Theory of negotiated Wages
  • Signaling theory
39
Q

What are the Noncompeting Categories of Labor?

A
  • Unskilled Labor
  • Semi-Skilled Labor
  • Skilled Labor
  • Professional Labor
40
Q

What are 7 ways to solve labor disputes?

A

Collective Bargaining
Mediation
Arbitration
Fact Finding
Injunction
Seizure
Presidential intervention

41
Q

What are 3 reasons for lower income for women?

A
  • Human Capital Differences
  • Gender And occupation
  • Discrimination
42
Q

what are the 5 causes of business cyles?

A
  • External Shocks
  • Changes in Investment Spending
  • Changes in monetary policy
  • Fiscal-Policy Shocks
  • Speculation and “Bubbles”
43
Q

External Shocks

A

an increase in oil prices, wars, or international conflicts

44
Q

Changes in investment Spending

A

changes in capital expenditures

45
Q

changes in monetary policy

A

point to the federal reserve system’s policies on interest rates

46
Q

Fiscal-Policy Shocks

A

fiscal policy, the use of federal government spending and revenue-collection measures, have also been blamed

47
Q

Speculation and “bubbles”

A

expectations about the future

48
Q

ratio of unemployed individuals divided by total number of persons in the civilian labor force, expressed as a
percentage.

A

Unemployment Rate

49
Q

unemployment caused by workers changing
jobs or waiting to go to new ones.

A

Frictional Unemployment

50
Q

unemployment caused by a fundamental
change in the economy that reduces the demand for some workers.

A

Structural Unemployment:

51
Q

unemployment caused by technological
developments or automation that make some workers’ skills obsolete.

A

Technological Unemployment

52
Q

unemployment directly related to swings in
the business cycle.

A

Cyclical Unemployment

53
Q

unemployment caused by annual changes in
the weather or other conditions that prevail at certain times of the year.

A

Seasonal Unemployment

Econ 2023 (11 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions