Wages Labor Unions And Unemployment

Question 1

Why do wages differ?

Answer 1

Human capital
Working conditions
Government action
Discrimination

Question 2

Human capital

Answer 2

Knowledge and skills levels 
Unskilled workers ex house cleaners
Semi skilled ex construction 
Skilled workers ex mechanics 
Professional workers ex doctors

Question 3

Working conditions

Answer 3

Higher wages are often paid to workers in dangerous and unpleasant

Question 4

Government action

Answer 4

Minimum wage- lowest wage legally given
Federal minimum wage- 7.25
Nys minimum wage 8.75

Question 5

Discrimination in the work place

Answer 5

Discrimination on race, gender, religion

Question 6

Unemployment rate

Answer 6

(U3) percentage of the labor force that is jobless and actively looking for work

Question 7

Bureau of labor statistics

Answer 7

BLS calculates the rate of employment each month

Question 8

Who is counted in the unemployment rate

Answer 8

At least 16
Not currently employed
Have been looking for work in the past 4 weeks

Question 9

Approximently how big is the U.S. Labor force

Answer 9

156 million people

Question 10

Types of unemployment

Answer 10

Frictional
Structural
Cyclical
Seasonal

Question 11

Frictional unemployment

Answer 11

Temporary unemployment experienced by people changing jobs

Question 12

Structural unemployment

Answer 12

Jobs exist but worked don’t have the necessary skills for the jobs

Question 13

Cyclical unemployment

Answer 13

Caused by a part of the business cycle with decreased economic activity

Question 14

Seasonal unemployment

Answer 14

Linked to seasonal work

Question 15

Full employment

Answer 15

Unemployment is not caused by decreased economic activity

Question 16

Underemployed (U6)

Answer 16

People employed part time who want to work full time or those who work at a job below their skill level

Question 17

Wages

Answer 17

The price of labor
Payments workers receive in return for work
Governed by the forces of supply and demand

Question 18

Labor union

Answer 18

Organization of workers who seeks to improve wages working conditions hours and job security

Question 19

Closed shop

Answer 19

A business in which an employer can hire only union members not legal since 1947

Question 20

Union shop

Answer 20

A business in which workers are required to join a union within a set period of time after being hired

Question 21

Rights to work law

Answer 21

Legislation that makes it illegal to require workers to join unions

Question 22

Collective bargaining

Answer 22

Process of negotiation between a business and it’s organized employees to establish wages and improve working conditions

Question 23

Binding arbitration

Answer 23

A process by which a impartial third party resolved disputes between management and unions

Question 24

Strike

Answer 24

Worked stoppage used to gain negotiation power while attempting to convince an employer to improve wages working conditions etc