Economics with Mrs A

An example of a white collar job is

The US Dept of Labor defines the labor force as all people ____ or older who are employed or actively seeking work.

The price of labor is called wages.

The gross domestic product includes purchases by the government, businesses, and consumers.

A healthy annual rate of growth in the domestic product is 10%.

The United States _______ Representative develops trade and conducts trade negotiations with other countries.

An example of a pink collar job is

Structural unemployment occurs from a mismatch between the skills people have and the needs employers have.

The rate of unemployment is the number of ppl who are without a job but wanting to work ÷ by the total work force.

The New York Stock Exchange

What kind of workers have had so much trouble finding work, they have stopped looking for it?

What happened when the government deregulated the trucking industry?

When you invest in a company, you become owner of a small part of that company.

What is an electronic stock market founded in 1971?

In states with closed shop laws, workers in certain jobs do NOT have to become members of a labor union.

_______ unemployment happens because of a downturn in the business cycle.

What kinds of things can self-employed people NOT deduct from their taxes?

Which of these is NOT involved in mortgage lending?

What uses a formula to determine a cumulative stock value for 30 companies on the NYSE?

A _________ is paid for a job done, regardless of how long it takes.

The definition of a depression is when the GDP has declined for at least 2 consecutive quarters or 6 months.

The average length of a recession since World War 2 is 6 months. (p 368)

On October 29, 1929, the stock market lost 13% of its value, causing the Great ____________.

An example of a blue collar job is

Three-member group that advises the President on domestic and international economic policy

What takes into account the differences in cost of living in various countries when calculating purchasing power?

Frictional unemployement refers to those who have not had time to find work.

What represents the production of a nations permanent residents, regardless of where that production takes place?

Which is NOT a way companies cut costs?

Supply and demand determines what employers pay for labor.

Underemployment refers to people who are working at jobs that are ABOVE their skill level.

Minimum wage is a legally-mandated amount that all employers must pay their workers, unless they can't afford to.

In collective bargaining, an employer & a labor union negotiate about things such as wages, hours, and work conditions.

_____ are things of value employers provide which are usually not taxable, such as health insurance or retirement funds.

A __________ is an hourly rate paid for labor.

Supply and demand determine the price of shares of stock.

Who enforces the tax code?

Economic _________ means people should be free to work, buy, save, and engage in economic activity without interference.