Economics - Unit 3 - Labor/Business Organizations

Question 1

Limited life applies to

Accepted Answer

sole proprietorship

Question 2

Which statement is the best explanation of the market theory of wage determination?

Accepted Answer

pay is set by the supply and demand for that workers skill

Question 3

When the demand for a skill is high, but the supply of workers with that skill is low.

Accepted Answer

the pay rate is high

Question 4

Which group is least affected by a glass ceiling?

Accepted Answer

white men

Question 5

Which of the following tactics is used only by management?

Accepted Answer

lockout

Question 6

Which of the following is an advantage of a multinational?

Accepted Answer

tax revenues are produced in countries they do business in

Question 7

The government document that grants permission to establish a corporation is called a

Accepted Answer

charter

Question 8

Schools, churches, and hospitals are examples of

Accepted Answer

nonprofit organizations

Question 9

Which of the following illustrates the wage gap between men and women?

Accepted Answer

glass ceiling

Question 10

How does inflation affect the minimum wage?

Accepted Answer

it decreases the buying power of the wage

Question 11

Which of the following represents an attempt to prevent erosion of the minimum wage?

Accepted Answer

increasing the minimum wage

Question 12

Why do workers form unions?

Accepted Answer

a united workforce is more likely to bring about change

Question 13

Which noncompeting category of labor tends to include the highest page workers?

Accepted Answer

preofessional labor

Question 14

A merger of a corporation involved in different steps of manufacturing or marketing is a

Accepted Answer

vertical merger

Question 15

If Office Max and Staples merge together, this would be what type of merger?

Accepted Answer

horizontal merger

Question 16

A business run by a single person is called a

Accepted Answer

sole proprietorship

Question 17

A company with 4 or more businesses that make unrelated products is called a

Accepted Answer

conglomerate

Question 18

A nonprofit organization that provides a service to its members is called a

Accepted Answer

service co-op

Question 19

In collective bargaining negotiations, who represents the interests of the workers?

Accepted Answer

elected union officials

Question 20

When a union negotiates pay and other job-related matters, this is called

Accepted Answer

collective bargaining

Question 21

An electrician would be in which category?

Accepted Answer

skilled

Question 22

A disadvantage of a corporation is that

Accepted Answer

it is subject to many governmental regulations

Question 23

A document certifying ownership of a corporation is a

Accepted Answer

stock certificate

Question 24

Closed shop and union shop are examples of what?

Accepted Answer

union arrangements

Economics - Unit 3 - Labor/Business Organizations

Questions 24

Economics - Unit 3 - Labor/Business Organizations

Questions 24