Econ (Ch 8 and 9)

A ___________________ is a business organization owned and operated by a group of individuals for their shared benefit. 

A ______ is a legal entity, or being, owned by individual stockholders, each of whom has limited liability for the firm

A _____________________________ is a type of partnership in which all partners are limited partners. 

Which of the following is NOT an advantage of a partnership?

True or False - A sole proprietorship has unlimited life. 

True or False - A publicly held corporation is a type of corporation that sells stock on the open market. 

_____________________ is a settlement technique in which a neutral person meets with each side to try to find a solution

T/F -Featherbedding is the practice of negotiating labor contracts that keep unnecessary workers on a company's payroll.

_____________ is a settlement technique in which a neutral third party listens to both sides and then imposes a decision

T/F - Guest workers are people from another country who are allowed to live and work in the U.S. permanently.

T/F - A horizontal merger is the combination of two or more firms competing in the same market with the same good.

___________________ is the money and other valuables belonging to an individual or business. 

Which of the following is not a type of cooperative discussed in the textbook? 

Auto mechanics, bank tellers, plumbers, firefighters, chefs, and carpenters would be considered what type of labor? 

True or False - A nonprofit organization does not operate for the purpose of generating profit. 

T/F - a blue-collar worker is someone who works in a professional or clerical job and who usually earns a weekly salary.

A _________ is a business combination merging more than three businesses that produce unrelated products or services. 

Which of the following is NOT an advantage of a franchise? 

True or False - Equilibrium wage is the wage rate that is set when the supply of workers meets the demand for workers.

True or False - a right-to-work law is a measure that demands mandatory union membership. 

Managers, teachers, bankers, and doctors would be considered what type of labor? 

True or False - In a limited liability partnership (LLP), only one partner is required to be a general partner.

T/F - A white-collar worker is someone who performs manual labor, often in a manufacturing job.

T/F - The learning effect is the theory that education increases production and thus results in higher wages. 

True or False - Derived demand is a type of demand that is set by the demand for another good or service. 

T/F a closely held corporation is a type of corp that issues stock to only a few people, who are often family members. 

Which of the following is NOT an advantage of a corporation? 

A _______________________ type of partnership in which all partners share equally in both responsibility and liability. 

Which of the following is NOT one of the advantages of a sole proprietorship? 

T/F - The screening effect is the theory that the completion of college indicates that a job applicant is intelligent

A(n) _____________________ is the portion of corporate profits paid out to stockholders. 

True or False - More regulation would be considered an advantage of a corporation. 

A _____ is a business organization owned by two or more persons who agree on a specific division of responsibilities

Lifeguards, short-order cooks, and many construction and factory workers would be considered what type of labor? 

T/F -Offshoring is the practice of contracting with another company to do a specific job that would otherwise be done...

T/F - A vertical merger is two or more firms involved in different stages of producing the same good or service. 

True or False - One must be at least 18 years old to be even considered employed.

________________________ is the process in which union and company management meet to negotiate a new labor contract. 

True or False - Productivity of labor is the quantity of output produced by a unit of labor

True or False - A labor union is an organization of workers that tries to improve working conditions, wages...

A _______________________ is an organized work stoppage intended to force an employer to address union demands. 

A _____________________ is a large corporation that produces and sells its goods and services in more than one country.

True or False - A bond is a certificate of ownership in a corporation. 

True or False - In a limited partnership, all partners are limited partners. 

A ________________________ is a type of partnership in which only one partner is required to be a general partner. 

________________________ is a business owned and managed by a single individual. 

True or False - Outsourcing is the movement of some of a company's operations to another country. 

T/F - A professional organization is a nonprofit organization that works to improve the image, working conditions...

True or False - A glass floor is an unofficial barrier that sometimes prevents women and minorities from advancing

Dishwashers, messengers, and janitors would be considered what type of labor?