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Economics chapter 8-9 Flashcards | StudBud
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Economics chapter 8-9
Economics chapter 8-9
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Economics chapter 8-9
Flashcards
51 cards
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Practice quiz
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Questions
51
Answers
1
Someone who performs manual labor and earns an hourly wage
White-collar worker
Blue-collar worker
Non-collar worker
Grey-collar worker
2
Share of earnings given by franchisee as a payment to franchiser
Disequilibrium
Equilibrium
Factor payment
Royalties
3
A cost or benefit to someone other than the producer of that good or service
Free rider
Externality
Exoskeleton
Internality
4
Business owned/managed by a single individual
Limited partnership
Sole proprietorship
General partnership
Partnership
5
Only one partner is required to be a general partner
Limited partnership
General partnership
Fringe benefits
Closely held corporation
6
Neutral person imposes a decision that is legally binding for company and union
Arbitration
Mediation
Staycation
Vacation
7
Merging more than three businesses that produce unrelated products/services
Conglomerate
Cooperative
Association
Multinational
8
An illegal agreement among firms to divide the market, set prices, or limit production
Collusion
Allusion
Commodity
Cartel
9
Semi-independent business that pays parent company for right to sell a product/service
Business franchise
Conglomerate
Corporation
Trade association
10
Product considered same no matter who produces or sells it
Commodity
Cooperative
Outsourcing
Conglomerate
11
Someone who does not pay their fair share of taxes
Free rider
Pale rider
Free bird
Free one
12
Money or valuables belonging to an individual or business
Franchise
Assets
Arbitration
Royalties
13
Contracting another company to do a job
Insourcing
Offshoring
Screening
Outsourcing
14
Functions like a business but not for making a profit
Cooperative
Professional organization
Trade association
Nonprofit organization
15
Corporation that issues stock to only a few people, often family members
Multinational corporation
Closely held corporation
Conglomerate
Publicly held corporation
16
Organization of workers that improves working conditions, wages, and benefits for its members
Labor union
Labor force
Labor board
Featherbedding
17
Legal obligation to pay debts
Liability
Conglomerate
Fringe benefits
Assets
18
Business organization owned/operated by a group for their shared benefit
Conglomerate
Congregation
Cooperative
Corporation
19
Combining two or more firms that have the same good/service
Vertical merger
Negative merger
Horizontal merger
Positive merger
20
Labor contracts that keep unnecessary workers on a company’s payroll
Glass ceiling
Screening effect
Featherbedding
Professional organization
21
Union and company management meet to negotiate a new labor contract
Collective bargaining
Mediation
Arrangement
Cooperative
22
Producers that agree to coordinate prices and production
Arbitration
Externality
Cartel
Collusion
23
Nonprofit that works to improve working conditions of a particular occupation
Professional organization
Outsourcing
Co-operative
Trade association
24
Government owns and controls all resources and means of production
Autocracy
Capitalism
Communism
Socialism
25
Letting private business do the job of government
Private business
Privatization
Capitalism
Communism
26
Business owned by two or more people who divide responsibilities/profits
Partnership
Corporation
Royalties
Business franchise
27
All partners share equally in both responsibility/liability
Sole proprietorship
Proprietorship
General partnership
Limited partnership
28
Combining firms involved in different stages of producing the same good/service
Negative merger
Horizontal merger
Vertical merger
Positive merger
29
Payments to employees other than wages or salary
Trade association
Labor union
Fringe benefits
Professional organization
30
Neutral person meets with each side to find a solution that both sides will accept
Mediation
Arbitration
Colation
Modation
31
Movement of some of a company’s operations to another country
Offshoring
Outsourcing
Featherbedding
Arbitration
32
Work that requires specialized skills and training
Professional labor
Skilled labor
Labor union
Guest workers
33
Owned by individual stockholders, each of whom has limited liability for the firm’s debts
Monopoly
Corporation
Oligopoly
Dividend
34
What are the three key economic questions
What u seeing? How u gonna see it? What's gonna see it?
What u doing? Where u gonna do it? Who's gonna do it?
What u making? How u gonna make it? Who's gonna use it?
Where u going it? How u gonna go? Who's gonna go?
35
Theory that education increases efficiency of production and thus results in higher wages
Liability
Learning effect
Limited partnership
Screening effect
36
Work that requires no specialized skills, education, or training
Guest workers
Unskilled labor
Professional labor
Skilled labor
37
Organized work stoppage intended to force an employer to address union demands
Strike
Out
Home run
Ball
38
Labor force from another country allowed to live and work in the U.S. only temporarily
Guest workers
Unskilled labor
Skilled labor
Professional labor
39
Laws that designate certain areas, or zones, for residential/business use
Offshoring
Collusion
Zoning laws
Trade association
40
Promise by a corporation to repay borrowed money with interest at fixed intervals
Bond
Conglomerate
Dividend
Featherbedding
41
Bans mandatory union membership
Strike
Labor contract
Collective bargaining
Right-to-work laws
42
All nonmilitary people employed or unemployed
Job force
Labor force
Wilbur force
Trade force
43
Work that requires specialized skills and training
Skilled labor
Professional labor
Screening labor
Unskilled labor
44
Nonprofit that promotes the interests of particular industry
Trade association
Collective bargaining
Nonprofit organization
Labor force
45
Professional or clerical job and usually earns a weekly salary
Blue-collar worker
Grey-collar worker
Non-collar worker
White-collar worker
46
Unofficial barrier that prevents women & minorities from advancing to top ranks of business
Featherbedding
Glass floor
Glass table
Glass ceiling
47
Corporation that produces/sells goods/services in more than one country
Multinational corporation (MNC)
Nonprofit organization
Professional organization
Offshoring
48
Theory that completing college indicates a job applicant is intelligent and hard-working
Learning effect
Bond effect
Screening effect
Dividend effect
49
Certificate of ownership in a corporation
Dividend
Royalties
Assets
Stock
50
Corporate profits paid to stockholders
Negative integer
Bond
Mediation
Dividend
51
Corporation that sells stock on the open market
Closely held corporation
Publicly held corporation
Vertical merger
Horizontal merger
