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ECON REVIEW QUIZ! (CH 7-9) Flashcards | StudBud
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ECON REVIEW QUIZ! (CH 7-9)
ECON REVIEW QUIZ! (CH 7-9)
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Review Quiz! for Econ, ch. 7-9
Flashcards
35 cards
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Questions
35
Answers
1
a certificate of ownership in a company is known as
a bond
an investment
a franchise
stock
2
Which of the following is NOT a strategy used to break up unions by U.S. employers pre-1930s?
Constitutional Amendments
Hired private militias
Injunctions
Yellow dog contracts
3
In which market structure do a large number of firms all produce the same product?
monopolistic competition
natural monopoly
oligopoly
perfect competition
4
What law allows people to work without joining a union?
union membership law
right to work law
The Fair labor Standards Act
work outside law
5
What skill-level work requires some specialized skills and education? ex. lifeguard
professional labor
semi-skilled labor
skilled labor
unskilled labor
6
What is the most common business organization in the US?
partnerships
monopolies
sole proprietorships
corporations
7
A corporation is defined as
a limited liability company
any partnership of more than two
a firm owned by individual shareholders
a large-scale company
8
T/F - Oligopolies often have low barriers to market entry.
FALSE
TRUE
9
New jobs in the 2000s in the US are primarily
in the service sector
in the manufacturing sector
full-time positions with benefits
in the public sector
10
Which one of these choices is NOT an advantage of a corporation?
transferable ownership
longevity
Limited liability
legal requirements and regulation
11
The ___________________ produces a monthly report on employment statistics.
Federal Reserve Bank
Department of the Treasury
Bureau of Labor Statistics
Bureau of Economic Development
12
A corporation that issues stock to only a few people, often family?
a limited liability corporation
a public corporation
a closely held corporation
an unlimited liability corporation
13
Organized labor began to find an ally in Congress during the
1960s
1910s
1930s
1970s
14
Which government agency regulates business practices?
The NTSB
The FDIC
The FTC
The NRA
15
Which Industry famously deregulated in 1978, to mixed results for consumers?
The airline industry
The steel industry
The international shipping industry
The cable television industry
16
T/F - The public sector has seen a decrease in union membership over the last few decades.
TRUE
FALSE
17
How does the screening effect impact the work force?
employees can choose better places to work
labor unions can kick people out if necessary
companies can search through employee’s bags after a shift
companies can hire more intelligent and hard-working people
18
A binding, mutually agreed upon, third-party contract negotiation b/w management and labor...
collective bargaining
conciliation
arbitration
mediation
19
Which of the following is NOT an intended outcome of deregulation?
decreased barriers to market entry
increased competition in the market
easier access to economies of scale
elimination of price controls
20
All of these are reasons for decline of unions except:
More women in work force
Government more active in labor
More men in work force
Decline in domestic manufacturing
21
What is considered an acceptable rate of unemployment?
8%
10-12%
4-6%
20%
22
T/F - Oligopolies create barriers to entry for new players in the market
FALSE
TRUE
23
Which type of business organization requires payments of royalties?
sole proprietorship
limited liability corporation
franchise
oligopoly
24
Which statement best illustrates the difference between blue-collar and white-collar jobs?
Blue-collar jobs require more human capital investment.
White-collar jobs are outsourced more often.
Blue-collar jobs tend to have higher union membership rates.
White-collar jobs are predominantly in southern states.
25
What organization works for better working conditions, wages, and benefits?
a labor force
a professional organization
a public sector
a labor union
26
A firm with falling average costs for each additional unit enjoys what?
marginal costs of labor
diminishing marginal returns
monopolistic competition
economy of scale
27
What is the right to sell a good or service within an exclusive market?
licensees
franchises
zoning laws
royalties
28
Which is an example of contingent employment?
Full-time work
Salary work
Temporary work
All of the above
29
The ______ consists of all nonmilitary people that are employed or unemployed.
contingent
labor union
mediation
labor force
30
Which of the following is NOT a condition of monopolistic competition?
few firms
barriers to market entry
many firms
differentiated products
31
To count as employed, you must
all of the above
be a member of the armed forces
be at least 16 years old, unless you work at a family biz
be an American citizen
32
A(n) ______ grants the right to sell an invention without competition
commodity
price fix
collusion
patent
33
Which is the biggest most complex business system?
Sole Proprietorship
limited liability partnership
Corporation
Franchise
34
Which of the following is NOT an aspect of non-price competition?
target discounts
physical characteristics
quality of service
location
35
What is collective bargaining?
involving a third party
negotiation of a new contract
when multiple unions meet to discuss future strategies
none of the above
