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Unit IIIB Microeconomics Test Review Flashcards | StudBud
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Unit IIIB Microeconomics Test Review
Unit IIIB Microeconomics Test Review
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1
Recessions bring _____ unemployment.
Cyclical
Seasonal
Structural
Frictional
2
Working in a mall during holidays and then not working until next year would be
Structural Unemployment
Cyclical Unemployment
Seasonal Unemployment
Frictional Unemployment
3
Which is the most common (numerous) business model in the USA?
Franchise
Corporation
Partnership
Sole Propreitorship
4
The ____ regulates practices on the stock exchanges.
SEC
FCC
OSHA
FTC
5
Which law regulates and eliminates most monopolies for restraint of trade?
Sherman Anti-Trust Act
Lemon Law
Right to Work Laws
NAFTA
6
Agency that keeps workers safe and protected from poor working conditions (and discrimination).
SEC
FCC
FTC
OSHA
7
All firms wish to _____.
maximize profits.
increase costs.
create jobs despite sales.
make money.
8
This form of competition has the least number of competitors - but does have some competition.
oligopoly
monopolistic competition
perfect competition
monopoly
9
Who is the skilled laborer?
electrician
doctor
teacher
police officer
10
Who would be classified as FRICTIONALLY UNEMPLOYED?
newly graduated high school student
laid off factory worker
strawberry field worker
college student working Christmas time at mall
11
Companies like Amazon and Ebay have cut prices, shipping and hurt _____.
family businesses
All of these - they are middle men
the big box stores like Target and Best Buy
the retail stores
12
Every expansion is also a _____.
Recovery
Trough
Peak
Contraction
13
Laws that prevent "union only" workplaces, lower wages, and quality of training are called
Collective Bargaining Agreements
OSHA
Right to Work Laws
Sherman Anti Trust Acts
14
This agency seeks to stop fraud, poor business practices, and regulate interstate trade.
FTC
FCC
SEC
OSHA
15
For the last 110 months, the United States has been in a prolonged _____.
Depression.
Recession.
Recovery.
Expansion.
16
The point of greatest expansion in the Economic Cycle is
the Pits.
the Top.
the Peak.
the Trough.
17
With this competition, sales, discounts, gimmicks, and service are used to lure customers.
monopolistic competition
oligopoly
perfect competition
monopoly
18
Who is the unskilled laborer?
electrician
short order cook
lifeguard
fast food worker
19
Agency responsible for investigating gender, age, or racial discrimination in the workplace
SEC
PTA
OSHA
EEOC
20
Dividends on stock are paid by
sole proprietorships
corporations
communes
partnerships
21
This agency regulates the communication industry and the internet.
FCC
OSHA
SEC
FTC
22
We do not know when expansions or recessions end until after-the-fact, because _____.
Economics is all theory and is often wrong.
Data is reported after events happen.
Economics is voodoo science.
Economists are tools, I mean fools.
23
Which type of business provides the owner/owners with limited liability protection?
Sole Propreitorship
Partnership
Franchise
Corporation
24
The section of the business cycle where the economy shrinks and unemployment increases is ____.
Regression
Recession or Contraction
Expansion or Prosperity
Recovery
25
Partnerships are like
megacorporations
marriages
the perfect business model
small franchises
26
A professional must have
proven experience
a license
usually all of these in some form
training or formal education
27
This model of competition has the greatest amount of competition.
monopolistic competition
perfect competition
oligopoly
monopoly
28
A worker is discouraged when...
they are sad and blue.
when they are overqualified and underpaid.
they hate their boss and purposely mess up.
they quit looking for a job.
29
This form of competition eliminates all other competitors (no other firms).
monopolistic competition
monopoly
perfect competition
oligopoly
30
Unions
negotiate for benefits
work toward all of these in contracts.
bargain for higher wages
try to improve members' working conditions
31
Unions' strength is in their _____.
skill level.
beliefs.
numbers.
wealth.
32
Structural Unemployment is caused by
no particular reason
changes in the business cycle
changes in the calendar
changes in technology and resources
33
In a modern free market economy, government does not _____.
attempt to protect consumers.
offer worker protections
regulate use of the environment.
control businesses and create command economies.
34
The nation's current employment problem concerns ____.
underemployed workers.
record low unemployment of 3.8%
mass unemployment of 15%.
discouraged workers.
