Economics Unit 3 Final Exam

A situation in which a firm ceases to exist when an owner dies or quits

Subway restaurants, which are typically independently owned, but who use the Subway name, are examples of

Standard Oil trust was an example of a corporate combination in which 2 or more companies produce the same good/service

What happens when the demand for a skill is high, but supply of workers with skill is low (based on Market Theory...)?

Complicated legal procedures and profits that are taxed twice are two disadvantages of which type of business?

Which of these statements best describes what unlimited liability means?

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

A share of ownership in a corporation

If the activities of a nonprofit organization generate revenue, how is it typically used?

A company with four or more businesses that make unrelated products, such as Nestle, is called a

Which of these is NOT a natural resource?

Which of these is an argument that would be used by a supporter of minimum wage?

A stockholders portion of a corporation’s profit.

Mass refusal to do business with a company and an attempt to convince others to do the same is called a

Which of these statistics regarding union representation today are NOT true?

The standard amount of pay given for work performed in an occupation in a given area or region is called the

The income earned by females has only been a fraction of that earned by males partially because of

An organization that buys bulk amounts of goods and sells them to its members:

Which of the following is a major difference between sole proprietorships and partnerships?

The smallest unit of ownership in a corporation - usually expressed as one "________" of stock

Using social networking sites such as Facebook or LinkedIn to appeal to potential investors of your startup is called…

The Fair Standards in Labor Act in 1938 established the lowest possible price a worker can legally be paid, called

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

Which type of investment involves guaranteed dividends before anyone else receives dividends, but no voice in company

When the government steps in & takes over a company to keep it running while they conduct negotiations with the workers

The American Heart Association is an example of which type of business organization?

Which of these best describes courts' and public reaction to the earliest labor organizers?

A credit union would be an example of this type of business organization

The glass-ceiling refers to

Which of these best describes the law of demand?

Organization that works for its members’ interests concerning pay, working hours and conditions, health coverage, etc

The grievance procedure is

The black dot at the intersection of the supply curve and demand curve is called

A union arrangement where workers do not have to belong to a union to be hired, but must join soon afterward are called

The United States is considered which type of economic system?

According to the Theory of Negotiated Wages a union worker’s seniority may determine their wages. Seniority refers to:

Which of these is a disadvantage of being the franchisee of a franchise?

The oldest, simplest, and most common form of business organization

Unions not associated with the AFL-CIO or Change to Win unions, such as the U.S. Airline Pilots Association

Which of the following partially explains the current decline in union influence?

A method for joining businesses together when one company joins or absorbs another

A lender of investment funds to a startup company in exchange for partial ownership in the business

The graph shows the equilibrium wage rate which can best be described as

The process under which a neutral third-party negotiates a settlement that both sides must accept as final is called

Which of the following is NOT one of the 3 basic economic questions every society must answer?

Which form of partnership features investors who share in profits, but who do not take an active role in management?

A corporation with manufacturing or service operations in different countries, such as Coca-Cola, is known as a

Which of the following best describes what a labor strike is?

Which of these best explains why higher education often results in higher earnings for workers?

All noninstitutionalized people who are at least 16 years old and are working or actively looking for work.