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Ch 8 and 9 Econ Review Flashcards | StudBud
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Ch 8 and 9 Econ Review
Ch 8 and 9 Econ Review
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1
When disagreeing sides agree to follow the decision of a neutral third party
Unionization
Mediation
Arbitration
Refereeing
2
The shares of earnings given by a franchisee as payment to the parent company
Royalties
Fringe benefits
Zoning laws
Dividends
3
The theory that employers use level of education to determine which employees to hire
Butterfly Effect
Carbonaro Effect
Screening Effect
Learning Effect
4
Why are manufacturing jobs being moved overseas?
Foreign workers are more productive
Foreign workers receive lower wages
Obama
Companies sell products overseas now
5
Pam has been passed over for the CEO job three different times, despite being qualified. She believes that she is
Experiencing the marble ceiling
Way more smarterer than Brad
Experiencing the glass ceiling
Being treated fairly
6
Stopping work to get better pay
Strike
Featherbedding
Arbitration
Collective bargaining
7
Mr. Reichard's dog is a
Chihuahua
Borador
Labrastaff
Boxador
8
A type of corporation that keeps stocks "in the family", not allowing public sale
Closely Held Corporation
LLC
Private Corporation
Publicly Held Corporation
9
The legal obligation to pay debts is known as
LLC
Limited liability
Zoning laws
Liability
10
Unions were formed to protect all of these except:
Wages
Safe working conditions
Dividends
Benefits/ Retirement
11
A type of corporation that sells its stock on the open market
Closely held corporation
Multinational Corporation
Publicly held corporation
Limited Liability Corporation
12
Liability means
Legal obligation to appear in court
Legal obligation to receive profits
Legal obligation to manage business
Legal obligation to pay debts
13
The big advantage of a sole proprietorship is
You keep all the profits of the business
You have limited liability
You have the support of stockholders
You have unlimited assets
14
Demand that is directly related to the demand for another good or service
Supply and Demand
Derived Demand
Duran Demand
Consumer Demand
15
If Mr. Reichard's dog had an Instagram it would be called
@apupnamedcinder
@cinderbestdoggo
@alloftheabove
@cinderthegreatestboi
16
Critics of the minimum wage say that it hurts poor people because when it goes up...
Demand for professional labor will go up
Demand for unskilled labor will go up
Demand for unskilled labor will go down
Demand for professional labor will go down
17
The name of the founder of the AFL
Samuel Gompers
James J. Vanderbilt
Roger Goddell
JP Morgan
18
Payments to employees other than wages
Dividends
Fringe Benefits
Assets
Derivatives
19
The portion of corporate profits payed to stockholders
Fringe Benefits
Derivatives
Dividends
Assets
20
Right-to-work laws are controversial because:
The require workers to join unions against their will
They outlaw mandatory union membership, thereby weakening unions
They give every person, even Toby, the right to work
They make unions illegal
21
Bruno is a laborer, while Chuck is a master carpenter with an engineering degree. Chuck gets paid more than Bruno. Why?
Bruno is unskilled, while Chuck is a professional
Bruno spends all his money too quickly
Chuck has worked at the company longer
Bruno is skilled, while Chuck is semi-skilled
22
Theory that education increases efficiency and results in higher wages
Butterfly Effect
Learning Effect
Screening Effect
Carbonaro Effect
23
The US is currently moving from a agricultural economy to a manufacturing economy
False
True
24
Workers with specialized abilities and training
Semi-skilled labor
Skilled Labor
Unskilled labor
Labor force
25
Unions are becoming increasingly less popular in the US
True
False
26
Sending work overseas to save money
Strike
Offshoring
Arbitration
Derived Demand
27
None of these people are in the labor force except:
A pilot in the Navy
A 16 year old who works at McDonald's
A stay-at-home parent
A retired factory worker
28
Neutral third party who listens to both sides and makes a suggestion
Partnership
Arbitrator
Mediator
Sole Proprietor
29
Foreign-born workers allowed to work in the US temporarily
Semi-skilled Labor
Union workers
Skilled Labor
Guest workers
30
BLS stands for
Bureau of Labor Satelites
Breed Specific Legislation
Bureau of Large Spiders
Bureau of Labor Statistics
31
Authorization to operate a business issued by a local government
Business Lease
Certificate of incorporation
Partnership Agreement
Business License
32
Why is Labor Day celebrated?
To celebrate the end of white as an acceptable fashion choice
To celebrate those workers who fought and died for fair working conditions
To celebrate mothers
To celebrate business and working hard
33
The disadvantages of a corporation include all of these EXCEPT
Double taxation
Potential to lose ownership to other stockholders
Expensive and difficult to start
Limited assets
34
The risk associated with a job can increase wages
True
False
35
General Partnerships are a good idea, because liability is
Limited, because no one person is a general partner
Unlimited, but shared between partners
Unlimited
Limited, because you have a partner to blame it on
36
All nonmilitary workers, employed or unemployed
Skilled Labor
Guest workers
Organized Labor
Labor Force
37
The money and other valuables belonging to an individual or business
Fringe Benefits
Dividends
Assets
Royalties
38
Fringe benefits like pensions, health insurance, and paid vacations are part of the compensation for professional labor
False
True
39
All people not working, including children, retirees, and the institutionalized count toward the unemployment rate
False
True
40
Laws in a city that designate areas for residential or business use
Business Licenses
Royalties
Trade Federations
Zoning Laws
41
Workers with minimal specialized skills and education
Professionals
Unskilled labor
Semi-skilled Labor
Skilled labor
