Business and Labor ch.8 & 9 Economics PCM

Question 1

The quantity of output produced by a unit of labor

Accepted Answer

productivity of labor

Question 2

The practice of negotiating labor contracts thatkeep unnecessary workers on a company’s payroll

Accepted Answer

featherbedding

Question 3

Authorization to operate a business issued by a local government

Accepted Answer

business license

Question 4

business combination merging more than 3 businesses that produce unrelated products/services

Accepted Answer

conglomerate

Question 5

A measure that bans mandatory union membership

Accepted Answer

right-to-work

Question 6

A type of partnership in which all partners share equally in both responsibility and liability

Accepted Answer

general partnership

Question 7

thirdparty listens to both sides and makes decision for both the company/union, legally binding

Accepted Answer

arbitration

Question 8

contracting with another company to do a job that could be done by a company’s own workers

Accepted Answer

outsourcing

Question 9

The portion of corporate profits paid out to stockholders

Accepted Answer

dividend

Question 10

Work that requires no specialized skills,education, or training

Accepted Answer

unskilled labor

Question 11

The process in which union and company management meet to negotiate a new labor contract

Accepted Answer

collective bargaining

Question 12

labor force from another country who are allowed to live and work in the U.S only temporarily

Accepted Answer

guest worker

Question 13

A type of partnership in which all partners are limited partners

Accepted Answer

limited liability partnership

Question 14

The legal obligation to pay debts

Accepted Answer

liability

Question 15

Work that requires advanced skills and education

Accepted Answer

professional labor

Question 16

a promise to repay borrowed money with interest at fixed intervals

Accepted Answer

bond

Question 17

A partnership agreement that spells out each partner’s rights and responsibilities

Accepted Answer

articles of partnership

Question 18

business with limited liability forthe owners w/ the advantage of notpaying corporate incometax

Accepted Answer

limited liability corporation

Question 19

Someone who performs manual labor, often in a manufacturing job, and who earns an hourly wage

Accepted Answer

blue-collar worker

Question 20

A business owned and managed by a single individual

Accepted Answer

sole proprietorship

Question 21

Two or more firms involved in different stages of producing the same good or service

Accepted Answer

vertical merger

Question 22

A temporary and part-time job

Accepted Answer

contigent employement

Question 23

A license to form a corporation issued by a state government

Accepted Answer

certificate of incorporation

Question 24

All nonmilitary people who are employed or unemployed

Accepted Answer

labor force

Question 25

Laws in a city or town that designate certain areas or zones, for residential & business use

Accepted Answer

zoning laws

Question 26

The share of earnings given by a franchisee as payment to the franchiser

Accepted Answer

royalities

Question 27

Work that requires minimal specialized skills and education

Accepted Answer

semi-skilled labor

Question 28

organization of workers that improves working conditions, wages, and benefits for its members

Accepted Answer

labor union

Question 29

The movement of some of a company’s operations to another country

Accepted Answer

offshoring

Question 30

a neutral person meets with each side to try to find a solution that bothsides will accept

Accepted Answer

mediation

Question 31

A type of demand that is set by the demand for another good or service

Accepted Answer

derived demand

Question 32

A business organization owned and operated by a group of individuals for their shared benefit

Accepted Answer

cooperative

Question 33

An unofficial barrier that preventswomen/minorities from advancing infirms dominatedby whitemen

Accepted Answer

glass ceiling

Question 34

An organized work stoppage intended to force an employer to address union demands

Accepted Answer

strike

Question 35

Someone who works in a professional or clerical job and who usually earns a weekly salary

Accepted Answer

white-collar worker

Question 36

The theory that education increases efficiency of production and thus results in higher wages

Accepted Answer

learning effect

Question 37

The theory that the completion of college indicates to employers the applicant is qualified

Accepted Answer

screening effect

Question 38

A legal entity owned by stockholders, each of whom has limited liability for the firm’s debts

Accepted Answer

corporation

Question 39

The combination of two or more firms competing in the same market with the same good or service

Accepted Answer

horizontal merger

Question 40

Work that requires specialized skills and training

Accepted Answer

skilled labor

Question 41

The ownership structure of a company or firm

Accepted Answer

business organization

Question 42

A type of partnership in which only one partneris required to be a general partner

Accepted Answer

limited partnership

Question 43

business that pays $ to a company in return for the right to sell a product/service in a area

Accepted Answer

business franchise

Question 44

The money and other valuables belonging to an individual or business

Accepted Answer

assets

Question 45

Payments to employees other than wages or salary

Accepted Answer

fringe benefits

Question 46

A large corporation that produces and sells its goods and services in more than one country

Accepted Answer

multinational cooperation

Question 47

this functions much like a business, but does not operate for the purpose of generating profit

Accepted Answer

nonprofit organization

Question 48

A certificate of ownership in a corporation

Accepted Answer

stock

Question 49

owned by two or more persons who agree on a specific division of responsibilities and profits

Accepted Answer

partnership

Question 50

The wage rate that is set when the supply of workers meets the demand for workers in the market

Accepted Answer

equilibrium wage

Business and Labor ch.8 & 9 Economics PCM

Questions 50

Business and Labor ch.8 & 9 Economics PCM

Questions 50