Econ Unit 5 Review

Question 1

Occupational Sector related to Service Related Jobs

Accepted Answer

Tertiary Sector

Question 2

Mr. Cozad got hired by Disney during the Writers/Actors strike. Mr. Cozad is considered a what?

Accepted Answer

Scab, Replacement Worker

Question 3

Which Occupational Sector is the largest in the US?

Accepted Answer

Tertiary Sector

Question 4

The teachers union and the school board meet and negotiate terms on a new contract. Compromises are made. Which method?

Accepted Answer

Collective Bargaining

Question 5

Union membership has declined steadily since the 1950’s. What is the reason for this?

Accepted Answer

Economic Trends, Government Labor Standards, "Right to Work" Laws, Shrinking of the Manufacturing Sector

Question 6

Which of the following does NOT factor into wage rates?

Accepted Answer

First Name

Question 7

What situation best describes how Minimum Wage is created?

Accepted Answer

Price Floor creating a surplus

Question 8

Unseen barriers to one’s advancement

Accepted Answer

Glass Ceiling

Question 9

The Lowest Wage legally allowed for 1 hour of work

Accepted Answer

Minimum Wage

Question 10

Labor Unions work to do what?

Accepted Answer

Better Working Conditions, Maximize Security, Improve Wages, Improve Benefits

Question 11

Which Human Capital group is seen as the most advanced?

Accepted Answer

Professional

Question 12

A union taking in virtually everyone from every craft or industry is employing which strategy?

Accepted Answer

Inclusion

Question 13

During Black Friday and the Holiday season, a retail store’s Derived Demand is considered what?

Accepted Answer

High

Question 14

Which of the following is not a quality of the Civilian Labor Force?

Accepted Answer

Includes those in prison and the military

Question 15

New contract is up for debate. Person X comes in and imposes a decision both sides must agree to. Which method is this?

Accepted Answer

Arbitration

Question 16

Which of the following has led to change in the Civilian Labor Force over history

Accepted Answer

Spike in Women Inclusion, Heightened Human Capital, Higher Education rates, Advanced Technology

Question 17

Occupational Sector related to the Production of Goods

Accepted Answer

Secondary Sector

Question 18

Which of the Occupational Sector is impacted by the advancement of technology in the world?

Accepted Answer

Secondary Sector, Primary Sector, Tertiary Sector

Question 19

A foreign company establishing operations in the United States is known as what?

Accepted Answer

Insourcing

Question 20

Which does NOT shows the changing of the way people work in the US?

Accepted Answer

Higher restrictions on changing ones line of work

Question 21

Occupational Sector related to Natural Resources

Accepted Answer

Primary Sector

Question 22

Why would someone take Job A that has a lower wage than Job B?

Accepted Answer

All of the above

Question 23

The ability to work off site or at home is known as what?

Accepted Answer

Telecommute

Question 24

A Union made up of workers with similar skills working for different employers is known as what?

Accepted Answer

Craft Union

Question 25

New contract is up for debate. Person X comes in and suggests a solution both sides can deny. Which method is this?

Accepted Answer

Mediation

Question 26

Workers commit a full work stoppage and protest outside the place of work. Which method is this?

Accepted Answer

Work Slowdowns/Strike

Question 27

Wages are the price of which factor of production?

Accepted Answer

Labor

Econ Unit 5 Review

Questions 27

Econ Unit 5 Review

Questions 27