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Economics chapter 8-9 Flashcards | StudBud
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Economics chapter 8-9
Economics chapter 8-9
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Economics chapter 8-9
Flashcards
51 cards
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Practice quiz
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Questions
51
Answers
1
What are the three key economic questions
What u doing? Where u gonna do it? Who's gonna do it?
What u making? How u gonna make it? Who's gonna use it?
Where u going it? How u gonna go? Who's gonna go?
What u seeing? How u gonna see it? What's gonna see it?
2
Labor force from another country allowed to live and work in the U.S. only temporarily
Skilled labor
Guest workers
Professional labor
Unskilled labor
3
Legal obligation to pay debts
Fringe benefits
Liability
Assets
Conglomerate
4
Corporation that issues stock to only a few people, often family members
Closely held corporation
Conglomerate
Publicly held corporation
Multinational corporation
5
An illegal agreement among firms to divide the market, set prices, or limit production
Commodity
Cartel
Allusion
Collusion
6
Work that requires specialized skills and training
Professional labor
Labor union
Skilled labor
Guest workers
7
Labor contracts that keep unnecessary workers on a company’s payroll
Featherbedding
Glass ceiling
Screening effect
Professional organization
8
Neutral person meets with each side to find a solution that both sides will accept
Arbitration
Colation
Modation
Mediation
9
Organization of workers that improves working conditions, wages, and benefits for its members
Featherbedding
Labor board
Labor force
Labor union
10
Work that requires specialized skills and training
Professional labor
Screening labor
Unskilled labor
Skilled labor
11
Corporation that sells stock on the open market
Horizontal merger
Closely held corporation
Publicly held corporation
Vertical merger
12
Movement of some of a company’s operations to another country
Outsourcing
Arbitration
Featherbedding
Offshoring
13
Certificate of ownership in a corporation
Royalties
Stock
Dividend
Assets
14
Semi-independent business that pays parent company for right to sell a product/service
Conglomerate
Trade association
Corporation
Business franchise
15
Nonprofit that promotes the interests of particular industry
Labor force
Collective bargaining
Trade association
Nonprofit organization
16
All nonmilitary people employed or unemployed
Labor force
Wilbur force
Trade force
Job force
17
Work that requires no specialized skills, education, or training
Unskilled labor
Professional labor
Skilled labor
Guest workers
18
Letting private business do the job of government
Privatization
Private business
Capitalism
Communism
19
Laws that designate certain areas, or zones, for residential/business use
Collusion
Zoning laws
Trade association
Offshoring
20
Product considered same no matter who produces or sells it
Outsourcing
Cooperative
Conglomerate
Commodity
21
Only one partner is required to be a general partner
Closely held corporation
Limited partnership
Fringe benefits
General partnership
22
Contracting another company to do a job
Outsourcing
Screening
Insourcing
Offshoring
23
Money or valuables belonging to an individual or business
Arbitration
Assets
Franchise
Royalties
24
Union and company management meet to negotiate a new labor contract
Collective bargaining
Mediation
Arrangement
Cooperative
25
Business owned/managed by a single individual
Partnership
General partnership
Limited partnership
Sole proprietorship
26
Bans mandatory union membership
Collective bargaining
Labor contract
Right-to-work laws
Strike
27
Theory that completing college indicates a job applicant is intelligent and hard-working
Learning effect
Dividend effect
Screening effect
Bond effect
28
Combining firms involved in different stages of producing the same good/service
Negative merger
Horizontal merger
Positive merger
Vertical merger
29
A cost or benefit to someone other than the producer of that good or service
Internality
Exoskeleton
Free rider
Externality
30
Someone who does not pay their fair share of taxes
Free rider
Free bird
Pale rider
Free one
31
Theory that education increases efficiency of production and thus results in higher wages
Learning effect
Limited partnership
Liability
Screening effect
32
Payments to employees other than wages or salary
Labor union
Fringe benefits
Trade association
Professional organization
33
Business organization owned/operated by a group for their shared benefit
Conglomerate
Corporation
Congregation
Cooperative
34
Business owned by two or more people who divide responsibilities/profits
Corporation
Partnership
Royalties
Business franchise
35
Share of earnings given by franchisee as a payment to franchiser
Equilibrium
Factor payment
Royalties
Disequilibrium
36
Corporation that produces/sells goods/services in more than one country
Offshoring
Professional organization
Nonprofit organization
Multinational corporation (MNC)
37
Nonprofit that works to improve working conditions of a particular occupation
Co-operative
Outsourcing
Professional organization
Trade association
38
Corporate profits paid to stockholders
Negative integer
Dividend
Mediation
Bond
39
Professional or clerical job and usually earns a weekly salary
Non-collar worker
Grey-collar worker
White-collar worker
Blue-collar worker
40
Merging more than three businesses that produce unrelated products/services
Conglomerate
Association
Cooperative
Multinational
41
Producers that agree to coordinate prices and production
Collusion
Arbitration
Externality
Cartel
42
Government owns and controls all resources and means of production
Autocracy
Communism
Socialism
Capitalism
43
Someone who performs manual labor and earns an hourly wage
White-collar worker
Non-collar worker
Grey-collar worker
Blue-collar worker
44
Functions like a business but not for making a profit
Professional organization
Nonprofit organization
Cooperative
Trade association
45
Promise by a corporation to repay borrowed money with interest at fixed intervals
Bond
Featherbedding
Dividend
Conglomerate
46
Organized work stoppage intended to force an employer to address union demands
Home run
Ball
Out
Strike
47
All partners share equally in both responsibility/liability
Limited partnership
Sole proprietorship
General partnership
Proprietorship
48
Unofficial barrier that prevents women & minorities from advancing to top ranks of business
Glass floor
Glass table
Glass ceiling
Featherbedding
49
Combining two or more firms that have the same good/service
Vertical merger
Positive merger
Horizontal merger
Negative merger
50
Neutral person imposes a decision that is legally binding for company and union
Staycation
Vacation
Arbitration
Mediation
51
Owned by individual stockholders, each of whom has limited liability for the firm’s debts
Dividend
Oligopoly
Corporation
Monopoly
