In arbitration, what do leaders of the labor union and the representatives of company management agree to?

bring a third party into their negotiations who can make bind decisions

When more people enter the labor market for doctors, how does that influence wages and employment?

market equilibrium wage decreases & equilibrium quantity of labor increases

Which of the following could explain the relatively high wages earned by certain medical professionals, like physicians?

required training & certification lead to low quantity of labor supplied

Which is true about a corporation?

stocks may be issued to generate income

Which of the following describes the primary difference between craft and industrial unions?

Workers of a particular trade, not an entire industry form a craft union

You have recently discovered that a local business has been designated 501(c)(3). Which of the following must be true?

The business has federal tax exemptions

Which of the following benefits do franchisees enjoy over other small business owners?

they have a lower 5-year failure rate

What is a way for a company or individual to increase their human capital?

An individual could earn a college degree

Which of the following is a characteristic of general partnerships?

The partnership has limited life

Which of the following are benefits enjoyed by sole proprietorships?

control of decision-making and earning goes directly to the owner

Explain one way in which hiring an additional worker could lead to an increase in human capital.

it could lead to an increase in human capital if new worker teachers others

Which of the following statements is true about sole proprietorships?

A sole proprietorship is the simplest form of business organization

Which of the following benefits do franchisees enjoy over other small business owners?

they benefit from the successful marketing provided by franchisors

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Economics Unit 4 Test Study Quiz!

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Questions 19

Answers

1
In arbitration, what do leaders of the labor union and the representatives of company management agree to?
negotiate and understand that labor unions can make binding decisions
bring a third party to their negotiations who can't make binding decisions
bring a third party into their negotiations who can make bind decisions
negotiate and understand that management can make binding decisions
2
Which is true about a general partnership?
bonds are given to employees
limited liability
there are two or more owners
3
When more people enter the labor market for doctors, how does that influence wages and employment?
market equilibrium wage increases & equilibrium quantity of labor increases
market equilibrium wage decreases & equilibrium quantity of labor increases
market equilibrium wage increases & equilibrium quantity of labor decreases
market equilibrium wage decreases & equilibrium quantity of labor decreases
4
What primary responsibility do the shareholders of a corporation have?
electing a board of directors
providing their own labor for the production process
overseeing production
hiring management to oversee production
5
Which of the following could explain the relatively high wages earned by certain medical professionals, like physicians?
required training & certification lead to low quantity of labor supplied
age of population leads to low quantity of labor demanded at any wage
age of population leads to high quantity of labor supplied at any wage
required training & certifications lead to high quantity of labor supplied
6
Which is true about a corporation?
unlimited liability
there is one owner
stocks may be issued to generate income
7
Which of the following describes the primary difference between craft and industrial unions?
Workers of a particular trade, not an entire industry form a craft union
Workers from labor-intensive fields form industrial, not craft, unions
Workers of a specific trade, not an entire industry, form industrial unions
Workers from labor-intensive fields form craft, not industrial, unions
8
Which is true about a corporation?
bonds are given to employees
stocks are not issued
there are two or more owners
9
You have recently discovered that a local business has been designated 501(c)(3). Which of the following must be true?
The business is a private foundation
The business does not earn profits
The business has federal tax exemptions
The business is a public charity
10
Which of the following benefits do franchisees enjoy over other small business owners?
they have a lower 5-year failure rate
they have more control over the goods and services that they provide
they are less expensive to operate than other small businesses
11
What is a way for a company or individual to increase their human capital?
An individual could earn a college degree
An individual could work extra shifts during the week
An individual could ask for a raise
Hiring an additional worker with the same skills & experiences
12
Which of the following is a characteristic of general partnerships?
Each partner has different rights when representing the partnership
The partners have limited liability
One person is the owner of a general partnership
The partnership has limited life
13
Which of the following are benefits enjoyed by sole proprietorships?
limited liability and easy access to credit
unlimited liability and control of decision-making
control of decision-making and earning goes directly to the owner
easy access to credit and earning goes directly to the owner
14
Which is true about a general partnership?
limited liability
there is one owner
unlimited liability
15
Explain one way in which hiring an additional worker could lead to an increase in human capital.
it could lead to an increase in human capital if new worker teachers others
it won't lead to an increase in human capital
it could lead to increased human capital if the firm made a profit
it could lead to increased human capital if new worker is more productive
16
Which of the following statements is true about sole proprietorships?
The owner of the sole proprietorship has limited liability
A sole proprietorship can continue if the owner dies
A sole proprietorship is the simplest form of business organization
The owner of the sole proprietorship must report to shareholders
17
Which is true about a sole proprietorship?
bonds are given to employees
there are two or more owners
unlimited liability
18
Which of the following benefits do franchisees enjoy over other small business owners?
they have lower start-up costs than other small businesses
they benefit from the successful marketing provided by franchisors
they get special tax exemptions
19
Which is true about a sole proprietorship?
there is one owner
limited liability
stocks may be issued to generate income

Economics Unit 4 Test Study Quiz! Flashcards | StudBud