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Econ Chapters 8 & 9

Your cousin tells you that his trucking company has restored to arbitration with the trucker’s Union. This means that…..
A neutral third party is reviewing the dispute and will impose a legally binding decision.
In your community there are enough lawn care workers to fill all the law care jobs available. There are also no unemployed lawn care workers. You can assume that the wage paid to lawn care workers is….
In equilibrium
What are royalties?
A percentage of a franchise’s earnings paid to the parent company.
According to the economic theory, what happens to the job opportunities in low paying jobs when the minimum wage go up?
The quantity of labor demanded goes down.
Which of the following is a disadvantage of a sole proprietorship?
Lack of permanence
You live in a community with many teenagers, and you work during the summer bagging groceries for a low hourly wage. How might living in a community with fewer teenagers looking for grocery bagging jobs affect your hourly wage?
Your wages would probably be higher because demand for bangers would be higher
What is collective bargaining?
Union and company representatives meeting to negotiate a new labor contract.
The strength of labor unions has declined in recent years because..
All of the above.
Suppose the cost of having your teeth filled rises in your area . The result will likely be..
An increase in the number of dental students in your area.
The family owned Italian restaurant in your neighborhood is probably an example of a ..
General partnership
Good Wireless and Better Wireless merge to form Best Wireless. The fed gov watches this merger carefully for evidence of a …
The equilibrium wage for doctors is high because the..
Supply of doctors is relatively low and the demand is relatively high
You own a successful bicycle repair business. You are considering incorporating in order to..
Raise money more easily.
A joining of two or more business that are involved in different stages of producing the same good of service is called ..
Vertical merger
You decide to go to a consumer cooperative to buy supplies for your class party. Prices are cheaper there mainly because consumer cooperatives..
Make large purchases.
Tracy, a recent college grad who earned straight A’s as a history major, is applying for a job as a legal assistant. although she does. Let have a background in law, she hopes to land the job because of the……
Screening effect.
Your running shoes were designed in the US but assembled in Asia by a company called RunnerPro. RunnerPro is a
Multinational corporation.
When your grandfather and his friends entered the work force in 1950, they were likely to have jobs in
Factories predicting electronics.
What are organizations that are in the business of benefiting society and operate like a business called?
Nonprofit org
What is an advantage to sole proprietorship?
It is the least regulated form of business organization
Your uncle owns a convenience store that has branches nationwide. His store is an example of
Business franchise
Corporations are defined as entities because they
Have a legal identity separate from those of their owners.
For which kinds of discrimination does the EEOC handle complaints?
Race, sex, color, religion, or nationality
What is a fringe benefit?
A payment other than wages or salaries.
If a general partnership fails, who is responsible for the debts?
All of the partners
You are looking for a job with many fringe benefits. You therefore probably want to work for a
Current labor market trends include
An increase in service jobs accompanied by a decrease in manufacturing jobs.
You are part owner of NewBrands corporation because you
Own the company’s stock.
Approximately what percentage of US workers belong to labor unions?
Labor unions arose largely in response to the
Dangerous working conditions and long hours of factory jobs in the 1800s.
In inflation adjusted dollars, how have average wages in the United States changed in the last 20 years?
Wages have gone up significantly
Ellen started a catering business, but soon decided that catering was too stressful for her. She could close her business relatively easily and return to school because the business was a
Sole proprietorship
Dr. Ruiz shares equal responsibility and liability with her colleagues on their medical practice. Her practice is a
General partnership
Which of the following jobs are expected to grow significantly?
Computer related jobs.
Mark is switching from his job as a data entry clerk in an office to a job I’m a steel mill. One reason his wages will increase significantly in his new job is that
It is more dangerous to work in a steel mill than in an office.
What is an example of using physical capital instead of human capital to get a job done?
An automatic teller machine.
Your family’s house needs a new roof. In order to find out which roofers are reliable and charge fair prices, your family should call your local
Better Business Bureau
Which of the following could be considered company benefits?
The employer’s payments to social security.
Why is it easier for a partnership to borrow money and to hold good employees than it is for a sole proprietorship to do so?
A partnership has more personal stability and access to more money.
What is a business organization owned by a group of people for their mutual benefit?
A cooperative
Emily has been waiting for a promotion to a management position for almost five years. When she notices that men full most of the higher level jobs in her company, she suspects that he company has
A glass Cieling
What represents the percentage of all US business that are corporations, and the percentage of all goods that those corporations sell?
20% of biz, 90% of goods sold.
How are wages for a particular job determined?
By the equilibrium between the supply and demand for workers for that job
What percentage of businesses are sole proprietorships?
The legally bound obligation to pay debts.
Authorization to start a business issued by the local gov
Business license
The joining of two or more firms competing in the same market with the same good or service
Horizontal merger
An institution that functions like a biz but does not operate to order generate profits
Nonprofit org
The portion of corporate profits paid out to stockholders
A share representing a portion of ownership in a corporation

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