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Aronson Unit 3 Economics

What is the major difference between a corporation and other kinds of businesses?
A corporation has a separate entity apart from that of the owners and workers.
If a general partnership fails, who is responsible for the debts?
all the partners
The government usually allows conglomerates because they
do not result in decreased competition
Mark is switching from his job as a data entry clerk in an office to a job in 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
Which of the following is a business organization owned by a group of people for their mutual benefit?
a cooperative
Which of the following is an example of using physical capital instead of human capital to get a job done?
an automatic teller machine
You decide to go to a consumer cooperative to buy supplies for your class party. Prices are cheaper there because
consumer cooperatives make larger purchases
You are looking for a job with many fringe benefits. Therefore you probably want to work for a
corporation
According to economic theory, what happens to job opportunities in low-paying jobs when the minimum wage goes up?
The quantity of labor demanded goes down
Why are corporations defined as entities?
because they have legal identity separate from those of their owners (not actual answer)
Which of the following is an example of using physical capital instead of human capital to get a job done?
an automatic teller machine
In your community there are enough lawncare workers to fill all the lawncare jobs available. There are also no unemployed lawncare workers. You can assume that the wage paid to lawncare workers is
in equilibrium
What is a fringe benefit?
A payment other than wages or salaries
The family-owned Italian restaurant in your neighborhood is probably an example of a what
consumer cooperative
You are part-owner of New Brands corporation because you
own the company’s stock
What are royalties?
a percentage of earnings paid to a franchise
When your grandfather and his friends entered the work force in 1950, they were likely to have jobs in what?
the service sector
How are wages for a particular job determined?
By the equilibrium between supply and demand for the workers for that job
Ellen started a catering business, but soon decided that it was too stressful for her. She was able to close her business rather easily because it was a
Sole proprietorship
Current labor market trends include?
a. an increase in the number of people not counted in employment statistics.
b. an increase in demand for low-skilled American labor.
c. an increase in service jobs accompanied by a decrease in manufacturing jobs.
D. all of the above <-answer
Dr. Ruiz shares equal responsibility and liability with her colleagues in their medical practice. Her practice is a
general partnership
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
Your running shoes were designed in the United States but assembled in Asia by a company called RunnerPro. RunnerPro is a
a multinational corporation
Which of the following could be considered company benefits?
the employer’s payments to Social Security
You own a successful bicycle repair shop. You are considering incorporating in order to
in order to raise money more easily.
Emily who has been waiting for a promotion to a management position for almost 5 years, when she notices that men fill most of the higher jobs in her company, she suspects that something is not right. She suspects that her company has a what?
a glass ceiling
For which kinds of discrimination does the EEOC handle complaints?
race, sex, color, religion, or nationality
Why is it easier for a partenership to borrow money and to hold good employees than it is for a sole proprietorship?
A partnership has more personal stability and access to more money
When did labor unions begin to gain some legal rights in the US?
1930s
Jon is deciding between a job with Company A that pays $500 a week and a job with Company B that pays $550 a week. He decides to take the job with Company A, whose lower compensation is offset by its …
Benefits such as health insurance and retirement
What are the money and other valuables that belong to a corporation or partnership called?
assets
What percentage of US businesses are sole proprietorships?
75%
All of the following help explain why carpenters usually earn more than dishwashers EXCEPT
a greater supply of carpenters than dishwashers
Which of the following is a disadvantage of a sole proprietorship?
Liability* (not exact)
Labor unions arose largely in response to the?
Industrial Revolution to get better wages, conditions, and working hours
or
dangerous working conditions and long hours
What is collective bargaining?
representatives negotiating for a labor contract
or
union and company representatives meeting to negotiate a new labor contract
What are organizations that are in the business of beefiting society and operate like a business called?
non profit organizations.
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 baggers would be higher.

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