Unit 3

Question 1

Good wireless and better wireless merged to form best wireless the federal government watches this merger carefully for evidence of a

Answer 1

Monopoly

Question 2

Approximately what percentage of US workers belong to labor unions

Answer 2

13%

Question 3

Currently labor market trends include

Answer 3

An increase in service jobs

Question 4

Accompanied by a decrease in manufacturing jobs what is a monopolistic competition

Answer 4

Many companies selling similar but not identical products

Question 5

You can assume the wages paid to lawn care workers is

Answer 5

And equilibrium

Question 6

According to economic theory what happens to job opportunities in low-paying jobs when minimum-wage goes up

Answer 6

Quantity of labor demand goes down

Question 7

Labor unions arose largely in response to

Answer 7

Dangerous conditions and long hours in factory jobs in the 1800s

Question 8

Emily has been waiting for a promotion to a management position for almost 5 years, When she notices that men feel most of higher level jobs to men in her company she suspects that her company has a

Answer 8

Glass ceiling

Question 9

What is the major difference between a corporation and other kinds of businesses

Answer 9

The corporation has a separate entity apart from that of the owners and workers

Question 10

You’re looking for a job with many fringe benefits you therefore probably want to work for a

Answer 10

Corporation

Question 11

For which kind of discrimination does the EEOC handle complaints

Answer 11

Race sex nationality color religion

Question 12

This is probably because the jeans manufacturing company wanted to locate it’s plant

Answer 12

Where labor was plentiful and therefore cheaper

Question 13

The equilibrium wage is for doctors is high because the

Answer 13

Supply of doctors is relatively low and the demand is relatively high

Question 14

What percentage of businesses are sole proprietor ships

Answer 14

75%

Question 15

When your grandfather and his friends enter the workforce in 1950 they were likely to have jobs in

Answer 15

Factories producing electronics

Question 16

Every day on your way to basketball practice you leave to Mr. Martin who owns the neighborhood flower stand Mr. Martin store is probably

Answer 16

Soul proprietorship

Question 17

Although she doesn’t have a background in launch she hopes to land the job because of the

Answer 17

Screening affect

Question 18

Went to labor unions begin to gain some legal rights in the United States

Answer 18

1930s

Question 19

What are money and other valuables that belong to a corporation or partnership called

Answer 19

Assets

Question 20

The government usually allows conglomerates because they

Answer 20

Do not result in decreased competition

Question 21

Which of the following could be considered company benefits

Answer 21

The employers payments to Social Security

Question 22

Your cousin tells you that his trucking company has resorted to arbitration with the truckers union this means that

Answer 22

A neutral third-party is reviewing the dispute and will impose a legally binding decision

Question 23

In inflation-adjusted dollars how many averages in the US changed in the last 20 years

Answer 23

We just stayed the same

Question 24

Which of the following is an advantage of a sole proprietor ship

Answer 24

It is the least regulated form of business organization

Question 25

which of the following is a business organization owned by a group of people for their mutual benefit

Answer 25

a cooperative

Question 26

Your part owner of the new brands corporation because you

Answer 26

Own the company stock

Question 27

Mark is switching from his job as a data clerk in an office to a job in a steel one reason his wages will increase significantly in the new job is that

Answer 27

It is more dangerous to work in the steelmill than an office

Question 28

Which of the following is an example of using physical capital instead of human capital to get a job done

Answer 28

An automatic teller machine

Question 29

Why is it easier for a partnership to borrow money and to hold good employees that is For a sole proprietorship to do so

Answer 29

A partnership has officers who are responsible for the business

Question 30

Dr. leashes equal responsibility and liability with her colleagues in the medical practice her practice is a

Answer 30

General partnership

Question 31

How are wages for a particular job determined

Answer 31

By the equilibrium between the supply and demand for workers for the job

Question 32

You live in a community with many teenagers and you work during the summer bagging groceries for a low hourly wage what might living in a community with your teenager looking for grocery bagging jobs affect your hourly wage

Answer 32

Your wages will probably be higher because the demand for baggers will be higher

Question 33

What is collective-bargaining

Answer 33

Union and company representatives meeting to negotiate a new labor contract

Question 34

Which of the following is a disadvantage of a soul proprietor ship

Answer 34

Lack of permanence

Question 35

Ellen started catering business but soon decided the catering was too stressful for her she could close for business relatively easy and return to school because the business was a

Answer 35

Proprietorship

Question 36

Which of the following jobs are expected to grow significantly

Answer 36

Computer related jobs

Question 37

The strength of labor unions has declined in recent years because

Answer 37

The number of white-collar jobs is increasing blue-collar jobs is decreasing and some manufacturers have been relocated to countries were labor is cheaper or to South America

Question 38

You own a successful by bike repair shop you're considering incorporation in order to

Answer 38

Raise money more easily

Question 39

What are royalties

Answer 39

A percentage of a franchises earnings paid to the parent company

Question 40

Your family house needs a new roofin order to find out which roofers are reliable to charge fair prices your family should call local

Answer 40

Better business bureau

Question 41

Corporations are defined as entities because they

Answer 41

Have a legal identity separating from those of their owners

Question 42

Your running shoes were designed in the US but assembled in Asia by a company called runner pro runner pro is a

Answer 42

Multi nation corporation

Question 43

What are organizations that are in the business of benefiting society and operate like a business

Answer 43

Nonprofit organization's

Question 44

If general partnership Falls who is responsible for the debts

Answer 44

All the partnerships

Question 45

In a publicly held corporation

Answer 45

A large number of stockholders can buy and sell stocks

Question 46

Prices are cheaper there mainly because consumers who operatives

Answer 46

Make larger purchases

Question 47

He decides to take a job with a company whose love compensation is offset by its

Answer 47

Benefits such as health insurance and stock options

Question 48

What is the fringe benefit

Answer 48

Payment other than wages or salaries

Question 49

Joining of two or more businesses that are involved in different stages of producing the same good or service is called WOTF

Answer 49

Vertical merger

Question 50

Last question

Answer 50

Last answer