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truet/f if both labor and management agreee to abide by the ruling of a third party to settle their dispute, the process is called arbitration.
If an agreement cannot be reached ning, workers use the boycott-refusing to work until their demands are met
During arbitration, a third party makes a nonbinding compromise to resolve a dispute between labor and management
Skilled laborers are workers who are able to operate complex equipment and who can work with little supervision.
The traditional theory of wage determination states that wages are set according to the laws of supply and demand.
Distribution of income explains the way in which income is allocated to individuals, familes, or other designated groups.
One of the major concerns about the national debt is that more than 50% of it is owed to investors outside of the US
consequences of the national debt include the redistributition of income and diminishing incentives to work, save, and invest.
Government spending can directly affect both the allocation of resources and the distribution of income.
States spend the largest portion of their revenues on intergovenmental expenditures and public welfare.
When labor and management ask a third party to collect information about a dispute and present non-binding recommendations, they are using...
The incidence of a tax can more effectively be shifted from the supplier to the consumer if...
A. the demand curve is inelastic
Ann earns $10,000 annually and pays a tax of $1,000. Jerome earns $60,000 during the same period and pays taxes of $20,000. The tax they both paid was a ...
B. progressive tax
In order for money to have value, it must have all of the following characteristics EXCEPT...
B. plentiful availability
The first fedral legislation to exempt unions from the antitrust laws was the
C. Sherman Antitrust Act
The invisible barrier that hinders women and minorities from advancement up the corporate ladder
B. is known as the glass ceiling
The largest category of spending for most local governments is
A. elementary and secondary education
The sequence for the approval of the federal budget is...
B. president to congress back to president
The _____ requires an employer to automatically deductin income taxes from an employee's wages and send it directly to the government
_____ is the tax paid on the profit people earn from the sale of an asset they've held for a year or more.
capital gains tax
When a person dies, the govenment may levy an _____ on the transfer of the deceased's property to someone else
Many people believe a ____ tax is most fair because everyone will pay the same percentage of taxes
A local government may impose a ____ on the real estate and automobiles belonging to its citizens
tax on tangible and intangible possessions, such as real estate, buildings, furniture, stocks, bonds, and bank accounts
tax that imposes a higher percentage rate of taxation on people with higher incomes than on people with lower incomes
tax that imposes a higher percentage of taxation on lower incomes than on higher incomes
12 month financial-planning period that may or may not correspond with the calendar year
spending authorized by law that continues wihtout the need for annual approvals by Congress
social programs that provide services or income to all individuals who meet eligility requirements
presidential power to cancel specific budget items without rejecting the entire budget
mechanism by which money is kept portable, durable, divisible, and limited in suppply
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