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39 terms

Test 7-9 ECON EXAM

STUDY
PLAY
When is a buyer NOT willing ot spend alot of time and energy researching the market
when the savings to be made are small
what kind of a market runs most efficently when one large firm supplies all of the output
a natural monopoly
what is one kind of monopoly that the US government permits
pro sports monoloply
how does a company arrange to sell its products to people who are unwilling to pay the top price for them
by charging differnet prices according to the group to which the buyer belongs
what is the monopolistic competition
many companies selling similiar bu not identical products
whichof the fllowing is not a form of nonprice competition
discounts
what happens to a monopolistically competitive formt hat begins to charge an excessive price for its product
consumers will substitute a rivals prodcut
when the government deregualtes a product or service what happens to it
some government regualtions iver the industry are eliminated
cartels are difficult to operate for which of the following reasons
they work only if members keep to their agreed output
why does the government sometimes give monopoly power to a company by issuing a patent
the company can profit from it without competition
which of the following is NOT a condition for perfect competition
sellers offer a wide variety of products
which of the following industries have been deregulated in rencet years
airlines
which of the following is a product tha t is considered a commodity
feed corn for cattle
waht is the definition of an oligopoly
two to 4 firms producing 70-80 % of the output
what is one of the effects that the internet has had on buisness
it has reduced start up costs for many buisnesses
Approxiamtely what percent of US workers leong to labor unions
13%
What is collective bargaining
union and company repersentatives meeting to negociate a new labor contract
how are wages for a particular job determined
by the equilbrium bewteen supply and demand for workers for that job
for which kinds of discrimination does the EEOC handle complaints
race,sex,color, religion or nationality
when did labor unions begin to gain some legal rights
1930'3
which of the following could be considered company benefits
the employers payments to social securtiy
which of the following jons are expected to grow significantly
computer related jobs
mark is swithcing jobs from data clerk to stell mill worker his waiges will incease becasue
it is more dangerous to work a mill than a desk
tracy a recent college grad earned straight A's in history but still got the job as a legal assistant why
screening effect
jon is deciding betwwen a jobt hat pays 500 a wekk and a job that pays 550 a week, choosing a lower compensation is offset by its
benefits such as health insurance and stock options
current labor makret trends incllude
an increase inservice jobs accompanied in mnufacturing jobs
all of the following help explain why carpenters earn more than dishwashers except
a greater supplu of carpenters than dish washers
the strength of labor unions has declinded since becasue
whie cllar jobs increasin, blue collar jobs decreasein, some manufactures moving to the south
your cousin tells you that his truck company has resorted to arbitrition with the truckers union this meas
a neutral thrid party is reviewing the dispute and will impose a legally binding decision
in your communiity there are enough lawncare workers to fill all the lawncare jobs available there are also no unemployed lawn care orkers. You can assume that the wage paid to lawn care workers is
in equiibrium
Sunshine island has three lrge super markets that supply most of the grocerices fro theislands population this is an
oligopoly
whic of these comapines has not been forced to split by the federal government
microscoft
your uncle owns a convience store with branches nationwide his store is
multinational
corporations are defined as entites becasue they
have a legal identity seperate from those of their owners
you are a part owner of new brands oprpoation because
you own stock in the company
Mr Martin owns the nieghborhood flower stans mr martins store is probalbly a
sole proprietorship
you decide to go to a consumer cooperative to buy supplies for your class party prices are cheaper mainly becasue consumer cooperatives
make large purchases
suppose the cost of having your teeth filled rises in yourareas the result will likely be
an increase in the number of dental students in your area
in inflation adjusted dollars how have average wages in the US changed in the last 20 years
wages have stayed the same