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Economics unit 3 exam review
Terms in this set (18)
Using proper economic terminology, which statement is correct?
a manager is a professional laborer
(graph) Which statement is the best summary of the bar graph?
at all levels of education, women are paid less than men
A town has one shopping mall. Then a second mall opens. All other things being equal, what is most likely to happen to the equilibrium wage for retail workers?
it will increase
When two or more firms competing in the same market with the same good or service decide to combine, they form a
Certificates of ownership in a corporation that are traded on the open market are called
How do anti-discrimination laws affect people's wages?
they limit the factors that can be used to determine wages
You open a dog-walking business. You own the business, you do the work, and you keep all the profits. Which term best describes you?
Picture a collective bargaining session between union leaders and company management. Which statement would most likely be made by a member of management?
"we need to eliminate the night shift to cut costs"
A store that provides discounts for members is an example of a
Which of the following did NOT contribute to the decline in union membership during the last half of the twentieth century?
You work at a fast-food restaurant. You often hear the owner complaining about paying royalty fees. You now know you must work for a
Dr. Garza shares his office with another physician, Dr. Lindsay. When a patient calls, the receptionist answers the phone by saying "Garza and Lindsay, LLP. May I help you?" What can you conclude?
that the doctors have a limited liability partnership
Which of the following people is a member of the labor force?
an unemployed accountant
By the early 2000s, more than half of all American workers used which of the following on the job?
(graph) What would an economist most likely say the graph depicts?
the screening effect
Consider the role of labor unions, technology such as computers, and the growth of the service sector of the American economy. A reasonable conclusion for someone just out of high school would be that
the economy can change in substantial ways
Which of the following institutions is NOT an example of a nonprofit organization?
your community bank
Unlimited personal liability, limited access to resources, and lack of permanence are all disadvantages faced by
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