Chapters 9 packet – Flashcards
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What criteria define unemployment?
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If they are either temporarily without work or jobs within the last 4 weeks
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How did the electronics boom of the mid- twentieth century impact the job market?
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It created a new surge in factory jobs
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What new jobs were created beginning in the 1970s?
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The invention of the computers chips created growth in computer related jobs
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How has higher education contributed?
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It has increased human capital
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Why are there more women in the labor force?
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Women have increased their human capital
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Have all workers received lower wages?
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No, earnings of collage graduates have increased, while earning of others have decreased by large amount
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How has competition affected wage earnings?
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Competition from foreign companies has decreased by a large amount
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How might the learning effect influence wage trends?
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Education may increase productivity and result in higher wages
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According to the screening effect, how may employers view job applicants who have college education?
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Employers may view such applicants as intelligent and hard working
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To what kinds of jobs does contingent employment refer?
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Contingent employment refers to temporary and , or part time job
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How do economists define labor force?
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As all nonmilitary people who are employed or unemployed
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Employment in a labor market depends on how closely the demand for workers meets
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The supply
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The price of labor (earning) depends on
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Conditions in the labor market
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Professional labor requires
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Advanced skills and education
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In a competitive market, workers are usually paid according to
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How much revenue they produce
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Higher labor prices decrease the
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Amount of labor demanded
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Firms can respond to higher wages by replacing
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Human capital with physical capital
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Higher wages increase the
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Quantity of labor supplied
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Jobs in the skilled labor category require
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Specialized skills and training
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A higher equilibrium wage is the result of
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Low supply and high demand in a given labor
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The equal pay act of 1963 provided that
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Male and female employees in the same work place performing the same job had to receive the same pay
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Title VII of the 1964 civil rights act forbids job discrimination on the basis of
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Race, sex, color, religion, or nationality
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Lack of human capital and possible discrimination contribute to low wages for
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Women and minority workers
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Negative effects on nonunion wages can be reduced when unions
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Pressure firms to avoid jobs cuts as wages are forced up
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Labor force
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All nonmilitary people who are employed or unemployed
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Equilibrium wage
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The wage rate that produces neither an excess supply of workers nor an excess demand for workers in the labor market
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Glass ceiling
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An unofficial, invisible barrier that prevents women and minorities from advancing in businesses dominated by white man
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Feathirbedding
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The practice of negotiating labor contracts that keep unnecessary workers on a company's payroll
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Collective bargaining
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Union and company representatives meeting to negotiate a contract
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White collar worker
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Worker in a professional job receiving a salary
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Right to work law
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Measure banning mandatory union membership
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Blue collar worker
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Worker in an industrial job
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Arbitration
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Settlement technique using third party reviews
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Strike
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Organized work stoppage
