Business and labor practice – Flashcards
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When the savings are to be made small
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When is a buyer NOT willing to spend a lot of money and energy researching the market
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A natural monopoly
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What kind of market runs most efficiently when one large firm supplies all of the output
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Professional sports leagues
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What is one kind of monopoly that the US government generally permits
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By charging different prices according to the group to which the buyer belongs
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How does a company arrange to sell its products to people who are unwilling to pay the top price for them
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Many companies selling similar but not identical products
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What is monopolistic competition
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Discounts
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Which of the following is NOT a form of nonprice competition
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Consumers will substitute a rivals product
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What happens to monopolistically competitive firm and begins to charge an excess price for the product
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Some government regulations over the industry are eliminated
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When the government deregulates a product or service what happens to it
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The company can then profit from their research without competition
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Why does the government sometimes give monopoly power to a company by issuing patent
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Sellers offer a wide variety of products
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Which of the following is NOT a condition for the perfect competition
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He's single firm supplies all the output
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How does a natural monopoly function
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Airlines
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Which of the following industries have been deregulated in recent years
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Feed corn for cattle
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Which of the following is a product that is considered a commodity
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Two to four firms producing 70% to 80% of output
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What is the definition of an oligopoly
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He has reduced start-up costs for many businesses
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What is one of the effects that the Internet has on business
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Oligopoly
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Sunshine island has three large supermarkets that supply most of the groceries for the island's population. A gas station also sells a very small selection of groceries. How would you describe the market for groceries on the seaside Island
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Federal government one that power to prevent monopolies and mergers that interfere with trade between states
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What is the chief effect of the Sherman Antitrust Act?
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Diamonds
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Which of these industries has not been considered a natural monopoly in the past 30 years
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A ranch increases its profits by expanding from 400 to 800 cattle without buying or renting aditional land
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Which of these is an example of economies of scale
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Marginal revenue
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He monopolist will set the production can a level where marginal cost is equal to
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Book bags
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Which of the following markets is an example of a monopolistic competition
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Antitrust laws
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Which of these will not lead to a monopoly
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In some countries laws require retail stores to be closed on Sundays
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Which of the following is not an example of barriers to entry
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None
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How much control over price do companies in a perfectly competitive market have
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Price discrimination recognizes the groups of consumers that are willing and able to pay different amounts and maximize profits by charging each group of the different price
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Why do companies practice price discrimination
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Many firms won't earn profit in the short term but they must constantly innovate and complete to earn profits in the long term
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Which of the following statements is true about profits monopolistically competitive markets
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Microsoft
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Which of these companies has not been forced to split up by the federal government
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Greater than
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Complete the sentence: in a monopoly market the market price will be_____ the price in a perfectly competitive market
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Less than
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Complete this sentence: in a monopoly market the market quantity sold will be_____ the quantity sold in a perfectly competitive market
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Average total cost will decrease as production increases
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The firm enjoys economies of scale,
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It is a last regulated form of business organization
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Which of the following is an advantage of a sole proprietorship
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75%
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What percentage of businesses are sole proprietorships
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All of the partners
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Is a general proprietorship sales who is responsible for the debts
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Vertical merger
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The joining of two or more businesses that are involved in different stages of producing the same good or service is called which of the following
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A partnership is more personal stability and access to more money
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Why is it easy for partnership to borrow money and hold good employees than it is for a sole proprietorship to do so
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A corporation has a separate entity apart from that of the owners and workers
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What is the major difference between a corporation and other kinds of businesses
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A percentage of a franchise is earnings paid to the parent company
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What are royalties
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20% of businesses; 90% of goods sold
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Which of the following represents the percentage of all US businesses that are corporations, and the percentage of all goods that those corporations sell
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The payment other than wages or salaries
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What is a fringe benefit
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Lack of performance
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Which of the following is a disadvantage of a sole proprietorship
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Assets
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What are the money and other valuables that belong to a corporation or partnership called
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Non-profit organizations
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What are organizations that are in the business of benefiting society and operate like a business called
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A cooperative
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Which of the following is a business organization owned by a group of people for their mutual benefit
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Better Business Bureau
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Your family's house needs a new roof. In order to find out which rivers are reliable and charge fair prices, your family should call your local
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Business franchise
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Your uncle owns a convenience store that has branches nationwide. His store is an example of a
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A sole proprietorship
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Helen started a catering business, but soon decided that catering was too stressful for her. She could close her business relatively easy and return to school because the business was
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Have a legal identity separate from those of their owners
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Corporations are defined as entities because they
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Do not result in decreased competition
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The government usually allows conglomerates because they
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Raise money more easily
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You own a successful bicycle repair business you're considering incorporating in order to
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On the company's stock
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You are a part owner of a new Brands Corporation because you
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A sole proprietorship
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Everyday on your way to basketball practice you wave at Mr Martin, who owns the neighborhood flower stand. Mr Martins store probably
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Make larger purchases
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You decide to go to a customer cooperative to buy supplies for a new your new class party prices are cheaper there mainly because consumer cooperative
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13%
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Approximately what percent of the US workers belonging to labor unions
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Union and company representatives meeting to negotiate a labor contract
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What is collective bargaining
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Find the equilibrium between the supply and demand for workers for that job
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How are wages for a particular job determined
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Race, sex, color, religion, or nationality
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For what kinds of discrimination does the EEOC handle complaints
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An automatic teller machine
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Which of the following is an example of using physical capital instead of human capital to get a job done
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Quantity of labor demand goes down
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According to economic theory, what happens to job opportunities in low paying jobs when the minimum wage goes up
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Wages have stayed the same
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In inflation adjusted dollars, how have average wages in the United States changed in the past 20 years
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1930s
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When did labor unions begin to gain some legal rights in the United States
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Computer related jobs
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Which of the following jobs are expected to grow significantly
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The employer's payments to social security
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Which of the following are considered company benefits
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It is more dangerous to work in a steel mill than in the office
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Mark is switching from his job as a data entry clerk in an office to a job in a steel mill. One reason hit her wages will increase significantly and his new job is that
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Factories producing electronics
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When your grandfather and his friends enter the workforce in 1950 they were likely to have jobs in
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Screening effect
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Tracy, everything college graduate who earned straight A's as a history major is applying for a job as a legal assistant. Although she does not have a background in law she hopes to land a job because of the
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Its benefits such as health insurance and stock options
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John in deciding between job with company A that pays $500 a week any job with Company B that pays $550 a week he decides to take the job with company A whose lower compensation is offset by
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An increase in service jobs and company by a decrease in manufacturing jobs
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Current labor market trends include
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Supply of doctors is realatively low and the demand is relatively high
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The equilibrium wage for doctors is high because of the
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Your wages would probably be higher because of demand for baggers would be higher
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You live in a community with many teenagers, and you work during the summer bagging groceries for a low hourly wage. How might living in a community with fewer teenagers looking for a grocery bagging jobs affect your hourly wage
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Where labor was plentiful and therefore cheaper
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The label in your jeans says that they were made in Latin American country. This is probably because the jeans manufacturing company wanted to relocate its plant
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A glass ceiling
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Emily has been waiting for a promotion to management position for almost 5 years. When she notices and then for most of higher level jobs in her company, she suspects that her company has a
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He greater supply of carpenters in dishwashers
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All of the following help explain why carpenters usually earn more than dishwashers except
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Dangerous working conditions and long hours of factory jobs in the 1800
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Labor unions arouse largely in response to the
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A neutral third party is reviewing and dispute and will impose a legally binding situation
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Your cousin tells you that has trucking company has restored arbitration with the truckers Union. This means that
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In equilibrium
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In your community there are enough lawn care workers to Phil lawn care jobs available. There are also known unemployment lawn care workers. You can assume that the wage paid to lawn care workers is
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An increase in the number of dental students in your area
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Suppose that the cost of having your teeth filled raises in your area. The result will likely be
