Unit 3 Economics Test Test Questions – Flashcards
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What does the government control in the market econmey?
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Regulations of labor
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The equal employment opportunity commission does what?
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Investigates reports of discrimination in the workplace.
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The labor force consists of_________.
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All people actively looking for a job.
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One of the advantages corporations have is_________.
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Limited liability
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What are the 3 most common business organizations?
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Sole proprietorship Partnership Corporation
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An advantage that is shared by both partnership and sole proprietorship is ____________.
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Easy to start.
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Who started United Farm Workers?
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Cesar Chavez
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What business organization is owned by stockholders?
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Corporations
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Corporations ask investors to loan them money in the form of ___________.
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Corporate bonds.
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The equal employment opportunity commission regulates___________.
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Discrimination
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Responsibility for debt is called_________.
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Liability
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This type of business the owners have equal deision making atority is called__________.
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General Partnership
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This business is owned by stockholders is called__________
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Corporations
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This business is where workers do not have to join a union is called_________
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open shop
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This policy makes up for patterns of discrimination againt all people.
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Afermitive Action
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This is a business where workers are hired only if they first join a union is ________
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Closed shop
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Consumers demand for a good creates a demand for the labor needed to produce that good is _________
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Derived Demand
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Partners join as investors who provide money to start a business and gain some of the profits but they hardly ever take and active role in the business decision is _________
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limited partnership
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This is the representation of ownership in a corperation.
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Stock
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These include a workers pride and satisfaction in the quality of work done and the status or respect that comes with doing a job.
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Intrinsic rewards
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This occurs when negotiators call in a third party to listen to arguements of both sides and suggest ways in which an agreement may be reached.
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Mediation
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These specify areas of a city or country where various types of business activities can be pursued.
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Zoning laws
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This is a type of business that is owned and managed by one person.
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Sole proprietorship
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This is a court order to stop union workers from striking.
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injunction
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This is a merger between two or more companies involved in different production phases of the same good/service.
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Vertical Merger
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How would forming a partnership be better than owning and running a sole proprietorship?
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Specialization, Shared Profit/Lose, Shared decisions
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Vertical Combination
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Both mergers, 2 companies, different phases
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Horizontal combination
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Merger, 2 companies, same product
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How has the labor force changed in the US since the 1700s?
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Gender Balance, Better Education, Industrialization
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Why did unions form?
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To gain better wages, working conditions, and job security
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Advantage for sole proprietorship and partnership.
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easy to start
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Disadvantage of sole proprietorship and partnership.
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Unlimited liability
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Advantage of a corporation.
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Longevity
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Disadvantage of a Corporation.
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Expensive to start
