What is the major difference between a corporation and other kinds of businesses?

A corporation has a separate legal identity from its owners.

How does a stockholder in a corporation differ from a person who buys a bond from the same corporation?

A stockholder has ownership and voting rights, while a bondholder is a creditor with fixed interest payments.

What are three of the disadvantages of opening a franchise business?

High initial fees and royalties, limited operational flexibility, and dependence on brand reputation.

Which of the following would be considered no longer part of the labor force? anyone who worked only one hour for pay within the past week, anyone who worked 15 hours in a family business for no pay, anyone who has a job, but was out sick for more than a week, anyone who once sought work, but has given up looking for a job

anyone who once sought work, but has given up looking for a job

According to some economic theories, what happens to job opportunities in low-paying jobs when the minimum wage goes up?

The quantity of labor demanded goes down.

What information about occupational trends is shown on the graph?

the unemployment increases in various occupations from 2007 to 2008

Which of the following headlines best describes the trend shown in the graph? Blue Collar Unemployment Stays at Twice Professional Rate, Across Professions Unemployment Exceeds 5 Percent, Service Sector Hit Hardest in 2008, Manufacturing Affords Protection from Worst Unemployment

Blue Collar Unemployment Stays at Twice Professional Rate

Labor unions were formed because workers wanted to change: the dangerous working conditions and long hours of factory jobs.

the dangerous working conditions and long hours of factory jobs.

One reason the strength of labor unions has declined in recent years is that manufacturing jobs have decreased.

manufacturing jobs have decreased.

How have right-to-work laws affected union membership?

They have decreased union membership.

Workers for Big Factory Company are upset with their low wages and dangerous working conditions, yet live in a region with few other job opportunities. One group that might be able to help them is a

national factory workers union.

This graph best supports which of the following conclusions? Options: More than half of all U.S. foreign debt was held by three countries. The majority of U.S. debt was held by foreign countries. Brazil held less U.S. foreign debt than any other nation. Foreign debt seriously weakens the U.S. economy.

More than half of all U.S. foreign debt was held by three countries.

Which of the following is an example of money as a unit of account? Purchasing a remote-controlled toy on sale for $8.99, Lending your best friend $25 to buy a guitar, Opening a savings account at a bank that pays high interest, Comparing camera prices at different stores before buying one

Purchasing a remote-controlled toy on sale for $8.99

The functions of money are

medium of exchange, unit of account, and store of value.

The Federal Reserve Act of 1913 was passed in an attempt to

regulate the amount of money in circulation

Sara has a bad credit score. One likely consequence is that a landlord may not rent her an apartment.

a landlord may not rent her an apartment.

Why are mortgage interest rates generally lower than credit card interest rates? Options: mortgages are backed by collateral, interest rates are lower on larger loans, most consumers generally do not qualify for mortgages, federal regulations set credit card rates higher than mortgage rates

mortgages are backed by collateral

What monetary policy tool does the Fed use in the above scenario to stabilize the money supply? Options: raising the discount rate, increasing or decreasing the money supply, adjusting the Federal Funds Rate

increasing or decreasing the money supply

What action would the Federal Reserve be most likely to take in response to a period of contraction? Options: raise wages to give workers more cash to spend, give tax cuts to companies to increase revenues, raise the prime rate to encourage more borrowing, lower the prime interest rate to encourage more borrowing

lower the prime interest rate to encourage more borrowing

Unit 3 Market Structures and Unit 4 Money Econ Flashcards

Student preview

49 questions

Show all answers

1.

FLASHCARD QUESTION

Front

business that pays fees to a parent company for the exclusive right to sell a certain product or service

Back

business franchise

2.

FLASHCARD QUESTION

Front

business organization owned by two or more people who agree on a division of responsibilities and assets

Back

partnership

3.

FLASHCARD QUESTION

Front

large corporation that produces and sells its goods and services in more than one country

Back

multinational corporation

4.

FLASHCARD QUESTION

Front

money or other valuables belonging to an individual or business

Back

assets

5.

FLASHCARD QUESTION

Front

business combination merging more than three businesses that produce unrelated products or services

Back

conglomerate

6.

FLASHCARD QUESTION

Front

business owned and managed by an individual

Back

sole proprietorship

7.

FLASHCARD QUESTION

Front

corporate profits paid out to stockholders

Back

dividend

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