Mr. V Econ Unit 4 Test

Mr. V Econ Unit 4 Test

Assessment

Flashcard

History

12th Grade

Practice Problem

Hard

Created by

Wayground Content

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44 questions

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1.

FLASHCARD QUESTION

Front

What are the three criteria economists use to determine if someone is in the labor force?

Back

Availability, willingness, and searching for a job

2.

FLASHCARD QUESTION

Front

What does BLS stand for?

Back

Bureau of Labor Statistics

3.

FLASHCARD QUESTION

Front

Which of the following is NOT a function of the BLS? Defining labor force criteria, Counting employed people, Providing employment statistics, Setting minimum wage laws

Back

Setting minimum wage laws

4.

FLASHCARD QUESTION

Front

What is the definition of outsourcing according to the glossary?

Back

Hiring external firms to perform non-core operations

5.

FLASHCARD QUESTION

Front

What is the definition of offshoring according to the glossary?

Back

Moving a business process to another country

6.

FLASHCARD QUESTION

Front

Why might American companies engage in offshoring?

Back

To reduce operational costs

7.

FLASHCARD QUESTION

Front

If a low-skilled worker loses their job, what are two options they have? Seek higher education or retrain for another job, Immediately find another similar job, Retire early or leave the country, Start their own business or invest in stocks

Back

Seek higher education or retrain for another job

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