6.1 and 6.2 Economics

žTemporary and part-time jobs are known as?

• A. Full time employment

• B. Contingent employment

• C. Stop gap employment

• D. “I work when I darn well feel like it” employment

žThe practice of using an outside supplier to do jobs that used to be done by a company’s own workers?

• A. Widgeting

• B. Unemployment

• C. Outsourcing

• D. None of the above

žThe theory that learning increases the efficiency of production is called the?

• A. Learning effect

• B. Production effect

• C. Efficiency effect

• D. Dumb effect

žWhy are U.S. firms moving manufacturing jobs overseas?

• A. Labor costs less overseas

• B. Transportation is cheaper overseas

• C. The beaches are better there

• D. More skilled workers are available overseas

žTo offset rising benefit costs, many employers?

• A. Fire immigrant workers

• B. Close one day a week

• C. Replace benefits with unlimited trips to the slushy machine

• D. May bargain to lower or freeze wages

žThe wage rate that is set when the supply of workers meets the demand for workers is called the?

• A. Equilibrium wage

• B. Screening effect

• C. Productivity of labor

• D. Skill wage

žThe unofficial barrier that prevents some women and minorities from advancing in organizations is called the?

• A. Unequal opportunity

• B. Wage discrimination

• C. Cement wall

• D. Glass ceiling

žBecause demand for labor is set by the demand for another good or service, it is called a?

• A. Necessary demand

• B. Supply demand

• C. Derived demand

• D. None of the above

žMinimum wage laws have the effect of?

• A.Raising wages of individual laborers.

• B.Increasing demand for skilled workers.

• C.Increasing equilibrium wage.

• D.Encouraging workers to organize

The current unemployment rate is roughly:

• 1%

• 4%

• 10%

• 25%