Unit 3 Review

Abraham used to be a plumber but decided to go back to school and become a teacher. What type of

labor is Abraham’s new job?

• Semiskilled Labor

• Skilled Labor

• Unskilled Labor

• Professional Labor

Cindy inspects machines in a factory for a living. She needed more than 30 days of training, but her

training was completed in less than a year. What type of labor is Cindy’s job?

• Unskilled Labor

• Semiskilled Labor

• Skilled Labor

• Professional Labor

To become a police officer, Sara had to attend the police academy. What type of labor is Sara’s job?

• Unskilled Labor

• Semiskilled Labor

• Skilled Labor

• Professional Labor

Luis went to law school and passed the BAR exam. He’s just been hired in his first job. What type of

labor is Luis’s job?

• Unskilled Labor

• Semiskilled Labor

• Skilled Labor

• Professional Labor

To learn how to bus tables, Pat needed less than 30 days of training. What type of labor is Pat’s job?

• Unskilled Labor

• Semiskilled Labor

• Skilled Labor

• Professional Labor

Why is the stock market sometimes called “high risk, high reward”?

• It's highly likely you will make a high profit

• It's highly likely you will lose your entire investment

• Many people win or lose big on the stock market

• It's a pretty safe investment

True or false: shareholders “own” part of the company they purchased stocks from.

• True

• TRUE

• FALSE

• False

Compared to perfectly competitive markets, market failures are

• Efficient

• Inefficient

• Outsourced

• Unionized

Which of the following terms describes a place where buyers and sellers do business?

• Union Shop

• Outsourcing

• Corporation

• Market

Sally is looking for a job but does not yet have one; she’s 16. Sally is part of the

• Labor Force

• Work Force

• Union Shop

• Volunteering Sector