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WorksheetsEconomics: Chapter 9 Test Review
Total questions: 30
Worksheet time: 15mins
Name
Class
Date
1.
The more productive a resource is, the more a firm is willing to pay for it.
a)
True
b)
False
2.
As the price of a resource rises, firms are more willing to employ that resource.
a)
True
b)
False
3.
Resource suppliers tend to be more willing and able to supply the resource as its price (wage) increases.
a)
True
b)
False
4.
Some jobs pay more because they require a long and expensive training period.
a)
True
b)
False
5.
Unions try to increase wages of their members by reducing the supply of labor and increasing the demand for union labor.
a)
True
b)
False
6.
The derived demand for a resource arises from
a)
the cost of raw materials
b)
the number of workers in the labor market
c)
the demand for the product the resource produces.
d)
the value of the resource itself
7.
Suppose the cost of machine-made cabinets increased. How would this affect the supply & demand graph for custom cabinet makers?
a)
The demand curve will shift to the right.
b)
the demand curve will shift to the left.
c)
the supply curve will shift right & demand curve will shift left.
d)
the supply curve will shift left.
8.
Which of the following pairs are resource complements?
a)
lumber/plastics
b)
teachers/parents
c)
cab drivers/cabs
d)
truck drivers/railroads
9.
Suppose more businesses began providing health insurance to their employees? How would this affect the labor market?
a)
the demand for labor would increase
b)
the supply of labor would increase
c)
the cost of labor would decrease
d)
the quantity of labor demanded would increase
10.
Workers who have more education and experience earn more because they are
a)
older
b)
better wage negotiators
c)
more productive
d)
more willing to take risks
11.
What do recent statistics reveal about wages of women and men with apparently equal ability?
a)
women now earn the same as men
b)
women now earn more than men
c)
women earn less than men, but the pay gap is narrowing
d)
women earn less than men, and the pay gap is increasing
12.
What law made it legal for union members at competing companies to join forces in an effort to raise wages and improve working conditions?
a)
the minimum wage law
b)
the Clayton Act
c)
the right-to-work law
d)
the Taft-Hartley Act
13.
A leftward shift of a labor supply curve results in
a)
a higher wage and increased employment
b)
a lower wage and increased employment
c)
a lower wage and reduced employment
d)
a higher wage and reduced employment
14.
The purpose of a strike is to
a)
force union members back to work
b)
force the employer to accept the union's position
c)
force the employer to settle out of court
d)
stop the employer from hiring replacement workers
15.
Studies have shown that union members earn an average of roughly __ more than similarly qualified nonunion workers.
a)
10%
b)
15%
c)
20%
d)
25%
16.
More than half of all union members are
a)
garment workers
b)
automobile workers
c)
construction workers
d)
government workers
17.
All of the following are reasons for the decline in union membership EXCEPT
a)
a decrease in the number & effectiveness of strikes
b)
an increase in competition from nonunion employees
c)
a decrease in employer willingness to hire replacement workers to stop strikes
d)
a decline in employment in the goods-producing sector of the economy
18.
Carpenters and lumber are resource complements. Suppose the price of lumber decreased. How would this affect the market for carpenters?
a)
the demand for carpenters would increase.
b)
The demand for carpenters would decrease.
c)
The supply and demand for carpenters would remain unchanged.
d)
The supply of carpenters would decrease.
19.
Suppose an American unions runs a successful campaign to convince consumers to buy American-made products. How would this affect the supply and demand graph for union labor?
a)
The supply curve would shift to the left,
b)
the supply curve would shift to the right.
c)
the demand curve would shift to the right.
d)
the demand cruve would shift the the left.
20.
How does a right-to-work law affect unions?
a)
It gives unions the right to strike.
b)
It gives workers the right to organize unions.
c)
It reduces union membership.
d)
It increases union membership.
21.
__ demand arises from the demand for the good or service produced by the resource.
a)
Derived
b)
Secondary
c)
Labor Union
d)
Labor complements
22.
The more __ a resource is, the more a firm is willing to pay for it.
a)
productive
b)
complementary
c)
excluded
d)
derived
23.
With resource ___, a decrease in the price of one leads to an increase in the demand for the other.
a)
complements
b)
substitutes
c)
derivatives
d)
producers
24.
The __ law establishes the smallest amount than an employer can pay a worker for an hour of labor.
a)
minimum wage
b)
right-to-work
c)
Clayton Act
d)
Sherman Anti-Trust Act
25.
Through a ___, workers join forces to improve their pay and working conditions by negotiating a labor contract with their employers.
a)
labor union
b)
collective bargaining
c)
mediator
d)
strike
26.
A(n) __ is an impartial observer who listens to both sides separately then suggests a solution.
a)
mediator
b)
labor union
c)
binding arbitration
d)
none of these
27.
__ is the process by which union representatives negotiate with an employer about wages, employee benefits, and working conditions.
a)
collective bargaining
b)
strike
c)
right-to-work
d)
binding arbitration
28.
__ occurs when a neutral third party evaluates both sides of a labor dispute and issues a ruling that both sides must accept.
a)
binding arbitration
b)
collective bargaining
c)
strike
d)
mediator
29.
A(n) __ is a labor union's attempt to withhold labor from the employer.
a)
strike
b)
collective bargaining
c)
mediator
d)
binding arbitration
30.
A(n) __ law says that a worker at a union company does not have to join the union or pay union dues to hold a job there.
a)
right-to-work
b)
unemployment
c)
union-arbitration
d)
mediator
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