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WorksheetsUnit 3 Business & Labor
Total questions: 44
Worksheet time: 41mins
Supply of Labor offered by workers
Demand for Labor
Supply of Jobs offered by busineses
All of the Above
What is the organization that advances the collective interest of employees and strives to improve working conditions and increase wages?
Workers' guild
Labor union
Employer association
Trade federation
What is the term used to describe a price floor that prevents employers from paying workers below a specific amount?
Living wage
Price ceiling
Market equilibrium
Minimum wage
What does the labor market refer to?
Supply of goods and demand for services
Supply of labor and demand for labor
Supply of labor and demand for goods
Supply of services and demand for labor
If a job is in high demand and has a low supply of applicants, the pay will be ___________
Higher
Lower
If a job is in low demand and a has a large supply of applicants, the pay will be ____________.
Higher
Lower
Unskilled workers often
earn the most income
work the most hours for the lowest wage
have the most education and training
need no supervision
If the supply of labor increases and the demand for labor stays the same, we could expect
wages to increase
no change in wages
wages to decrease
When a person has special talents and training their wage is often determined by
the Traditional Theory of Wages
the Theory of Negotiated Wages
the Signaling Theory of Wages
The Theory of Wages for all involved
Picking fruit requires no skills or training. This type of job falls under the category of...
unskilled labor
semi-skilled labor
skilled labor
professional labor
A yard and lawn landscaper requires enough mechanical skill or training to run a lawn mower. This type of job falls under the category of...
unskilled labor
semi-skilled labor
skilled labor
professional labor
A carpenter is able to operate complex machinery and can perform their job with little supervision. This type of job falls under the category of...
unskilled labor
semi-skilled labor
skilled labor
professional labor
A computer programmer writing software has the highest levels of education. This type of job falls under the category of...
unskilled labor
semi-skilled labor
skilled labor
professional labor
Doctors do not compete with nurses for jobs. This is because the two careers are in...
noncompeting labor grades
unions
negotiations for wages
traditional wage groups
One of the jobs of the union is to bargain with management for wage rates and benefits. This system is known as...
the traditional theory of wage determination
equilibrium wage rate
the theory of negotiated wages
the signaling theory
Sam has recently graduated from college and has earned a degree. This degree shows the employers that Sam has acquired professional skills and should be paid more for them. This is known as...
the traditional theory of wage determination
equilibrium wage rate
the theory of negotiated wages
the signaling theory
According to the chart, most workers are...
not part of a union
part of a union
represented by a union
looking to join a union
According to the chart, the largest amount of workers with union membership was...
1930
1945
1954
2002
Why do college graduates earn more money?
Education increases productivity and results in higher wages
Completion of college indicates intelligence and hard work
Both A and B
None of the above
the potential for conflict between partners
What is the main purpose of nonprofit organizations?
To protect the environment and natural resources
To promote education and skill development
To serve the public or address societal needs
To make a profit
What is the main difference in financial distribution between nonprofits and for-profit organizations?
For-profit organizations are tax-exempt
Nonprofits distribute profits to owners and shareholders
Nonprofits reinvest surpluses into the organization and mission
For-profit organizations rely on donations and grants
determined by subtracting expenses, including taxes,
from revenue
merger
net income
depreciation
multinational
vertical merger
a corporation that has operations in a number of
different countries
merger
net income
depreciation
multinational
vertical merger
a combination of two or more businesses to form a single firm
merger
net income
depreciation
multinational
vertical merger
business combination of firms involved in different
steps of manufacturing or marketing
horizontal merger
net income
depreciation
multinational
vertical merger
business combination involving firms that produce
the same kind of product
horizontal merger
net income
depreciation
multinational
vertical merger
a non-cash charge a firm takes for the general wear
and tear on its capital goods
merger
net income
depreciation
multinational
vertical merger
the result of merging companies that produce unrelated goods and services
horizontal merger
conglomerate
depreciation
multinational
vertical merger
Distributions of corporate profits to shareholders
dividends
startup costs
franchise fees
royalties
The costs associated with beginning a business
franchise fees
royalty fees
advertising fees
startup costs
What is using social media to attract a large number of small investors to your business?
Crowdsurfing
Crowdsourcing
Crowdfunding
Couchsurfing
What describes an unseen barrier to advancement? This typically applied to women and minorities.
labor productivity
labor unions
minimum wage
glass ceiling
Right-to-work laws in many states prohibit employers from:
Laying off workers when business slows down
Making prior experience a condition of employment
Promoting only high-performing employees
Requiring workers to join a labor union
A difference in the wages earned by various groups in society, such as between men and women
Wage gap
Labor gap
Offshoring
Corporation
Why might a company increase the wage rate for a position?
The job required work in dangerous conditions
The cost of living was getting higher
Few workers were applying for the position
All answers are correct
