Economics 1142 Checkup #3
____________________ depreciation allows firms to write off investment costs more rapidly.
Accelerated
A firm may finance capital investment projects by _______________ from outside sources or by using its __________ funds.
Borrowing, own
In a __________ shop, union membership is necessary for employment; in a __________ shop, employees must join the union after a certain period of time.
Closed, union
Unions in the ____________________________, or __________, are organized by industry; those in the _______________________________, or ____________, are organized by trade.
Congress of Industrial Organizations, CIO, American Federation of Labor, AFL
I Timothy 6:6 teaches that Godliness with _____________ is great _________.
Contentment, gain
Labor laws dictate the number of hours one may work in one _______, the minimum _____, of workers, the amount of pay for __________ work, and health and safety conditions in the workplace.
Day, age, overtime
Union membership has been _______________ in recent years because service industries have overtaken manufacturing in economic importance and because unions have successfully pressured legislatures to pass laws that protect workers.
Declining
When interest rates ________________, investment increases.
Decrease
Investment is affected by the factors of time, _________________, and ___________ potential.
Depreciation, sales
Demand for labor is a ______________ demand based in demand for a product or service.
Derived
Other labor laws prevent sexual harassment or forbid ______________ based on race, religion, sex, age, disability, or national origin.
Discrimination
Although one assumes that the ___________ the wage the greater the quantity of labor supplied, the upward-sloping supply curve is not always accurate.
Higher
Government welfare programs require ______________ income taxes of those who work.
Higher
The _______________________ is how much a person is willing to change the number of hours he works when his wage increases or decreases.
Incentive effect
When demand for labor increases, wages ____________ and the labor supplied _______________.
Increase, increases
In either case, the cost of the investment is the ____________________ the firm must pay or that it loses on its funds.
Interest
Government encourages increased _________________ by allowing faster depreciation or lower taxes.
Investment
The civilian _____________ includes adults working for pay or in a family business and those ___________ seeking work.
Labor force, actively
Labor ________ place restrictions on employers, and labor __________ are organized groups of employees who bargain collectively with their employers.
Laws, unions
Some labor laws have restricted the labor __________ and the free-market economy.
Market
Any program that provides assistance based on __________ reduces people's incentive to work.
Need
Government welfare programs may create a ____________ incentive effect.
Negative
A desire to participate in ______________ activities may influence one's job decisions.
Nonmarket
Only the ___________ cost of an investment and the ____________________ of the equipment are considered costs for tax purposes.
Opportunity, depreciation
Additions to a firm's capital stock may be in the form of ___________________________ investment or ____________________ investment.
Plant and equipment, inventory
Highly paid jobs tend to require more _________________.
Preparation
_______________ taxes increases government revenue.
Reducing
A _______________ law forbids union membership as a requirement for continuing one's employment.
Right-to-work
_______________ is the purchase of stocks or bonds by individuals; _________________ is what a firm spends on capital goods.
Saving, investment
A ______________________ is an action in which a union refuses to purchase a certain product in order to strengthen another union's bargaining position.
Secondary boycott
Workers are not paid strictly according to the laws of ____________________ because of economic, social, and political pressures influence the labor force.
Supply and demand
The ________________ Act of 1947 limited union activities, prohibited closed shops, and allowed states to pass right-to-work laws to ban union shops.
Taft-Hartley
Why should an employee be submissive and obedient to his employer?
When a believer submits to his employer he submits to God. Work is to be done as to the Lord; the believers authority is Christ Himself.
In a labor market, the ___________ are the supply and __________ provide the demand.
Workers, firms