Macroeconomics : Policy and Effects

Juanita wants to grow her business. Which options does she have? Select all that apply. Juanita could incorporate and try to find investors to help her grow her business. Juanita could remain a sole proprietor and begin a web-based magazine. Juanita could take on a partner, become a partnership, and begin hiring other staff members to take on more translating work. Juanita could buy an existing franchise and change its product to fit her translation skills. Juanita could remain a sole proprietor and incorporate her company.

...............business ..................work .....................magazine

What are the primary advantages to owning a franchise? Select all that apply. The franchisor provides brand-name recognition and marketing plans. Franchises are inexpensive to start up and run. The franchisor assumes all the risk in the business. The franchisor provides training, management assistance, supplies, and a product. Franchisees keep all their profits for themselves.

......marketing plans .......and a product

Petra owns a coffee shop. She has ten employees.In 2007, she paid her employees minimum wage ($5.85 an hour).In 2008, the minimum wage increased to $6.55 an hour.In 2009, the minimum wage increased to $7.25 an hour. Petra is paying her ten employees for 40 hours a week, 52 weeks each year. In 2007, Petra spent ✔ $2,340 on wages for her employees each week. When the minimum wage rose in 2009, Petra had to increase her annual budget for wages from 2008 by ✔ $14,560.

2,340 14,560

Which statement best explains a grant? A grant is money awarded to a student, usually based on financial need. A grant is aid given to a student by an institution, often based on academic success. A grant is money borrowed by a student to pay for an education that will need to be repaid. A grant is the price of attending classes at a school.

A grant is money awarded to a student, usually based on financial need.

How is a student loan different from a scholarship? A student loan must be paid back, but a scholarship is not paid back. A scholarship must be paid back, but a student loan is not paid back. A student loan is a form of financial aid, but a scholarship is not. A scholarship is a form of financial aid, but a student loan is not.

A student loan must be paid back, but a scholarship is not paid back.

Business Structures

Business Structures

Employment & Education

Employment & Education

Estimated Employment Change by Sector 2004-2020 How was the high-tech sector affected during the recession of 2007? High-tech employees were more likely to be unemployed. Employment in the high-tech sector exceeded 2004 levels. High-tech and private employment was about the same. High-tech sector employees were less likely to lose their jobs.

High-tech employees were more likely to be unemployed.

What are the primary advantages to choosing a sole proprietorship? Select all that apply. It can be inexpensive and easy to set up. Decisions are in the hands of many people. The owner is not liable for the company's debts. Many types of business taxes are not required. Owners can keep profits for themselves.

It can be inexpensive and easy to set up. Many types of business taxes are not required. Owners can keep profits for themselves.

LABOR

LABOR

What trend does the graph demonstrate? Student loan debt will most likely decrease in the coming years. Students have taken out higher and higher loans since 1994. Enrollment for higher education will soon begin to decrease. Tuition for higher education has risen steadily since 1994.

Students have taken out higher and higher loans since 1994.

Labor Union Membership in the US 1897-1934 Which of these statements is supported by the information in the graph? Union membership increased more than five times between 1900 and 1920. Union membership declined after 1915, before rising again after 1920. Union membership was higher in 1905 than it was in 1910. Union membership reached its peak around 1930.

Union membership increased more than five times between 1900 and 1920.

Scenario:Annabeth is a mechanical engineer who specializes in making machine parts. She wants to buy a factory and begin making machine parts for solar panels, a growing business sector in her community. Eventually, she plans to export her products to Europe and South America, where solar panel manufacturing has increased in recent years. What is the best business organization for Annabeth's new company? a corporation, because she will need financing to get started a sole proprietorship, because the business is small and simple to operate a partnership, because she lacks the skills to make machine parts a cooperative, because local businesses will be her customers

a corporation, because she will need financing to get started

Scenario:Juanita is a bilingual writer. She wants to start a business to offer translation services to other businesses that work in areas with a large Spanish-speaking population. She already has a computer and a good reputation in her own Spanish-speaking neighborhood, and she plans to work from home by herself. Which type of business is best for Juanita to start? a corporation, because she needs a large investment to get started a sole proprietorship, because she will work alone from home a franchise, because many others will want to start the same business a cooperative, so that she and other translators can work together

a sole proprietorship, because she will work alone from home

Who benefits most from workplace safety regulations? employers, who are less likely to lose income and productivity due to serious employee injuries qualified workers with disabilities, against whom employers may no longer discriminate all workers, who are less likely to miss work because of injury or face high medical bills rival companies, which gain an advantage by using more cost-effective safety measures

all workers, who are less likely to miss work because of injury or face high medical bills

Labor Union minimum wage collective bargaining workers compensation regulations

an organization that represents working people the lowest hourly pay that employees can receive discussions between unions and employers pay required by law when a worker is injured on the job a law that states how a procedure is to be carried out

Investigating Educational Needs Scenario: Ana and her family moved to the United States from Ecuador. She can speak three languages: English, Spanish, and Quechua. She enjoys helping people communicate, and her family has encouraged her to consider a career as a translator. Open this link after reading about Ana's situation. Complete each sentence using the drop-downs. Ana would need a minimum of a bachelor's degree to work as a translator. According to job outlook information, the number of jobs for translators will grow in the future.

bachelor degree grow

In the year 2013, which of these fields has the largest percentage of workers? entertainment and tourism construction industry education and health care manufacturing industry

education and health care

In order to receive financial aid at his vocational school, Mario must fill out the FAFSA. The FAFSA is a form that must be completed to determine college admission✔ financial aid eligibility. In order to complete a FAFSA, you must submit information about grades✔ financial information. The FAFSA can help students obtain ✔ scholarships and grants changes in tuition.

financial aid eligibility financial information scholarships and grants

Understanding the Costs of a Postsecondary Education Choose the answers that best complete each sentence. On average, ✔ four-year universities are more expensive than other kinds of postsecondary schools. The cost of room and board includes ✔ housing and food. To save money, some students attend a✔ public university in their home state.

four year housing and food public

Which occupation is likely to experience growth in the next ten years? home health-care aide sewing-machine operator mail carrier reporter

home health care aide

The graph shows labor union membership. During what years did union membership peak? in 1945 and 1955 in 1960 and 1970 in 1930 and 1950 in 1965 and 1970

in 1945 and 1955

The best inference that can be made based on the graph is that workers in Houston are more likely to have jobs with high growth rates. workers in New York may face a cost of living that will exceed their salaries. jobs in San Francisco may have higher salaries to offset the cost of living. jobs in Cleveland tend to pay based on an hourly wage instead of a salary.

jobs in San Francisco may have higher salaries to offset the cost of living.

✔ Minimum wage laws require businesses to pay workers at least a certain amount. The federal agency responsible for overseeing workplace safety regulations is the Department of Labor.

minimum wage labor

Now, open this passage to read about FAFSA requirements. Describe the information you will need to provide in order to complete a FAFSA. List at least three of the required documents you must include.

ocial Security Number. our Alien Registration Number (if you are not a U.S. citizen) Your most recent federal income tax returns, W-2s, and other records of money earned.

Which educational institutions typically cost the most to attend? vocational schools community colleges public universities private colleges

private colleges

Scenario:After a year of selling hats and handbags through an online store, Janet and Jose need to expand their business. Although their partnership has been successful, they believe it is time to bring other owners and shareholders into the picture. They decide to start a corporation. Use the drop-down menus to complete the statements. To begin their corporation, they must first ✔ register with the state sell stock to the public share the profits . Now that their business has become a separate legal entity, Janet and Jose are ✔ no longer responsible now responsible able to eliminatefor the company's debts. As a corporation, they can raise capital by sell products advertising ✔ selling stock to new shareholders.

register no longer selling stock

Health care, business, retail, and education are examples of ________ industries. service entertainment manufacturing construction

service

Work-study is a program that includes working at an outside job to help pay for school. taking a school job to help pay for an education. agreeing to serve in the military for financial aid. participating in a service program to receive aid.

taking a school job to help pay for an education.

What is the definition of minimum wage? the lowest hourly pay that workers can receive the average pay for qualified workers the starting salary for all new employees the required pay when an employee is injured

the lowest hourly pay that workers can receive

What do students buy when they pay tuition? a place to live at a school the right to attend classes at a school transportation expenses to attend classes textbooks

the right to attend classes at a school

Minimum wageChild laborUnion membershipWorkers' compensation laws ensure that workers are paid if they are injured on the job.

workers' compensation

Labor Union Membership in the US 1930-2000 According to the chart, union membership peaked around ✔ 1945. Membership began steadily ✔ decline after 1970. In 2000, about 2016 ✔ 12% of workers were members of a union.

1945 decline 12%

How is a federal loan different from a private loan for an education? A federal loan is available for any student who meets the government's lending standards. A private loan is only available for students who show a need. A federal loan is only available for students who show a need. A private loan is available for any student who meets the bank's lending standards. A federal loan can only be used to pay for a student's tuition. A private loan can be used to pay for a student's tuition and any other expenses. A federal loan can be used to pay for a student's tuition and any other expenses. A private loan can only be used to pay for a student's tuition.

A federal loan is only available for students who show a need. A private loan is available for any student who meets the bank's lending standards.

How were the earliest benefits of the Industrial Revolution distributed between factory owners and workers? The lives of both factory owners and workers improved greatly. Workers were able to care for their families at the expense of factory owners. Factory owners benefited greatly, while conditions for workers were poor. A sudden creation of wealth raised incomes for factory owners and workers worldwide.

Factory owners benefited greatly, while conditions for workers were poor.

Which statement describes an hourly wage job? Each paycheck is the exact same regardless of number of hours worked. Each paycheck is less, even if an employer wants you to work more hours in a week. If an employer wants the employee to work more hours in a week, the result is a larger paycheck. If the business is closed for a holiday, the employee still gets paid regardless of available vacation hours.

If an employer wants the employee to work more hours in a week, the result is a larger paycheck.

What are the primary advantages of forming a corporation? Select all that apply. Corporations are inexpensive and easy to set up. Corporations are not required to register with state governments and the federal government. It is easier to raise large amounts of capital. Owners are not personally liable for corporations' debts. Corporations do not have to pay business taxes.

It is easier to raise large amounts of capital. Owners are not personally liable for corporations' debts.

American Labor The labor unions are group efforts in the direction of democracy. Like the political efforts in the same direction, they become many times stultified and lead up blind alleys. But the effort creates power. While the economic gains are themselves important and are measures of strength, the significance of the labor union is its assertion of the manhood of labor. Background information: Helen Marot was an author and a labor advocate. The word stultified means losing energy. What does the author imply about the influence of unions? Check all that apply. Unions weaken worker efforts. Labor unions can help workers to achieve gains. Unions can sometimes lead to negative results. Labor unions provide no benefits for workers. Unions can promote democracy.

Labor unions can help workers to achieve gains. Unions can promote democracy.

What was the status of US workplace safety laws in 1900? A few states had tried to pass safety laws, but they had no public support. Most states had passed some safety laws, but enforcement varied. Most states opposed safety laws, but workers began to demand them. All states had safety laws, but no one bothered to enforce them.

Most states had passed some safety laws, but enforcement varied.

Sole Proprietor Is owned by a single person is easiest to start includes 75% of all U.S. businesses

Partnership can be easier to raise funds requires sharing profits is owned by two or more people

High-tech sector employment ______ in 2004. In the future, high-tech sector employment is expected to _______ employment in the private sector.

Rose more than 10% exceed

Which is the best description of how a scholarship differs from a federal education grant? Federal grants are awards that don't have to be repaid, but students must pay back any scholarships they receive. Federal grants can be awarded for various reasons, but scholarships are always based on a student's financial need. Scholarships are awards that do not have to be repaid, but students must pay back any federal grants they receive. Scholarships can be awarded for various reasons, but federal grants are usually based on a student's financial need.

Scholarships can be awarded for various reasons, but federal grants are usually based on a student's financial need.

Imagine a friend wants to apply for college but doesn't know how she will pay for it. -Which statements best describe the purpose of FAFSA? Check all that apply. The FAFSA allows students to apply for various financial aid programs. Only students who attend expensive private colleges can use the FAFSA. The FAFSA requires students and their parents to provide financial information. Students use the FAFSA to apply for admission to colleges and universities. The FAFSA only requires students to provide information about their test scores.

The FAFSA allows students to apply for various financial aid programs. The FAFSA requires students and their parents to provide financial information.

How will an increase in the percentage of older Americans affect the healthcare field? There will be far fewer qualified workers to fill positions in the healthcare field. Salaries will drop in the healthcare field so that businesses can control costs. The healthcare field will create new jobs because more people will need care. Fewer people will need health care, so there will be a drop in healthcare jobs.

The healthcare field will create new jobs because more people will need care.

Read the excerpt from a letter about the early trade union movement. The trade union movement came into being as a movement of hunger. It was made necessary by conditions. It was in the beginning formed in response to a hunger for enough to eat . . . As it became possible to secure more food, other hungers demanded satisfaction . . . The demands were for more and better food, for better clothes and for better homes. It required a struggle to satisfy these needs . . . [A]t every step of the way it was necessary to overcome the stubborn opposition of employers who were resolved not to recede and not to relinquish any of the powers and privileges which they possessed. —Samuel Gompers, 1920 What does the author believe about factory owners? They struggle just as workers do. They earned their privileges. They are greedy and selfish. They are stubborn but hardworking.

They are greedy and selfish.

What is one benefit for US workers who have a college degree rather than a high school diploma? More than 80 percent of jobs require a college degree. Those with a college degree report higher job satisfaction. Most workers with a college degree are immune to layoffs. Those with a college degree earn nearly twice as much as those without college.

Those with a college degree report higher job satisfaction.

We want more school houses and less jails; more books and less arsenals; more learning and less vice; more constant work and less crime; more leisure and less greed; more justice and less revenge; in fact, more of the opportunities to cultivate our better natures, to make manhood more noble, womanhood more beautiful and childhood more happy and bright. These in brief are the primary demands made by the Trade Unions in the name of labor. These are the demands made by labor upon modern society and in their consideration is involved the fate of civilization. Background information: Samuel Gompers was an important labor leader in the 1800s. Which statement best reflects the main idea of the excerpt? Modern society is too concerned with the fate of civilization. Unions are working toward helping workers attain a better life. The only way workers can achieve higher wages is through the labor movement. Economic growth is the key to improving people's standard of living.

Unions are working toward helping workers attain a better life.

Our labor unions are not narrow, self-seeking groups. They have raised wages, shortened hours, and provided supplemental benefits. With which of these statements would Kennedy mostlikely agree? Unions benefit those who belong to them. Unions do not benefit nonunion workers. Union activity increases business profits. Unions do not ultimately benefit workers or businesses.

Unions benefit those who belong to them.

To remember the loneliness, the fear and the insecurity of men who once had to walk alone in huge factories, beside huge machines-to realize that labor unions have meant new dignity and pride to millions of our countrymen-human companionship on the job, and music in the home-to be able to see what larger pay checks mean, not to a man as an employee, but as a husband and as a father-to know these things is to understand what American labor means. What does Adlai Stevenson imply about the influence of unions? Check all that apply. Labor unions are a necessary evil. Workers take pride in supporting their families. Adequate pay gives workers dignity. Workers are always free to start their own businesses. Unionized labor is about more than money and workplace conditions.

Workers take pride in supporting their families. Adequate pay gives workers dignity. Unionized labor is about more than money and workplace conditions.

Choosing the Right Educational Program Scenario: Mario wants a job working with cars. He knows a lot about certain kinds of cars, and enjoyed his high school class on car mechanics. When he graduates from high school, he needs to decide what kind of education is the right choice so that he can work on many different types of vehicles. Which education choice would be the right one to get Mario started in his career working with cars? a four-year-college liberal arts degree a two-year vocational school program in welding a two-year vocational school program in automotive repair on-the-job training on oil changes

a two-year vocational school program in automotive repair

The graph demonstrates that the cost at private and public technical schools greatly varies. vocational schools greatly varies. four-year universities greatly varies. community colleges greatly varies.

four-year universities greatly varies.

Marqise is interested in attending a university in California. His family helped him fill out the FAFSA, and he is waiting to hear back from colleges where he applied. He is interested in finding ways to pay for his education without taking on debt. He's willing to work and to fill out applications to meet this goal. Which options would meet Marqise's needs? Check all that apply. participating in a national service program taking out a private loan getting a work-study job applying for federal grants applying for federal loans working at an on-campus job

participating in a national service program getting a work-study job applying for federal grants working at an on-campus job

This graph compares the cost of an education at different institutions in Texas. This graph demonstrates that private universities can cost three times as much to attend as public universities. public universities can cost three times as much to attend as private universities. community colleges can cost five times as much to attend as technical schools. technical schools can cost five times as much to attend as community colleges.

private universities can cost three times as much to attend as public universities.