Week 4 Pre-Exam

Labor Demand

For an upward-sloping labor supply curve, the quantity of labor supplied varies directly, ceteris paribus, with

Substitution Effect

Higher wage rates allow a person to reduce the hours worked without losing income. This is known as the

Bend backward.

If Lauren's substitution effects outweigh her income effects, her labor supply curve will

Leftward shift of the labor supply curve.

If leisure activities become more attractive, there will be a

Rightward shift of the labor supply curve.

If there is an increase in the number of workers who want to work as accountants, there will be a

Bend backwardxx more upward

If wages are relatively high, the individual labor supply curve may

An annual income of less than $29,000 for a family of four.

In 2014 inflation adjusted U.S. poverty threshold was

Proprietorship.

In which form of business is a single individual responsible for the repayment of any debts?

income; substitution

Kip will work fewer hours if his salary increases. For Kip, the ___________ effect must outweigh the __________ effect.

Current yield.

The annual interest payment divided by the bond's price is the

Involves direct negotiations between labor unions and employers.

Collective bargaining

The amount of corporate profit paid out for each share of stock.

Dividends are

The redistribution of existing incomes.

One of the keys to reducing poverty is

Know that replacement workers are readily available.

The United Farm Workers have been unsuccessful for decades in their attempts to organize California's strawberry pickers because the workers

A promise to repay a loan.

A bond is

Dividends or retained earnings.

A corporation can elect to allocate corporate profits into either

A union shop.

A workplace that requires workers to become union members within 30 days of being hired by a firm is

11 to 15

According to official U.S. statistics, the U.S. poverty rate has been approximately _____ percent for the last 40 years.

$1.25 per day.

According to the World Bank, "extreme" poverty is defined as an income per person of less than

Slopes upward initially, and then may bend backward.

An individual's labor supply curve

Market labor supply and market labor demand.

The equilibrium wage rate is determined by

An initial public offering.

The first sale to the general public of stock in a corporation is referred to as

Government growth.

The general approaches to global poverty reduction include all of the following except

U.S. poverty threshold.

The minimally adequate living standard for a U.S. family of four is known as the

Value of leisure time that must be given up.

The opportunity cost of working is the

Unionization ratio.

The percentage of the labor force that belongs to a union is known as the

Interest rate.

The price paid for the use of money is defined as the

Supply

The quantities of labor employers are willing and able to hire at alternative wages in a given time period, ceteris paribus, is the definition of labor

A strike.

The refusal to work by unionized labor is an example of

1935 and 1945.

The unionization ratio grew most rapidly in the United States between

The hourly wage that could have been earned.

The value of an hour of leisure can best be estimated as

There is a lower risk that the U.S. Treasury will default.

Treasury bonds typically have lower coupon rates than corporate bonds because

Higher wages, better working conditions, and more job security.

Typical goals of a labor union in the United States include

More likely for people in rich nations than in poor nations.

Upward mobility for those in poverty is

Far more goods and services.

When compared to those in poor countries, poor people in the United States receive

Redistribution of existing income within the nation.

Which of the following is a critical key to reducing poverty in the poorest nations?

Stock markets.

Which of the following is an example of a financial intermediary?

a pension fund, an insurance company, a commercial banks

Which of the following is an example of a financial intermediary?

American poverty is less severe than global poverty.

Which of the following statements is true?

Craft unions.

Workers with a particular skill are represented by