16,17,18,23 Econ 1-b

According to the world bank, "extreme" poverty is defined as income per person of less than

$1.90 per day

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

11-15

Public sector unionization in the United States is currently closest to _________ percent

35

The current private sector unionization rate in the United States is closest to

6.4 percent

What percentage of the 20,000 collective bargaining agreements negotiated each year are concluded without recourse to a strike

90,000

U.S. poverty is more about _______ deprivation than _______ deprivation.

relative and absolute

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

Banks

Par value is the

Face value of a bond; the amount to be repaid when the bond is due

The direct transfer of goods and services rather than cash is known as

In kind transfers

The labor supply curve starts to bend backward once the

Income effect exceeds the substitution effect

As more hours are worked, the marginal utility of leisure time tends to

Increase

One of the keys to reducing poverty is

Increased economic growth

Workers typically require higher wages in order to work additional hours because of the

Increasing opportunity cost of labor

Workers who organize themselves along industry lines are represented by

Industrial unions

Which of the following is true about income inequality

Inequality tends to be greatest in the poorest countries

A corporation can elect to allocate corporate profits into either

Interest payments or dividends

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

Interest rate

collective bargaining

Involves direct negotiation between labor unions and employers

A firms demand for labor is referred to as a derived demand because

It is derived from the demand for the product that the labor is producing.

The United farm workers have been unsuccessful for decades in their attempt to organize California's strawberry pickers because the workers

Know that replacement workers are readily available

The willingness and ability to work specific amounts of time at alternative wage rates is known as

Labor supply

If payroll taxes are increased, there will be a

Leftward shift of the labor supply curve

If leisure activities become more attractive, there will be a

Leftward shift of the labor supply curve.

A firms should hire an additional worker as long as the wage rate is

Less than or equal to the MRP

When management shuts down a plant and does not allow workers to perform their jobs, there is a

Lockout

The equilibrium wage rate is determined by

Market Labor supply and market labor demand

If the wage rate increases, there will be a

Movement up the labor supply curve to the right

The change in the total revenue associated with one additional unit of input is referred to as

Mpp

If the seller of labor in a competitive market decided to unionize, ceteris paribus then wages would

Rise and employment would fall

An individuals labor supply curve

Slopes upward initially, and then may bend backward.

The determinants of the market supply of labor include all of the following except

Taxes

To be successful in changing wage rates and unemployment conditions, labor unions need to have control over only

The Labor supply decision of individual

Which of the following is an example of an individual union?

The United Auto Workers

Which of the following is an example of an industrial union

The United Auto workers

If the MPP of an additional unit of Labor is 3 units per hour, Product price is constant at $8 per unit, and the wage rate is $26 per hour, then

The additional unit of labor should not be employed because it costs more than it is worth.

Retained earnings are

The amount of corporate profit not paid out in dividends

Dividends are

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

When a strike or a lockout occurs,

both labor and management suffer

A union evaluates job offers based on the

collective interests of its members

Workers with a particular skill are represented by

craft unions

Typical goals of a labor union in the United States include:

higher wages, better working conditions, more job security

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

income effect

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

Rightward shift of the labor supply curve

A bond is

A certified acknowledging a debt and the amount of interest to be paid each year until repayment; an IOU

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

A craft union

An institution that makes savings available to dissavers is known as

A financial intermediary

The refusal to work by unionized labor is an example of

A strike

Which of the following statements is true?

American poverty standards are below world poverty standards

The opportunity cost of working is the

Amount of leisure time that must be given up in the process

In 2017 inflation adjusted Us poverty threshold was

An annual income of less than 25,000 for a family of four

Capital gains are

An increase in the market value of an asset

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

An initial public offering

Risk premiums do all of the following except

Compensate people who finance risky ventures

The owners of which type of firm have the least liability

Corporations

The unionization rate in the United States has been

Declining for approximately 30 years

As an individual earns additional income, the marginal utility of income trends to

Decrease

In the last 10 years private membership has

Decreased, while public union membership has increased

If consumers decide to buy fewer strawberries, then the

Demand for strawberries pickers will fall

Because a union is a form of monopoly, it must be concerned about the ________ slope of the demand curve for labor

Downward

The substitution effect of wages states that a decreased wage rate

Encourages people to consume less leisure

Productivity is

Output per unit of input

The unionization rate represents the

Percentage of the total labor force belonging to unions

The intersection of the demand for loanable funds and the supply of loanable funds determines the

Prevailing interest rates

The owner of which type of firm have the most liability

Proprietorship

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

Proprietorships

From an economic perspective, the efforts of professional football, baseball and basketball players in the United States to win the right to become free agents was really an effort to

Raise wages above the level of the players MRP

Which of the following is an example of a financial intermediary

Real estate markets

Financial intermediaries make the allocation of resources more efficient by

Reducing search and information costs in the financial markets

Public sectors unions now

Represent 5 times the percentage of workers in private sector unions

In a publicly traded corporation, which of the following is responsible for business debts and activities

The corporation itself

The poverty rate is

The percentage of the population that is counted as poor.

The owner of a corporation are

The shareholders of the corporation's stock

Treasury bonds typically have lower coupon rates than corporate bonds because

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

The minimally adequate living standards for a Us family of four is known as the

Us poverty threshold