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