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