Economics: Unit 5 Review

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Which best describes a sole proprietorship?

A business owned by an individual

How might employers benefit from workplace safety laws?

Employers can offer lower wages because more employees will want to work in a safer environment

How does a lack of financial resources for fringe benefits affect a sole proprietor's ability to run a business?

It makes it difficult for the owner to attract good employees

What role does the Securities and Exchange Commission fulfill with regard to corporations?

It regulates the stock market

Why is the demand for labor called a derived demand?

Its s set by the demand for another good or service

Which of the following BEST defines the learning effect theory?

Which increased education comes an increased efficiency of production, resulting in higher wages

Which advantage of a sole proprietorship could also be a disadvantage?

a sole proprietor has full control

The owner of a factory that manufactures clothing buys several clothing stores to sell the clothing the factory produces. This is an example of

a vertical merger

Which of the following businesses would most likely be subject to laws that regulate the disposal of dangerous chemicals?

an auto repair shop

What does a partner in a limited liability partnership have that a limited partner in a limited partnership does not have?

business involvement

What risk do limited partners face that general partners do not?

complete dependence on business abilities of others

Which term does the Bureau of Labor Statistics use to describe people who once sought work but have given up looking for a job?

discouraged workers

Which of the following is a practice that US companies might allow to lower costs?

hiring more part-time workers

Why might a limited partnership have a greater ability to raise capital than a general partnership?

increased attractiveness due to limits on liability

What generally happens to the equilibrium wage when demand for workers is low and supply is high?

it gets lower

What disadvantage do partners and franchisees share?

limits on control of the business

What does the board of directors in a corporation do?

make all major decisions for the corporation

Which describes a way the government provides an incentive to a non-profit hospital so that it can offer free services to poor patients?

not requiring the hospital to pay taxes

Which of the following activities is mostly closely associated with nonprofit professional organizations?

providing information and training related to specific occupations

Which type of cooperative organization would attract people who needed help preparing their income tax returns?

service cooperative

Over the past two decades, the US economy has shifted from a manufacturing economy toward an ___________ economy

service-producing

Why is liability the biggest advantage of a sole proprietorship?

the owner could lose personal property if the business fails

What happens to the stockholders when a corporation files for bankruptcy?

the owners can lose only the money they have invested

Suppose data show an increase in offshoring by US companies. Which of the following describes a possible effect on the unemployment rate?

the unemployment rate for increase, because jobs formerly taken by US employees are now located in other countries

Why would someone be willing to share the economic right to business ownership by forming a general partnership?

to limit liability

What is the KEY difference between cooperatives and nonprofits?

Cooperatives benefit their members; nonprofits mainly benefit the public

Which type of cooperative organization would attract people who wanted to pay a lower price for organic food?

consumer cooperative

If an advertising business buys new computers for its employees, how might its productivity of labor be affected?

it would increase

Do multinationals have more or fewer regulations than corporations that are in just one country?

more, because they have to obey laws and pay taxes in more than one country

Which term describes a perceived barrier that may prevent qualified women from receiving promotions to top-level jobs?

"the glass ceiling"


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