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