Chapter 8 & 9 Test Questions
What percentage of the total compensations in the US economy today is composed of benefits?
28 percent
What percentage of adult women are in the work force today?
60 percent
Which of the following is an example of a merger?
A company combines with a company that supplies it with raw materials
Which of the following most accurately describes the change in average weekly earnings since 1980?
Average weekly earnings have risen for college-educated workers
What was one reason union membership rose in the 1930s?
Congress passed pro-union laws.
Why are U.S. firms moving manufacturing jobs overseas?
Labor costs less overseas
How have the earnings of US workers changed over the last 20 years?
Wages of college graduates only have gone up
Which of the following people is considered part of the labor force?
a person who has lost a job but is looking for one
Which of the following people is likely to earn the highest wage?
a professional worker
In a limited liability partnership, all partners
are limited from personal liability in certain situations
Which of the following jobs is expected to double in the next few years?
computer engineer
Another name for temporary work is
contingent employment
Most large businesses are
corporations
Which of the following jobs was held by most workers in the United States at the founding of the country?
farm worker
What is one reason many firms hire temporary workers to do a particular job?
flexible work arrangements
What type of work is growing fastest in the United States?
information-related
Liability is the
legal obligation to pay debts
Collective bargaining means that
represents of unions and companies negotiate new contracts
One of the ways a corporation can raise money is by
selling stock on the stock market
The most important decisions in a corporation are made by
the board of directors
What is meant by productivity?
the level of output produced
The most common form of business organization is
the sole proprietorship
In return for a fee to a franchiser, a business owner receives the right
to sell the franchiser's goods and services
A labor union is an organization that
tries to improve wages and benefits for its members
A partnership is a business organization owned by
two or more individuals
When is there an equilibrium wage?
when there is no excess in the demand
Museums, public schools, and YMCAs are all
exempt from paying income taxes.
