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Ch 9 Labor Markets

Spalding Academy 10th Econ

When labor negotiations have broken down and the public interest is involved, a neutral third party is brought in to impose a settlement that both sides must accept Binding arbitration
The process by which representatives of the union and the employer negotiate wages, employee benefits, and working conditions Collective bargaining
The demand for a resource is derived from the demand for the product that resource produces Derived demand
The wage at which there is neither an excess quantity of labor demanded nor an excess quantity of labor supplied Equilibrium wage
Union efforts to force employers to hire more workers than demanded for the task Featherbedding
A group of workers who join together to seek higher pay and better working conditions by negotiating a labor contract with their employers Labor union
An impartial observer brought in when labor negotiations break down to suggest how to resolve differences Mediator
Establishes a minimum price that an employer can pay a worker for an hour of labor Minimum wage law
The value of output produced by each additional unit of a resource Productivity
One resource works with the other in production; a decrease in the price of one increases the demand for the other Resource complement
One resource can replace another in production; an increase in the price of one resource increases the demand for the other Resource substitution
State law that says a worker at a union company does not have to join the union or pay union dues to hold a job there Right-to-work law
A labor union’s attempt to withhold labor from the firm Strike
In the resource market, households are ________ and firms are ________. A. suppliers; suppliers, B. demanders; demanders, C. suppliers; demanders, D.demanders; suppliers C. suppliers; demanders
What effect does the right-to-work law have on unions? A. Management no longer has to recognize unions. B. A worker is not required to join the union C. A worker must pay mandatory union dues D. The negotiating rights of unions are greatly limited. B.
Which of the following factors contributes to how much an individual is paid? A. Job experience B. Level of education obtained C. Level of risk of a particular job D. All of these choices D. All of the above
How might union members increase the demand for union labor? A. Increase the supply of non union-made products. B. Increase the productivity of union labor. C. Convince buyers to buy non-union stuff D. Decrease the amount of featherbedding. B.
Which of the following is an example of derived demand? A. Old woman needs help carrying her groceries. Asks her accountant to help. B. Son has fever. Mom calls doctor C. Cat is stuck in a tree. An attorney helps kid get cat down. D.None B.
A woman who has earned a college degree usually will earn more money than one who has earned only a high school degree. A. True B. False A. true
What prompted workers to create unions in the late 1800s? A. Low wages B. Unsafe working conditions C. Long hours D. All of these choices D.
Employers often react to higher minimum wage in which of the following ways? A.Substitute part-time jobs for full-time jobs. B. Adjust nonwage features to increase worker productivity. C. Substitute more-qualified workers for less-qualified ones. D.A D.
A higher minimum wage decreases the opportunity cost of staying in school. A. True B. False B. False
What are the steps in the collective bargaining process? 1) Union members/employer can’t agree on a labor contract, 2) A mediator is called in, but a resolution still cannot be reached, 3) Union members go on strike, 4) Production may shut down.
Equilibrium wage for truck drivers is achieved. Which is example? A. # of truck drivers firms want to hire is greater than # truck drivers want to supply. B. Demand less than supply C. # of drivers = # truck drivers want to supply. D. None C.
Although it is less pronounced than in the past, job discrimination still affects many people. A. True B. False A. True
Unions' highest membership rates occur in which of the following populations? A. Middle-aged males B. Middle-aged females C. Teenage boys D. Young adult females A.
The number of people who belong to unions worldwide has ________ in the last 50 years. A. increased B. decreased C. remained constant D. not been examined B.
A drugstore owner reacts to an increase in the minimum wage. Which of the following items might she alter? A. Health-care benefits. B. Paid vacation days. C. Expected work effort. D. All of these choices. D.
Carpenters and lumber are resource complements, meaning that a(n) ________ in the price of lumber causes a(n)________ in the demand for carpenters. A. increase; increase B. increase; decrease C. decrease; decrease D. increase or decrease; increase B.
Created by: rejoyce431