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2022 Econ Midterm
| Question | Answer |
|---|---|
| What is the minimum age to be in the workforce? | 16 |
| What was the purpose of the 1963 Equal Pay Act? | To prohibit gender-based wage discrimination between men and women in the same workforce |
| What professions are considered "Skilled Labor?" | Auto mechanics, bank tellers, plumbers, chefs, carpenters |
| What are Right-to-Work Laws? | A state law forbidding requirements that workers must join a union to hold their jobs |
| What benefits did Unions provide workers? | Safer working conditions, better pay, job security, limited working hours, better retirement plan |
| What is the Law of Supply? | Producers offer more of a good as its price increases and less as its price falls |
| What is the Law of Demand? | Consumers buy more of a good when its price decreases and less when its price increases |
| In what way does a supply curve rise it moves higher & higher output levels & higher & higher price? | Left to right |
| Technology in business tends to ___ production costs. (Increase/Decrease) | Decrease |
| What is monopolistic competition? | A market structure in which many companies sell products that are similar but not identical |
| What is an Oligopoly? | A market structure in which a few large firms dominate a market |
| What is the substitution effect? | When consumers react to an increase in a good’s price by consuming less of that good and more of other goods |
| What generation has caused the most shift in demand in recent history? | Baby boomers |
| What can cause a shift in the demand curve? | Population, consumer expectations, income (up or down), consumer tastes, ads |
| What is a substitute? | Two goods for which an increase in the price of one leads to an increase in the demand for for the other |
| What does GDP (Gross Domestic Product) measure? | The total goods and services produced within a country |
| The period of expansion or contraction of GDP is known as what? | The business cycle |
| Rank the following nations based on their GDP: United States, Germany, Japan, China. | United States, China, Japan, Germany |
| This U.S. President created the public good of the Interstate Highway System in the 1950s. | Dwight D. Eisenhower |
| Before markets existed, what type of economy was the norm? | Barter economy |
| What is opportunity cost? | The loss of potential gain from other alternatives when one alternative is chosen |
| What is a trade-off? | A balance achieved between too desirable but incompatible features; a compromise |
| In a centrally planned economy what group makes all of the decisions regarding the factors of production? | Government |
| Why have communist systems (like the Soviet Union) failed historically? | High corruption, good/service shortage, needs for citizens aren’t met, innovation is discouraged |
| What type of economy does the United States have? | Market economy |
| What is the role of government in the U.S. economic system? | Regulation and stability |
| Why can monopolies charge high prices? | Lack of competition |
| Why do monopolies tend to be harmful to consumers? | Consumers who need a specific good will still have to buy despite high prices |
| What is a natural monopoly? | A market that runs most efficiently when one large firm supplies all of the output; ex: public water |
| What is an industrial monopoly? | When one company and its product dominate the entire industry |
| What is collective bargaining? | Process by which a union representing a group of workers negotiated with management for a contract |
| What is a closed shop in regards to unions? | The proceeds in which a union and company representatives meet to negotiate a new labor contract |
| What is labor-management mediation? | An intervention in a dispute in order to resolve it |
| What is labor-management arbitration? | Reference of disputed between management and labor unions to an imperial third party for final resolution |
| What is the difference between a white-collar and blue-collar worker? | A white-collate worker is someone who works in a clerical/professional job and earns a salary. A blue-collar worker earns an hourly wage and works in manufacturing |
| What is an agency hop in regards to unions? | A company in which employees are not required to join the union, but must pay union dues |
| What is a strike? | A non-violent refusal to continue to work until a problem is resolved |
| What is the difference between a craft & labor union? | A craft union is made up of skilled workers in a specific trade/industry, a labor union is an organization of workers that try to improve the working conditions, etc. |
| What is a market in economics? | A group of buyers and sellers of a particular good or service |
| What is the "invisible hand" in economics? | Term economists use to describe the self-regulating nature of the marketplace |
| True or false: Right-to-Work Laws have weakened unions | True |
| What legislation during the Great Depression worked to assist older people? | Social security |
| The choice between two alternatives is known as the _____ | Opportunity cost |
| The 1963 ____ Act was intended to create more equal pay for women and minorities | Equal Pay |
| Unelected U.S. President during the 1970s that dealt with stagflation in the economy | Gerald R. Ford |
| All decisions involve _____; all the alternatives that we give up when we choose something | Trade-offs |
| The higher the price, the lower the quantity that people will buy is known as: | The Law of Demand |
| United States President when the Great Depression started: | Herbert Hoover |
| U.S. President during WWII when the economic depression ended: | FDR |
Created by:
Alex O
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