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A higher salary or wage leads to a _______ in the quantity of labor demanded by employers, while a lower salary or wage leads to an _________ in the quantity of labor demanded.
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A higher price for labor leads to a ______ quantity of labor supplied; a lower price leads to a ______ quantity of labor supplied.
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ap micro unit 5
| Question | Answer |
|---|---|
| A higher salary or wage leads to a _______ in the quantity of labor demanded by employers, while a lower salary or wage leads to an _________ in the quantity of labor demanded. | Decrease, Increase |
| A higher price for labor leads to a ______ quantity of labor supplied; a lower price leads to a ______ quantity of labor supplied. | Higher, Lower |
| The main factors that can shift the supply curve for labor | Number of workers Government policies required education |
| The main factors that can shift the demand curve for labor | Quality demand changes Production process changes Government policy |
| Characteristics of a Competitive Labor Market | Firms competing to hire labor Many qualified workers “Wage takers” Market demand is determined by summing horizontally the labor demand curves |
| Characteristics of Monopoly | One major employer Labor being impossible Labor supply is upward sloping MRC > wage rate - higher wage rate |
| The demand for a resource is called _______ because it comes from the demand for the goods and services that are produced by these resources. | Derived deman |
| The Fair Labor Standards Act of 1938 is a United States labor law that creates the right to a ____, and "time-and-a-half '' overtime pay when people work over forty hours a week. It also prohibited most employment of minors in "oppressive child labor". | Minimum wage |
| The ________ is the lowest hourly pay that can be awarded to workers, also known as a pay floor. | Minimum wage rate |
| The federal minimum wage has been at ______ since July 2009 and, according to The Wall Street Journal, starting pay for U.S. workers ranged from $10 per hour to $14 per hour. | $7.25 per hour |
| _______ wages are the amount of money received per hour, day, week. | Nominal |
| _____ are the purchasing power of the wage. | Real |
| Complete monopsonistic power exists when there is ________ in the labor market | One major employer |
| ______ _______ _______ is the increase in total revenue that results from the use of each additional unit of a variable input | Marginal Revenue Product |
| _____ ______ _______ is the marginal resource cost or the cost of hiring the additional resource unit | Marginal resource cost |
| ______ is the price that employers pay for labor. | Wage |
| Hiring Rule for a Profit Max Firm is ______ | MRC= MRP |
| ____ _____ is an organization of workers that negotiates with employers over wages and working conditions. | Labor Union |
| Negotiations between unions and firms are sometimes called _______ ________. | Collective bargaining |
| 18. The Top 3 Larger American Unions are | The National Education Association, The Service Employees International Union, and the American Federation of Teachers. |
| 19. Occupations in which relatively high percentages of workers belong to unions are the _______ (26.9%), _________(31.3%), _______ (41.7%); | federal, state, and local government |
| 20. The U.S. government has passed, over the years, several laws to create a ______ ______ balance of power between workers and employers. | More equal |
| 21. Discrimination occurs in a labor market when workers with the same economic characteristics, such as education, experience, and skills, are _____ ______ _____ because of race, gender, religion, age, or disability status | Paid different amounts |
| 22. The level of immigration has been ____ ____ ___in recent years, reaching and exceeding the towering levels of the early twentieth century. | High and rising |
| 23. Immigrants from _______ were more than 90% of the total in the first decade of the twentieth century, but less than 20% of the total by the end of the century. | Europe |
| 24. There is general agreement that less-educated, lower-income immigrants are a ____ ____ ___ and more-educated, higher-income immigrants are a _____ ______ _____ | Net fiscal drain, net fiscal benefit |
| 25. The overall gains to the U.S. economy from immigration are relatively ______. | Small |
| 1. A financial contract through which a borrower like a corporation, a city or state, or the federal government agrees to repay the amount that was borrowed and also a rate of interest over a period of time in the future is called _____ | Bond |
| 2. Someone who owns bonds and receives the interest payments is called _______ | Bondholder |
| 3. A mechanism for a saver to deposit funds at a bank and promise to leave them at the bank for a time, in exchange for a higher rate of interest ___ _____ ____ | Certificate of deposit |
| 4. _________ bank account that typically pays little or no interest, but that gives easy access to money, either by writing a check or by using a “debit card” | Checking account |
| 5. ________ an interest rate calculation on the principal plus the accumulated interest | Compound interest |
| 6. ______a card that lets the person make purchases, and the cost is immediately deducted from that person’s checking account | Debit card |
| 7. Investing in a wide range of companies to reduce the level of risk is called | Diversification |
| 8. A direct payment from a firm to its shareholders is called | Dividend |
| 9. The monetary value a homeowner would have after selling the house and repaying any outstanding bank loans used to buy the house is called | Equity |
| 10. An institution, like a bank, that receives money from savers and provides funds to borrowers is called | Financial intermediary |
| 11. The first sale of shares of stock by a firm to outside investors is called | Initial public offering |
| 12. _____ refers to how easily money or financial assets can be exchanged for a good or service | Liquidity |
| 13. A bond issued by cities that wish to borrow is called | Municipal bond |
| 14. Funds that buy a range of stocks or bonds from different companies, thus allowing an investor an easy way to diversify are called | Mutual fund |
| 15. A measure of the uncertainty of that project’s profitability is called | Risk |
| 16. ____ ___ is a bank account that pays an interest rate, but withdrawing money typically requires a trip to the bank or an automatic teller machine | Saving account |
| 17. People who own at least some shares of stock in a firm are called . | Shareholders |
| 18. An interest rate calculation only on the principal amount is called | Simple interest |
| 19. A bond issued by the federal government through the U.S. Department of the Treasury is called | Treasury bonds |
| 20. Financial investments in new companies that are still relatively small in size, but that have potential to grow substantially are called | Venture capital |
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