Untitled Quiz

Automated tellers = Eliminate the need for some banking workers Mechanized assembly lines = Reduce labor in manufacturing Outsourcing = Reduce labor costs by moving work to cheaper regions Temporary workers = Reduce labor costs by hiring non-permanent workers

Improve working conditions = Get better workplace environment Increase wages = Negotiate higher pay for members Improve benefits = Get better perks and services for members Reducing labor costs = Not a goal of labor unions

Press employers to raise wages = Quantity of labor demanded decreases Wage increase = Number of union jobs decreases Cutting union jobs = More workers seek nonunion jobs Increase in nonunion workers = Wage rate for nonunion jobs falls

<p>Featherbedding = Keeping unnecessary workers on payroll Outsourcing = Moving work to cheaper regions Hiring temporary workers = Reducing labor costs with non-permanent workers Mechanization = Replacing labor with technology</p> Signup and view all the answers

<p>Railroad industry = Kept caboose man on payroll despite design changes Banking industry = Eliminated jobs with automated tellers Manufacturing industry = Introduced mechanized assembly lines Transportation industry = Outsourced jobs to cheaper regions</p> Signup and view all the answers

<p>Negotiating wage increases = Reducing labor costs for employers Negotiating better benefits = Increasing labor costs for employers Negotiating working conditions = Improving workplace environment Featherbedding = Keeping unnecessary workers on payroll</p> Signup and view all the answers

<p>Learning Effect = Education increases efficiency of production, resulting in higher wages Screening Effect = College completion signals intelligence and hardworking to employers Human Capital = Skills and education acquired by an individual Contingent Employment = Full-time employment with a fixed salary</p> Signup and view all the answers

<p>Labor demand = Quantity of labor that firms want to hire Labor supply = Quantity of labor that workers want to provide Wage rate = Price of labor per unit of time Labor cost = Total cost of hiring and maintaining workers</p> Signup and view all the answers

<p>Factory Workers = In high demand abroad Highly Skilled Workers = In high demand abroad Computer Engineers = In high demand abroad Part-time Workers = In low demand abroad</p> Signup and view all the answers

<p>Bank Tellers = Increasingly female Loan Officers = Increasingly female Police Officers = Decreasingly female Software Programmers = Decreasingly female</p> Signup and view all the answers

<p>Mechanization = Replaces human labor with machines Automation = Replaces human labor with machines Outsourcing = Moves labor to cheaper regions Robotization = Replaces human labor with machines</p> Signup and view all the answers

<p>Labor Force = The total number of workers in a country Free Market Economy = A system where labor is bought and sold Layoffs = Termination of employment due to economic reasons Offshoring = Hiring workers from abroad</p> Signup and view all the answers

<p>Hiring temporary workers = Reduces labor costs with non-permanent workers Outsourcing = Reduces labor costs by moving work to cheaper regions Mechanization = Replaces human labor with machines Featherbedding = Keeps unnecessary workers on payroll</p> Signup and view all the answers

<p>Full-time Employment = Fixed salary and benefits Part-time Employment = Variable hours and pay Temporary Employment = Short-term contracts through agencies Contingent Employment = Fixed salary and benefits</p> Signup and view all the answers

<p>College-educated = Higher than median weekly income High School Dropouts = Lower than median weekly income High School Graduates = Similar to median weekly income Middle School Graduates = Lower than median weekly income</p> Signup and view all the answers

<p>Temp Agency = Pays workers a share of the fee and keeps the rest for profit Employment Agency = Pays workers a fixed salary and benefits Recruitment Agency = Finds jobs for workers Labor Union = Represents workers' interests</p> Signup and view all the answers

<p>Layoffs = Termination of employment due to economic reasons Offshoring = Hiring workers from abroad Automation = Replacement of workers with machines Inflation = Increase in prices of goods and services</p> Signup and view all the answers

<p>Human Capital = The value of skills and education acquired by an individual Labor = A commodity that is bought and sold Economic Problems = Challenges faced by workers in the job market Efficiency = The ability to produce goods and services with minimal waste</p> Signup and view all the answers

<p>Derived demand = Demand for labor that is influenced by the demand for another good or service Productivity of labor = The quantity of output produced by a unit of labor Mixed economy = An economy where both private firms and government agencies play a role Labor market = A market where workers are paid according to the value of what they produce</p> Signup and view all the answers

<p>Demand for labor = The quantity of labor that employers are willing to hire Supply of labor = The quantity of labor that workers are willing to provide Equilibrium wage = The wage rate at which the supply of workers equals the demand for workers Market equilibrium = The point at which the quantity of labor supplied equals the quantity of labor demanded</p> Signup and view all the answers

<p>An increase in the price of restaurant meals = An increase in the demand for cooks A decrease in the price of labor = An increase in the quantity of labor demanded A decrease in the demand for restaurant meals = A decrease in the demand for cooks A higher wage for cooks = A decrease in the quantity of labor demanded</p> Signup and view all the answers

<p>The higher the wage, the larger the quantity of labor supplied = Because a higher wage attracts more workers to a job The higher the price of labor, the smaller the quantity of labor demanded = Because higher labor costs reduce profits Restaurants are more likely to hire cooks at $12 an hour than at $16 an hour = Because lower labor costs mean higher profits The supply of labor comes from people willing to work for wages = Because people are attracted to jobs with higher wages</p> Signup and view all the answers

<p>Private firms = Hire workers to produce goods and services Government agencies = Hire workers to produce public goods and services Competitive labor market = Workers are paid according to the value of what they produce Labor market equilibrium = The supply of workers equals the demand for workers</p> Signup and view all the answers

<p>An increase in the wage for cooks = An increase in the quantity of labor supplied A decrease in the wage for cooks = A decrease in the quantity of labor supplied An increase in the demand for restaurant meals = An increase in the quantity of labor supplied A decrease in the demand for restaurant meals = A decrease in the quantity of labor supplied</p> Signup and view all the answers

<p>The supply of labor is influenced by the wage = Because a higher wage attracts more workers to a job The demand for labor is influenced by the demand for another good or service = Because the demand for labor is derived from the demand for another good or service The equilibrium wage is the wage at which the supply of workers equals the demand for workers = Because the supply of workers meets the demand for workers The labor market is a market where workers are paid according to the value of what they produce = Because competition among employers sets the wage</p> Signup and view all the answers

<p>Labor demand = The quantity of labor that employers are willing to hire Labor supply = The quantity of labor that workers are willing to provide Wage = The price of labor services Productivity = The quantity of output produced by a unit of labor</p> Signup and view all the answers

<p>Many teenagers want to work during the summer = A surplus of labor and a relatively low wage Few teenagers want to work during the summer = A shortage of labor and a relatively high wage Stores hire many additional workers during the summer = A high demand for labor and a relatively high wage Stores do not hire many additional workers during the summer = A low demand for labor and a relatively low wage</p> Signup and view all the answers

<p>Yen = Japan Rubles = Russia Pesos = Mexico Dollars = USA</p> Signup and view all the answers

<p>Medium of exchange = Used to determine value during the exchange of goods and services Unit of account = Provides a means for comparing the values of goods and services Store of value = Keeps its value if you decide to hold on to it instead of spending it Barter = Direct exchange of one set of goods and services for another</p> Signup and view all the answers

<p>Durable = Objects used as money must withstand physical wear and tear Unit of account = Provides a means for comparing the values of goods and services Medium of exchange = Used to determine value during the exchange of goods and services Store of value = Keeps its value if you decide to hold on to it instead of spending it</p> Signup and view all the answers

<p>Cattle = Used as currency in ancient times Salt = Used as currency in traditional economies Dried fish = Used as currency in some African countries Gold = Used as a store of value</p> Signup and view all the answers

<p>Traditional economies = Still use barter in many parts of the world Asian economies = Use barter in some parts of the world Latin American economies = Use pesos as their currency Russian economy = Uses rubles as their currency</p> Signup and view all the answers

<p>Inflation = Reduces the value of money as a store of value Deflation = Increases the value of money as a store of value Barter = Leads to cost saving Currency = Serves as a medium of exchange</p> Signup and view all the answers

<p>Barter = Direct exchange of one set of goods and services for another Medium of exchange = Used to determine value during the exchange of goods and services Unit of account = Provides a means for comparing the values of goods and services Store of value = Keeps its value if you decide to hold on to it instead of spending it</p> Signup and view all the answers

<p>Those who received full wages and benefits = Received full wages and benefits for doing nothing Those who use barter = Engage in the direct exchange of goods and services Those who use money = Use money as a medium of exchange Those who use currency = Use coins and paper bills as money</p> Signup and view all the answers

<p>Durable = Very important for money to withstand physical wear and tear Unit of account = Important for comparing the values of goods and services Medium of exchange = Very important for facilitating exchange of goods and services Store of value = Not important during periods of inflation</p> Signup and view all the answers

<p>Saving banks = Serves people who made smaller deposits and transactions ATM = Allows customers to deposit money, withdraw cash and obtain account info Debit cards = Used to withdraw money from an account Stored value cards = Carries embedded magnetic strips or computer chips with account balance info</p> Signup and view all the answers

<p>Fractional unemployment = Occurs when people take time to find a job Seasonal unemployment = Caused by seasonal production schedules Structural unemployment = Occurs when workers skills do not match those needed for the jobs Cyclical unemployment = Caused by general economic conditions</p> Signup and view all the answers

<p>ATM = Allows customers to deposit money, withdraw cash and obtain account info Internet banking = Allows customers to conduct financial business online Debit cards = Used to withdraw money from an account Stored value cards = Used to pay for cafeteria food, computer time or photocopying</p> Signup and view all the answers

<p>Saving banks = Serves people who made smaller deposits and transactions ATM = Allows customers to conduct banking businesses at their convenience Debit cards = Allows customers to withdraw money from an account Internet banking = Allows customers to conduct financial business online</p> Signup and view all the answers

<p>Debit cards = Used to withdraw money from an account Stored value cards = Carries embedded magnetic strips or computer chips with account balance info Credit cards = Not mentioned Smart cards = Used to pay for cafeteria food, computer time or photocopying</p> Signup and view all the answers

<p>General economic conditions = Causes unemployment Lengthy job searches = Contributes to frictional unemployment Seasonal production schedules = Causes seasonal unemployment Structural changes = Causes structural unemployment</p> Signup and view all the answers

<p>Saving banks = People who made smaller deposits and transactions ATM = Customers who want to conduct banking businesses at their convenience Debit cards = Customers who want to withdraw money from an account Stored value cards = College students who need to pay for cafeteria food, computer time or photocopying</p> Signup and view all the answers

<p>Fractional unemployment = Hannah who left her job as a nurse to look for a position at a small health clinic Seasonal unemployment = Not mentioned Structural unemployment = Not mentioned Cyclical unemployment = Not mentioned</p> Signup and view all the answers

<p>Internet banking = Banks, credit unions and other financial institutions ATM services = Banks Debit cards = Banks Stored value cards = Colleges and universities</p> Signup and view all the answers