US16L1 - US16L1 1 The accumulated skill and knowledge of...

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US16L1 1 The accumulated skill and knowledge of human beings is called _________. human worth education the opportunity cost of education human capital 2 A labor union _______ competition and _______ the wage rate of its members. restricts; decreases increases; increases increases; decreases restricts; increases 3 A unionized group of workers with similar skills but who work for different firms and industries is called a _____________. labor union skill union industrial union craft union 4 An industrial union is a group of workers who have _______ skills and work for _______ firm or industry. different; a different similar; a different similar; the same different; the same
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5 The largest union in the United States is the ___________. USWA IBEW UAW Teamsters 6 Negotiations between unions and their employers or employer representatives _________________. is binding arbitration occurs only in a closed shop is an injunction is collective bargaining 7 A market structure that has only one buyer is a __________________. monopolistic monopsony monopolistic competition monopoly monopsony 8 When a union faces a monopsony buyer, a _______ exists. monopoly problem monopolistic monopsony bilateral monopoly 9 Wage differentials between the sexes can be explained ___________________.
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because there are more women than men in the work force because men pay higher income taxes than women totally by discrimination in part, by discrimination 10 Paying the same wage for different jobs that are judged to be comparable is called _______________. equity legislation human rights equity comparable pay comparable worth US16L2 1 The _______ distance between the demand curve for low-skilled workers and the demand curve for high- skilled workers is the _______. horizontal; compensation for cost of acquiring skill vertical; marginal revenue product of skill horizontal; marginal revenue product of skill vertical; compensation for cost of acquiring skill 2 The greater Marg's human capital, the more competent is she with computers. the greater is her marginal revenue product. the less costly is it for her to acquire skills. the less education and on-the-job training she requires. 3 A closed shop is an arrangement in which __________________. only nonunion workers can be employed by a firm
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only union workers can be employed by a firm the employers will not allow a union to enter the firm a lockout has occurred 4 A labor union increases wages by ______________________. having lockouts
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This note was uploaded on 09/14/2011 for the course ECON 103 taught by Professor Gispy during the Spring '11 term at Prairie State College .

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US16L1 - US16L1 1 The accumulated skill and knowledge of...

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