Economics 3-8-14

1.

1 point

A type of unemployment that occurs when a worker is replaced by a machine is

frictional

structural

seasonal

cyclical

2.

1 point

A type of unemployment found in the United States when a worker is between jobs is

frictional

structural

cyclical

seasonal

3.

1 point

In order to arrive at the total cost for each level of output, you must

multiply fixed and variable costs

add together the fixed and variable costs

figure total revenue

add the variable costs together

4.

1 point

A business that sells shares of stock in order to obtain capital to expand is

proprietorship

corporation

partnership

5.

1 point

Which of the following may be considered weaknesses of a partnership?

the life of the business

arguments between partners

an inability to raise capital

all of these

6.

1 point

The event that triggered the Great Depression was

Black Friday

the New Deal

Black Tuesday

Fat Tuesday

7.

1 point

An example of total revenue would be:

apples sell for 25 cents each

3 hats at $2.00 each = $6.00

3 hats at a cost of $2.00 each and 3 hats at a cost of $3.00 each = $2.50 each

8.

1 point

A business that wishes to maximize its profit will continue to increase production to the highest level of output where

total revenue is greater than total cost

where marginal revenue is greater than marginal cost

where total cost is greater than total revenue

none of these

9.

1 point

Which of the following may be a tool used by a union to force management to accept their contract?

lock-out

company union

yellow dog contract

none of these

10.

1 point

The four types of labor found in the United States are:

skilled, unskilled, professional, manual

professional, skilled, semi-skilled, unskilled

doctor, lawyer, electrician, construction worker

11.

1 point

Collective bargaining occurs when

management talks to a company union

management talks to a craft union

a craft union talks to the workers

12.

1 point

When the price of a product remains the same, no matter how many are produced and sold, marginal revenue is

a greater than marginal cost

less than fixed cost

equal to price

equal to total revenue

13.

1 point

A court order issued by a judge requiring workers to stop striking is called a(n)

arbitration

mediation

injunction

none of these

14.

1 point

A company produces 15 widgets each day for a total cost of $150. Average total cost is calculated by

multiplying total costs by the number of units

dividing the number of units by the total cost

multiplying fixed costs by total cost

dividing the total cost by the number of units

15.

1 point

The Knights of Labor attempted to bring together

both skilled and unskilled workers

members of the American Federation of Labor and the Congress of Industrial Organizations

wages and fringe benefits

automobile and steel workers

16.

1 point

The tools management would use to force a union to accept their contract would be

strike

picket

boycott

lock-out

17.

1 point

When the air traffic controllers could not resolve their contract with management, the issue was solved by

arbitration

collective bargaining

mediation

presidential intervention

18.

1 point

To determine if a business is making a profit the business must subtract

total revenue from total cost

total cost from total revenue

marginal revenue from total cost

marginal cost from marginal revenue

19.

1 point

A type of business where one of the major strengths is the owner gets all the profit is a

proprietorship

partnership

corporation

20.

1 point

In a union shop, employees are required to

be union members in order to be hired

join the union within a specified time period after being hired

pay union dues but do not have to join the union

maintain their union membership for a specified contract period

21.

1 point

The four phases of a business cycle are:

expansion, peak, recession, trough

expansion, peak, depression, recession

expansion, peak, recession, depression

none of these

22.

1 point

When collective bargaining does not resolve the issues and a third party is called in to mediate and their solution must be accepted. it is called

mediation

grievance procedures

injunction

arbitration

23.

1 point

An example of marginal revenue would be:

Apples selling at 25 cents each

3 hats at $2.00 each = $6.00

3 hats at a cost of $2.00 each and 3 hats at a cost of $3.00 each = $2.50 each

24.

1 point

The local drugstore pays $1000 per month in rent. This is a(n)

fixed cost

marginal cost

variable cost

implicit cost

25.

1 point

A lawn care specialist who is out of work may be experiencing what type of unemployment

frictional

structural

cyclical

seasonal