Expert answer:Easy economics quiz but has to be done well.
Expert answer:Very easy but has to be done well. I don’t need explanations just answers. Required knowledge is needed however.
bush035060_unit_evaluation_03.pdf
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Unit 3 Evaluation
Economics
BUSH 035 060
This evaluation will cover the lessons in this unit. It is open book, meaning you can use your
textbook, syllabus, and other course materials. To submit the evaluation, follow the directions
provided.
Multiple-Choice
Select the response that best completes the statement or answers the question.
_____
1. What must a sole proprietor do if the business fails?
a.
b.
c.
d.
_____
2. What does the limited liability of the owners of stock in a corporation mean?
a.
b.
c.
d.
_____
Labor costs less overseas.
Transportation is cheaper overseas.
More skilled workers are available overseas.
Goods are transported overseas when they are finished.
4. Which of the following groups is counted in employment statistics?
a.
b.
c.
d.
_____
The corporation is not responsible for the private debts of the owners of stock.
The managers hired by the corporation are not responsible for its debts.
The stockholders of a corporation can lose only the money they have invested in it.
The corporation can raise money by selling more shares of stock.
3. Why are American firms moving manufacturing jobs overseas?
a.
b.
c.
d.
_____
pay all the business debts
much legal work to close the business
pay off the investors
wait ten days before starting another business
stay-at-home parents who do volunteer work
full-time students with part-time jobs
people who work fifteen or more hours without pay in a family business
retirees who continue to serve on a board of directors
5. What is one reason many firms hire temporary workers to do a particular job?
a.
b.
c.
d.
Unit 3 Evaluation
flexible work arrangements
greater reliability
lower hiring and training costs
higher productivity
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_____
6. Which of the following statements are true about mergers?
a. In a horizontal merger, the firms are involved in different stages of producing the
same good or service.
b. In a vertical merger, the firms are involved in different stages of producing the
same good or service.
c. In a horizontal merger, the firms compete in different markets with the same good
or service.
d. In a vertical merger, the firms compete in the same market, but with a different
good or service.
_____
7. The function of a producer cooperative business is to
a.
b.
c.
d.
_____
8. What is the largest sector of today’s labor force?
a.
b.
c.
d.
_____
obtain lower prices for members.
work to improve the image and working conditions of its members.
save income taxes for members.
sell the goods produced by members.
agricultural
manufacturing/construction
service
healthcare
9. What is the basic economic principle that decides how high wages will be?
a.
b.
c.
d.
_____ 10.
Employers will not pay more than a worker is worth.
People who want jobs will find them.
Employers will hire the cheapest people.
Supply and demand control wages.
Who controls cooperatives?
a.
b.
c.
d.
the state government
their shareholders
the members
the board of directors
_____ 11. What is one strategy that employers use to continue to do business despite high
wages?
a.
b.
c.
d.
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Look for less-skilled workers to do a job.
Pay less and hope to attract good workers.
Replace some of the workers with machines.
Scale down the business to hire fewer people.
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_____ 12. Which of the following is an advantage of a sole proprietorship?
a.
b.
c.
d.
It is easy to expand if it succeeds.
It is the least regulated form of business organization.
It is easy to get financing to start one.
It has the lowest rate of federal income taxes.
_____ 13. Collective bargaining is
a.
b.
c.
d.
cooperation between workers in more than one industry.
concerned with benefits but not wages.
the negotiation process between unions and management.
concerned with job security but not wages.
_____ 14. Why might a bank be more likely to loan money to a partnership than to a sole
proprietorship?
a.
b.
c.
d.
_____ 15.
Partners are personally liable while sole proprietors are not.
Partnerships are more likely to last a long time.
Partnerships are more heavily regulated by the government.
Partners usually have more assets to secure loans.
Ellen started a catering business, but soon decided that catering was too stressful for
her. She was able to close her business rather easily and return to school because the
business was a
a.
b.
c.
d.
producer cooperative.
general partnership.
sole proprietorship.
closely held corporation.
_____ 16. What is the purpose of the Equal Pay Act of 1963?
a. to require employers to pay overtime if someone works more than forty hours per
week
b. to prevent teenagers from getting paid less than older workers for the same job
c. to prevent women from being paid less than men for the same job
d. to prevent employers from discriminating against minorities
_____ 17.
Two clothing shop owners form a general partnership. Each one continues to run her
original shop. One shop is sued by someone who slips on the sidewalk. Who is liable?
a.
b.
c.
d.
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both partners
the partner whose shop had the slippery sidewalk
the partner whose shop makes the most money
the partner who does not have limited liability
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_____ 18. What is generally the difference between blue and white-collar workers?
a. Blue-collar workers have industrial jobs; white-collar workers have professional or
clerical jobs.
b. Blue-collar workers earn a salary; white-collar workers receive regular wages.
c. Blue-collar workers receive low pay; white-collar workers receive high pay.
d. Blue-collar workers have seasonal work; white-collar workers work all year long.
_____ 19. GoodDeeds International is structured like many other major companies, but its goal is
to benefit society, not to make money. GoodDeeds is a
a.
b.
c.
d.
_____ 20.
trade association.
nonprofit organization.
franchise.
limited partnership.
What is one of a labor union’s primary goals?
a.
b.
c.
d.
to make decisions about the workplace
to gain promotions for workers
to keep nonunion workers out of jobs
to secure its members’ jobs
_____ 21. What has been the pattern of union membership in recent years?
a.
b.
c.
d.
growth of private sector unions only
growth of public sector unions only
growth of public and private sector unions
growth of neither public nor private sector unions
_____ 22. Which of the following would be considered no longer part of the work force?
a.
b.
c.
d.
anyone who worked only one hour for pay within the past week
anyone who worked fifteen hours in a family business for no pay
anyone who has a job but was out sick for more than a week
anyone who once sought work but has given up looking for a job
_____ 23. Which of the following would be considered company benefits?
a.
b.
c.
d.
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payments for overtime work
payments for company events
payments for unemployment insurance
payments for health insurance
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_____ 24. Mark is switching from his job as a data entry clerk in an office to a job in a steel mill.
One reason his wages will increase significantly in his new job is that
a.
b.
c.
d.
_____ 25.
the demand for both jobs is about the same.
the supply of steel mill workers is about the same.
it is more dangerous to work in a steel mill than in an office.
the demand for steel workers is low.
You want to form a business that teaches people how to grow their own vegetables to
eat. What type of business should you most likely form?
a.
b.
c.
d.
sole proprietorship
corporation
general partnership
nonprofit organization
_____ 26. A company could be accused of having a glass ceiling if
a.
b.
c.
d.
all employees are considered for promotions.
managers make decisions without gathering input from workers.
unqualified workers get promoted because of personal friendships.
certain groups are not able to get promoted to high-ranking positions.
_____ 27. Twins Jeff and Mike both work at the same restaurant for an hourly rate. Jeff earns
minimum wage as a dishwasher, while Mike earns $2.00 more per hour as a cook.
The difference in their wages is because
a.
b.
c.
d.
Jeff’s job is unskilled, while Mike’s is semi-skilled.
Jeff’s job is blue-collar, while Mike’s is professional.
Both jobs are unskilled, but Mike works harder.
Jeff’s job is professional, while Mike’s is skilled.
_____ 28. What advantage do workers bargaining as part of a labor union hold over workers
bargaining as individuals?
a.
b.
c.
d.
Union workers get paid while they are on strike.
By banding together, workers have more power.
Union workers do not have to bargain collectively.
Right-to-work laws protect union workers.
_____ 29. Suppose you own a small flower stand. What is a reason you might decide to form a
business franchise with a big company called Flowers Galore?
a. Franchisers pay royalties to their customers, which makes them loyal.
b. Franchisers can advertise all over the country, which makes their products well
known.
c. Franchises do not cost much money to start.
d. Franchisers allow franchises to sell whatever they want.
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_____ 30.
How have right-to-work laws affected union membership?
a.
b.
c.
d.
They have increased union membership.
They have decreased union membership.
They have kept membership rates steady.
They have had no effect on union membership.
_____ 31. What does it mean that corporations are taxed twice?
a. Corporations have more legal rules, and they are harder to set up.
b. Corporations pay more taxes than a partnership and a sole proprietorship
combined.
c. Corporations must apply for charters, which can be very expensive.
d. Corporations are taxed on their income, and stockholders are taxed on their
dividends.
_____ 32. Nearly what percentage of net income earned in the United States is generated by
corporations?
a.
b.
c.
d.
20 percent
40 percent
60 percent
80 percent
_____ 33. What does the Equal Employment Opportunity Commission (EEOC) enforce?
a.
b.
c.
d.
educational requirements for professional workers
opportunities for offshore employees of United States companies
binding agreements between unions and businesses
federal laws against workplace discrimination
_____ 34. Suppose that Cat’s Eye Industries issues 10,000 shares of stock. You buy 215 shares.
How much of Cat’s Eye Industries do you own?
a.
b.
c.
d.
You are entitled to dividends but do not own part of the corporation.
You own the corporation jointly with all other shareholders.
You own less than one percent of the corporation.
You own 215 / 10,000 of the corporation.
_____ 35. Which of the following led to the development of unions in the late 1800s?
a.
b.
c.
d.
Unit 3 Evaluation
dangerous working conditions and long hours of factory jobs
featherbedding in the railroad industry
company efforts to hire and retain the most highly skilled workers
Fair Labor Standards Act
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_____ 36. Drilling Company A and Refining Company B have different roles in the processing of
oil into gasoline. They join together to form a new business, Company C, that both
drills and refines oil. This new business is an example of a
a.
b.
c.
d.
vertical merger.
horizontal merger.
cooperative.
conglomerate.
_____ 37. If a worker changes from an administrative assistant job to a computer programmer
job, why might she expect her new job to pay better?
a.
b.
c.
d.
It involves a higher degree of skill.
It covers her union fees.
It involves more danger.
It is in low demand.
_____ 38. Which of the following has been used by labor unions to protect their interests?
a.
b.
c.
d.
_____ 39.
glass ceiling
strike
equilibrium wage
learning effect
If a group of executives are meeting to discuss candidates for a manager of research
position, they are most likely the
a.
b.
c.
d.
_____ 40.
stockholders.
corporate officers.
board of directors.
entrepreneurs.
Workers for Big Factory Company are upset with their low wages and dangerous
working conditions, but they live in a region with few other jobs. Which of the following
groups would be most helpful to these workers?
a.
b.
c.
d.
labor union
professional workers
right-to-work lobbying firm
management training school
_____ 41. Suppose that Cat’s Eye Industries is a large corporation with many shareholders. Its
stock is bought and sold on stock exchanges. Cat’s Eye Industries is a
a.
b.
c.
d.
Unit 3 Evaluation
sole proprietorship.
publicly held corporation.
privately held corporation.
closely held corporation.
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_____ 42. The number of white-collar jobs has been growing for decades. How has this situation
affected unions?
a.
b.
c.
d.
More white-collar workers have joined unions.
Union membership has declined.
Unions have become more professionalized.
More union jobs require a degree.
_____ 43. Samuel Gompers is given credit for doing what in 1886?
a.
b.
c.
d.
_____ 44.
He wrote the Fair Labor and Standards Act.
He founded the United Auto Workers Union.
He wrote Taft-Hartley Act.
He founded the American Federation of Labor.
Which type of corporation does not pay corporate income tax?
a.
b.
c.
d.
publically held corporation
privately held corporation
closely held corporation
limited liability corporation
_____ 45. Good Wireless and Better Wireless merge to form Best Wireless. What issue would the
federal government be most concerned about in this horizontal merger?
a.
b.
c.
d.
reduced profits
increased taxes
reduced competition
increased output
_____ 46. How have real wages in the United States changed in the last twenty years?
a.
b.
c.
d.
Real wages have gone up significantly.
Real wages have not changed.
Real wages have gone up slightly.
Real wages have gone down slightly.
_____ 47. To offset rising benefit costs, many employers
a.
b.
c.
d.
Unit 3 Evaluation
fire immigrant workers.
close one day a week.
cut wages by 50 percent.
hire independent contractors.
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_____ 48. You decide to go to a consumer cooperative to buy supplies for your class party. The
prices there are the lowest in town. Why?
a.
b.
c.
d.
Consumer cooperatives buy goods in large quantities.
Consumer cooperatives sell inferior products.
Consumer cooperatives are always large corporations.
Consumer cooperatives help members sell their products.
_____ 49. Which law allowed states to pass right-to-work laws?
a.
b.
c.
d.
_____ 50.
Fair Labor and Standards Act of 1938
Taft-Hartley Act of 1947
Equal Pay Act of 1963
Civil Rights Act of 1964
Your running shoes were produced by RunnerPro. The company designed the shoes
in the United States but made them in Singapore. What kind of company is
RunnerPro?
a.
b.
c.
d.
general partnership
trade association
multinational organization
producer cooperative
Carefully check your answers on this evaluation and make any corrections you feel are
necessary. When you are satisfied that you have answered the questions to the best of your
ability, transfer your answers to an answer sheet. Please refer to the information sheet that
came with your course materials.
Unit 3 Evaluation
BUSH 035
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