Mascootr3

Front 1

1. In a market system, those who own the most highly valued resources:

Back 1

xxa. have the highest income

Front 2

2. Census data on the income distribution among families in the United States in
recent years show:

Back 2

xxa. a rising share earned by the top fifth and a declining share earned by the
bottom fifth

Front 3

3. The distribution of income in the United States is:

Back 3

xxa. more concentrated than the distribution of income in other developed
countries throughout the world

OR


.c. quite similar to the distribution of income in other developed countries
throughout the world

Front 4

4. In the United States, what percentage of the total wealth is earned by the poorest
fifth of the families?

Back 4

xx
a. zero percent

wealth some money

Front 5

5. When the Lorenz curve moves towards the diagonal, this shows:

Back 5

his shows:
a. the rich getting richer and the poor getting poorer

Front 6

6. Since a market system distributes incomes based on ownership of resources,
this means that incomes are distributed:

Back 6

xxb. unequally

Front 7

7. If an employer who currently employs 100,000 workers is considering a job
applicant who can increase the firm‟s total revenue by more than the addition to
total cost, the employer should:

Back 7

xxc. hire the job applicant regardless of how many employees the firm already has

Front 8

8. Under competitive conditions, the wage is determined by:

Back 8

xx
ALL THE ABOVE
a. administered pricing
b. government minimum
-
wage laws
c. the forces of supply and demand
d. the extent to which unions are able to count
eract the power of management

Front 9

9. Currently, the approximate percentage of American workers that belong to
unions is

Back 9

xxb. about 12% TENISH 12 AND DROPPING

Front 10

10. Which piece of legislation gave unions the right to organize and bargain
collectively

Back 10

wagner act

Front 11

11. The threat of a strike:

Back 11

xx. a. can serve as an incentive for labor and management to reach an agreement

Front 12

12. Union membership over the last five decades has:

Back 12

xx
e. declined

Front 13

13. Currently, union membership in the U.S. is:

Back 13

xxa. declining as a percentage of the labor force

Front 14

14. The Employee Free Choice Act:

Back 14

xxa. takes away the secret ballot

OR B

b. makes it easier to organize a union

Front 15

15. The basis of the benefits of specialization is:

Back 15

xxa. comparative advantage

ABSOLUTE ADVANTAGEDONT TELL ALL

Front 16

16. Absolute advantage:

Back 16

xxd. means that a country can produce more of two goods than another country

Front 17

17. A country should export only those goods for which, relative to its trading
partners, it has the:

Back 17

xxe. lowest opportunity cost

Front 18

18. Juanita, a lawyer, can type faster than Jill, her secretary. Jill, on the other hand,
does not have the ability or skills to practice law. Applying the principles of
international trade to this situation, an economic consultant advises Juanita to:

Back 18

xxb. practice law and leave all the typing to the secretary

Front 19

19. Assume the United States can use a given amount of its resources to produce
either 200 airplanes or 50 submarines and Japan can employ the same amount
of its resources to produce either 400 airplanes or 60 submarines. Japan should
specialize in:

Back 19

xxa. airplanes JAPAN WAY BETTER IF I WAS ASKING OF THE UNITED STATESshe should do the other one

Front 20

20. Free trade theory suggests that when trade takes place:

Back 20

xxc. both nations are better off

Front 21

21. In educational institutions, teachers are paid according to their marginal
productivity.
a. True
b. False

Back 21

xxeducational false

Front 22

22. In sports, athletes like Favre are paid according to their marginal productivity.
a. True
b. False

Back 22

xx favre true

Front 23

23. By 1900, most employers were willing to recognize unions as representatives of
their employees.
a. True
b. False

Back 23

xxb false bosses have no recognition of fredom for employees

Front 24

24. The Wagner Act was the first significant piece of “pro-labor” legislation.
a. True
b. False

Back 24

xx true it helps

Front 25

25. In a market system, factors are paid according to their marginal productivity.
a. True
b. False

Back 25

xx market system true

Front 26

26. In a command system, factors are paid according to their marginal productivity.
a. True
b. False

Back 26

xxcomand payment is false

Front 27

27. If the MRP is less than the wage, the firm should hire more labor.
a. True
b. False

Back 27

xxFalse cutting into profit

Front 28

28. Income distribution in the United States is quite similar to that in other
industrialized nations.
a. True
b. False

Back 28

xx false

Front 29

29. It is possible for a nation to have an absolute advantage in the production of a
product, but not a comparative advantage in the production of the same product.
a. True
b. False

Back 29

xx True superkid

Front 30

30. Most world economies are mixed economies.
a. True
b. False

Back 30

xx true

Front 31

31. If wage rates are lower in Mexico than in Germany, labor costs per unit of output
can still be higher in Mexico.
a. True
b. False

Back 31

xx True if the German employees are that much better.

Front 32

32. It is possible for one country to have a comparative advantage in the production
of all products.
a. True
b. False

Back 32

xx false no we all just have one big edge

Front 33

33. Most labor negotiations in the U.S. end without a strike.
a. True
b. False

Back 33

xx corporations lose more time to colds than to labor issues