Easy economics quiz but has to be done well.

Anonymous
timer Asked: Jan 4th, 2018
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Question description

Very easy but has to be done well. I don't need explanations just answers. Required knowledge is needed however.

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 BUSH 035 _____ 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. Unit 3 Evaluation 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. BUSH 035 _____ 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. Unit 3 Evaluation 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 BUSH 035 _____ 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. Unit 3 Evaluation payments for overtime work payments for company events payments for unemployment insurance payments for health insurance BUSH 035 _____ 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. Unit 3 Evaluation BUSH 035 _____ 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 BUSH 035 _____ 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. BUSH 035 _____ 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. BUSH 035 _____ 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 BLANK PAGE

Tutor Answer

george
School: UT Austin

Here it is. The answers are highlighted in red

Unit 3 Evaluation
BUSH 03
5
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. pay all the business debts
b.much legal work to close the business
c.pay off the investors
d.wait ten days before starting another business
_____
2.What does the limited liability of the owners of stock in a corporation mean?
a.The corporation is not responsible for the private debts of the owners of stock.
b.The managers hired by the corporation are not responsible for its debts.
c.The stockholders of a corporation can lose only the money they have invested in it.
d.The corporation can raise money by selling more shares of stock.
_____
3.Why are American firms moving manufacturing jobs overseas?
a.Labor costs less overseas.
b.Transportation is cheaper overseas.
c.More skilled workers are available overseas.
d.Goods are transported overseas when they are finished.
_____
4.Which of the following groups is counted in employment statistics?
a.stay-at-home parents who do volunteer work
b.full-time students with part-time jobs
c.people who work fifteen or more hours without pay in a family business
d.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.flexible work arrangements
b.greater reliability
c.lower hiring and training costs
d.higher productivity
_____
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.obtain lower prices for members.
b.work to improve the image and working conditions of its members.
c.save income taxes for members.
d.sell the goods produced by members.
_____
8.What is the largest sector of today’s labor force?
a.agricultural
b.manufacturing/construction
c.service
d.healthcare
_____
9.What is the basic economic principle that decides how high wages will be?
a.Employers will not pay more than a worker is worth.
b.People who want jobs will find them.
c.Employers will hire the cheapest people.
d.Supply and demand control wages.
_____
10.Who contro...

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Anonymous
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