Economics Chapter 8 example #72318

20 May 2023
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established a federal minimum wage
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the fair labors standards act
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Clayton antitrust act
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the first federal legislation to exempt unions from the antitrust laws was the...
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semiskilled labor
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workers who have the skills to operate machines and who require a minimum amount of training are...
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market theory of wage determination
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the theory that wages are based on the supply and demand for a workers skills is the...
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equal pay act
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which of the following prohibits wage and salary discrimination for jobs that require equivalent skills and responsibilities?
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established the right of unions to collective bargaining
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the national labor relations act...
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fact finding
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when labor and management ask a third party to collect information about a dispute and present nonbinding recommendations they are using...
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professional labor
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workers with knowledge-based education and managerial skills are...
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the minimum wage remained the same from 1998 through 2006
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which of the following statements about the minimum wage is accurate?
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Is known as the glass ceiling
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the invisible barrier that hinders women and minorities from advancement up the corporate ladder...
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current dollars
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dollars that are not adjusted for inflation
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macroeconomics
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economy as a whole, including employment, gross domestic product, inflation, economic growth and distribution of income
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two-tier wage system
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wage scale paying newer workers a lower wage than others already on the job
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strike
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refusal to work until demands are met
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injunction
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court order not to act
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skilled labor
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workers who are able to operate complex equipment and can perform their tasks with little supervision
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mediation
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use of neutral third person or persons to help settle a dispute
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equilibrium wage rate
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leaves neither a surplus nor a shortage in the labor market
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glass ceiling
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invisible barrier that prevents women and minorities from advancing up the corporate ladder
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closed shop
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situation in which an employer can hire only union members
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unskilled labor
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laborers who work primarily with their hands because they lack training
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mediation
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process of bringing in a neutral third party to settle a dispute
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boycott
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mass refusal to buy products from targeted companies
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union shop
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employment situation where new workers must join a union after being hired
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constant dollars
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dollars that are adjusted in away that removes the distortion of inflation
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right-to-work
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state law making it illegal to force workers must join a union after being hired
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wage rate
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standard amount of pay given for work performed
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agency shop
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employment situation where workers do not have to join a union but must pay union dues
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seniority
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length of time a person has been on a job
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minimum wage
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lowest wage that can be paid by law to most workers