Labor
True or False: Part time workers lead to less benefits for employers
True
what kind of union shop requires that employers hire only union members selected by the union
The closed shop union
Where does government spending create competition?
In the private sector.
What is a tax on harmful substances such as tobacco or alcohol?
Sin Tax
What is a 401 (k) plan?
A 401 (k) plan is a tax-deferred investment plan that acts as a personal pension fund for employees.
What happens when labor and management agree to mediation?
A neutral person helps settle the dispute
what is the difference between an Agency shop and an Union shop?
You re not required to work for an agency shop, but must pay a fair share, while an union shop--you are required to join the union
True or false:
The rapid growth of entitlements are still a threat to future budget surpluses.
True.
What is a tax on goods purchased?
Sales Tax
What is the difference between saving and savings?
Saving means the absence of spending, while savings refers to the dollars that become available when people stray away from consumption.
What is the term for a worker that has a job that requires experience and training?
Skilled worker
what is a union shop?
employees are free to join the union or not and are not required to pay dues
What is the largest single category of spending for local governments?
The largest single category of spending for local governments is elementary and secondary education.
What is a tax on the money people earn?
Individual Income Tax
What is an IRA? (Individual Retirement Account)
Individual Retirement Accounts (IRAs) are long-term, tax-sheltered time deposits intended for retirement.
Unskilled labor, semiskilled labor, skilled labor, and professional labor
what is a closed shop?
Requires employers to only hire current union members.
What are the largest components of Federal Spending?
The largest components of the federal budget are Social Security, national defense, income security, medicare, net interest on the federal debt, and health.
What is a tax for social security and medicare?
FICA
What is the difference between a Bull market and a Bear market?
A bull market is a market in which prices are rising and a bear market is a market in which prices are falling.
Who gets involved when there is a labor dispute?
The Government
what is the difference between a union shop and a open shop
a union shop requires all employees to join the union and pay dues on time while an open shop does not require to join and pay dues on time.
How does federal debt affect the economy?
The debt affects the economy in several ways:
Taxes are needed to pay the interest on the debt, the distribution of income is altered, purchasing power is transferred from the private sector to the public sector. Incentives to work, save, and invest may also be altered.
What is a tax on a specific good such as gas or tires?
Excise Tax
What does an economic system need for it to progress?
For an economic system to grow, it must produce capital–the equipment, tools, and machinery used in the process of production.