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Question 10
A) Which of the following are benefits enjoyed by sole proprietorships? Select the two correct answers. (1 point)
control of decision-making
unlimited liability
limited liability
easy access to credit
earning goes directly to the owner
A) What primary responsibility do the shareholders of a corporation have? (1 point)
providing their own labor for the production process
electing a board of directors
hiring management to oversee production
overseeing production
A) You have recently discovered that a local business has been designated 501(c)(3). Which of the following must be true? (1 point)
The business is a public charity.
The business is a private foundation.
The business does not earn profits.
The business has federal tax exemptions.
A) Which of the following benefits do franchisees enjoy over other small business owners? Select the two correct answers. (1 point)
Franchises have lower start-up costs than other small businesses.
Franchises benefit from the successful marketing provided by franchisors.
Franchises have more control over the goods and services that they provide.
Franchises have a lower 5-year failure rate than other small businesses.
Franchises are less expensive to operate than other small businesses.
A) Which of the following could explain the relatively high wages earned by certain medical professionals, like nurse practitioners and physicians? (1 point)
The training and certifications required for these professions lead to a relatively high quantity of labor supplied at any given wage.
The age of our population leads to a relatively high quantity of labor supplied at any given wage.
The age of our population leads to a relatively low quantity of labor demanded at any given wage.
The training and certification required for these professions lead to a relatively low quantity of labor supplied at any give wage.
A) The Bureau of Labor statistics identifies a trend in the labor market for doctors, where wages have increased significantly over the past several years. As a result of this trend, more individuals within the economy enter the labor market to become doctors. How does this influence wages and employment within the labor market? (1 point)
The market equilibrium wage will increase, and the equilibrium quantity of labor will increase.
The market equilibrium wage will increase, and the equilibrium quantity of labor will decrease.
The market equilibrium wage will decrease, and the equilibrium quantity of labor will decrease.
The market equilibrium wage will decrease, and the equilibrium quantity of labor will increase.
A) In arbitration, what do leaders of the labor union and the representatives of company management agree to? (1 point)
to negotiate with one another and to understand that the labor union reserves the right to make binding decisions for both parties
to bring a third party into their negotiations who has the ability to make binding decisions
to bring a third party into their negotiations who will help them negotiate, but who does not have the power to make binding decisions
to negotiate with one another and to understand that management reserves the right to make binding decisions for both parties
A) Which of the following describes the primary difference between craft and industrial unions? (1 point)
Workers from labor-intensive fields (like manufacturing and agriculture) form industrial unions, not craft unions.
Workers from labor-intensive fields (like manufacturing and agriculture) form craft unions, not industrial unions.
Workers of a particular trade, not an entire industry, form a craft union.
Workers of a particular trade, not an entire industry, form an industrial union.
A) Explain one way in which hiring an additional worker could lead to an increase in human capital. (1 point)
Hiring an additional worker could lead to an increase in human capital if the worker were able to produce more output per number of labor hours worked than other workers.
Hiring an additional worker could lead to an increase in human capital if the worker were to bring new skills and experience that can be taught to other workers.
Hiring an additional worker could lead to an increase in human capital if the firm were able to make a profit from the productivity of the new worker.
Hiring an additional worker alone will lead to an increase in human capital.

1 answer

Here are the answers to the questions based on the provided options:

Question 1: Which of the following are benefits enjoyed by sole proprietorships?
Correct Answers:

  1. control of decision-making
  2. earning goes directly to the owner

Question 2: What primary responsibility do the shareholders of a corporation have?
Correct Answer:

  • electing a board of directors

Question 3: You have recently discovered that a local business has been designated 501(c)(3). Which of the following must be true?
Correct Answer:

  • The business has federal tax exemptions.

Question 4: Which of the following benefits do franchisees enjoy over other small business owners?
Correct Answers:

  1. Franchises benefit from the successful marketing provided by franchisors.
  2. Franchises have a lower 5-year failure rate than other small businesses.

Question 5: Which of the following could explain the relatively high wages earned by certain medical professionals, like nurse practitioners and physicians?
Correct Answer:

  • The training and certification required for these professions lead to a relatively low quantity of labor supplied at any given wage.

Question 6: The Bureau of Labor statistics identifies a trend in the labor market for doctors, where wages have increased significantly over the past several years. How does this influence wages and employment within the labor market?
Correct Answer:

  • The market equilibrium wage will increase, and the equilibrium quantity of labor will increase.

Question 7: In arbitration, what do leaders of the labor union and the representatives of company management agree to?
Correct Answer:

  • to bring a third party into their negotiations who has the ability to make binding decisions

Question 8: Which of the following describes the primary difference between craft and industrial unions?
Correct Answer:

  • Workers of a particular trade, not an entire industry, form a craft union.

Question 9: Explain one way in which hiring an additional worker could lead to an increase in human capital.
Correct Answer:

  • Hiring an additional worker could lead to an increase in human capital if the worker were to bring new skills and experience that can be taught to other workers.

Let me know if you have any further questions!