Which verse says there is nothing better for a person than that he should eat and drink and find enjoyment in his toil quizlet?

They've insisted on hiring additional workers who aren't needed at all.

They've insisted on promotion based on seniority instead of merit.

They've insisted on the same hourly wage for all their members regardless of differences in productivity.

They've insisted on rigid subdivisions of labor.

They've opposed the introduction or improvement of machinery.

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Terms in this set (50)

If fewer fans watched baseball games, what would happen to the market value of top baseball players?

The market value would decrease.

In March 2019, Mike Trout signed a 12-year, $430 million contract to play baseball. Which of the following are reasons that top baseball players like Trout are paid so highly? (choose all that apply)

There are few individuals who are talented enough to become a top baseball player.
There is high demand for top baseball players.

In 2018, the average annual income for all occupations in the United States was _________.

$51,960

Firefighters are paid less than professional baseball players because there is a higher ___________ firefighters than great baseball players.

supply of

Cashiers had an average income of only $23,270 in 2018, well below the national average. Which of the following would likely increase the market value of cashiers in the future?

People reduce their online shopping, which leads to thousands of new retail stores being opened.

Hazlitt argues that wages are determined by labor productivity. What does he say is the reason that workers, in most cases, are paid their full economic worth?

Employers compete over employees, driving up their wages.

Hazlitt argues that "the power of labor unions to raise wages over the long run and for the whole working population ________________."

has been greatly exaggerated

According to Hazlitt, what is the central function of unions?

to ensure all their members are paid the true market value of their services

Why do workers with more human capital earn a higher wage than workers with less human capital?

Workers with more human capital are more productive.

A worker's income depends mostly on the __________ of the goods and services he or she produces.

market value

Firefighters are paid less than professional baseball players because there is a higher ___________ firefighters than great baseball players.

supply of

Cashiers had an average income of only $23,270 in 2018, well below the national average. Which of the following would likely increase the market value of cashiers in the future?

People reduce their online shopping, which leads to thousands of new retail stores being opened.

In a market economy, what determines the market value of labor?

supply and demand

In the United States, which of the following occupations earned an annual income that was below the national average in 2018? (choose all that apply)

fast cook
bus driver

A worker's income depends mostly on the __________ of the goods and services he or she produces.

market value

Which of the following are tactics used by labor unions to force businesses to accept their demands? (choose all that apply)

boycots, pick, strikes

According to Hazlitt, which of the following are ways that labor unions have worked against productivity? (choose all that apply)

(everything but) They've insisted on standards to increase the skill and competence of workers.

According to Hazlitt, what is the central function of unions?

to ensure all their members are paid the true market value of their services

Which recent president argued that Henry Ford increased his workers' wages so that they'd be able to buy the cars that they produced?

Barack Obama

According to Hazlitt, what is the most likely result of the price of labor being forced above or below its equilibrium level?

a reduction in the volume of employment and production

According to Hazlitt, Marxists and purchasing-power schools argue that the only wages that will prevent an imminent economic crash are wages that enable workers to _________________.

buy back

Demand for a good, service, or resource that is a consequence of demand for something else is called _______ demand.

derived

God's plan for work can be boiled down to several purposes. What are they? (choose all that apply)

to provide for the necessities of life,to create satisfaction through a job well done, to serve God

Proverbs 19:15 says, "Slothfulness casts into a deep ______, and an idle person will suffer hunger."

sleep

In Nearing Home, Billy Graham writes that "someone who brags about working seventy or eighty hours a week" has become a(n) ________ of his or her job.

slave

Which verse says, "If anyone is not willing to work, let him not eat"?

2 Thessalonians 3:10

What should you do when you reach the traditional retirement age of sixty-five?

You can quit your regular job if it's feasible, but you should continue working to advance God's kingdom as long as you're able.

According to Hazlitt, a universal increase in wages might give workers a larger slice of a smaller economic pie, but it's very unlikely that this slice would be greater in _________ size.

absolute

In an exchange economy, everybody's income is somebody else's _______.

cost

Artificial increases in workers' wages created by minimum wage laws or labor union bargaining might help workers in the short term, but what will likely be the long-term effect of raising workers' wages above their market value?

The overall economy will be damaged, and workers will eventually be no better off (and possibly worse off) than they were before the artificial increase.

Which verse says, "In the same way, let your light shine before others, so that they may see your good works and give glory to your Father who is in heaven"?

Matthew 5:16

Which verse says, "There is nothing better for a person than that he should eat and drink and find enjoyment in his toil"?

Ecclesiastes 2:24

Work is a(n) ______ from God.

gift

Money allows people to more easily compare the value of different goods and services because it is a unit of ________.

account

An exchange of goods and services for other goods and services without using money is called ________.

barter

Gold and silver coins were once commonly used as money around the world. What type of money are gold and silver coins?

commodity money

Which of the following is the correct definition for money?

anything widely accepted as final payment for goods and services

Many financial institutions help their clients plan for big events like retirement or purchasing a home. This service is called __________.

financial advising

This type of financial institution brings together buyers and sellers of different investments and facilitates the exchange of those investments.

brokerage firm

One important function of financial institutions is connecting borrowers and savers. In these transactions, the institution is acting as a type of middleman called a ____________.

financial intermediary

Some financial institutions collect premiums from their customers and then pay those customers back whenever the customers file a claim after suffering some kind of loss, such as their home burning down. This service is called _________.

insurance

What did the local Indians use for currency when the English settled in North America in the 1600s?

wampum

Which of the following are characteristics of money? (choose all that apply)

acceptability, divisibility

Gold and silver coins were once commonly used as money around the world. What type of money are gold and silver coins?

commodity money

Money that only has value because the government has declared it has value is called _________.

flat money

Money makes trade easier and encourages specialization because it acts as a medium of _________.

exchange

The system in which only a percentage of deposits are kept in reserve and available for withdrawal is called ___________ reserve banking.

fractional

Customers can use a ___________ to have a bank make purchases for them. Then the customers pay the bank for those purchases (usually with interest).

credit card

This type of financial institution is responsible for managing all the other financial institutions in its nation.

central bank

If you deposit $100 into a savings account, about how much of that deposit does the bank have to keep in reserve?

10.00

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A purpose of government regulation in a mixed-market economy is to protect...?

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Use the information for a hypothetical economy presented in the following table to answer questions $$ \begin{array} { l } { \text { Population age } 16 \text { and older } = 200,000 } \\ { \text { Labor force } = 100,000 } \\ { \text { Number of people working part time } = 20,000 } \\ { \text { Number of people working full time } = 70,000 } \end{array} $$ What is the labor force participation rate? A. 70% B. 50% C. 20% D. 10% E. 5%

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If the government wants to contract aggregate demand, it can ______ government purchases or _____ taxes. a. increase, increase b. increase, decrease c. decrease, increase d. decrease, decrease

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Why does Stottlemyer believe that raising the minimum wage is not good for workers?

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