Download Economics 11: Unit 2 Test II Review

Economics 11: Unit 2 Test II Review
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EclipseCrossword.com
Across
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Union membership is voluntary
This occurs when an employer shuts down the place of employment in order to force workers to accept its
contract offer
A measurement of a country's earnings
This type of union represents workers who are employed by any of the levels of government in Canada
This approach to calculating GDP includes the expenditures of households on consumer goods, of
business people on investment, the difference between imports and exports, and government
expenditures
This type of union represents workers in a single occupation regardless of where they work.
This market has many producers of the same product, with easy entry and they are "price takers"
This type of union represents all workers in a given industry regardless of the job that they perform
This form of competition has few producers with some distinction in product, difficult entry into the market
and influence over price is dependent on the cooperation of the competition
25. The control of a company at various stages of production
26. A situation in a dispute in which both labour and management agree to submit their proposals to a third
party
27. Formed when companies in unrelated industries combine
29. Gross Domestic Product measures the total value at ___________ prices of all final goods and services
produced in Canada over a period of time
30. Payments and services other than wages that are provided by the employer
31. When employees perform only the duties specifically stated in their contracts
32. People are asked not to purchase the product produced by the employer
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This form of competition has many producers with some distinction in product, with easy entry and some
influence over price
Set up to hold (own) a significant proportion of the shares of other companies
Governments will buy out private companies that are “________________ monopolies”
A temporary work stoppage by employees
The negotiation between representatives of workers and employers with the purpose of establishing terms
and conditions of employment that are acceptable to both sides
When the employer may only hire workers who are already members of the union
The combining of the assets of two companies into a single company
Economists prefer to use the “income approach” because the data is more ______________
This market has only one product, almost impossible entry and they are "price makers"
An organization of workers that collectively promotes the interest of its member and negotiates with
employers.
An arrangement in a dispute in which both labour and management agree to accept the decision of a third
party
When Monopolies and Oligopolies raise prices and restrict output in order to increase profits it hurts
________________.
Also known as “predatory” competition
This calculates Canadian-owned products no matter where they are
This approach to calculating GDP includes the total amount of paid wages, rent, interest and profit
An organization of independent producers that enter into agreement to fix output or prices or divide up
markets
Legislation preventing or controlling trusts or other monopolies, with the intention of promoting competition
in business
Guiding Review Questions:
1) Identify and explain the three ways that unions can use their power to gain wage increases.
2) Identify and explain the three methods government uses to protect the interests of
consumers.
3) Identify the spectrum of markets discussed in class (Pure competition, Pure monopoly,
monopolistic competition and oligopoly) and identify the number of producers, product,
conditions of entry into the market, influence over price and provide a real world example.
4) What is GDP? Identify and explain the two approaches to calculating GDP.
5) Be able to calculate the GDP gap using the formula discussed in class (must memorize
formula!)