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Economics 11: Unit 2 Test II Review 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 EclipseCrossword.com Across 3. 6. 7. 12. 14. 16. 18. 23. 24. 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 Down 1. 2. 4. 5. 8. 9. 10. 11. 13. 15. 17. 19. 20. 21. 22. 27. 28. 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!)