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UC Microeconomics Erhardt Final Exam 2022 with complete solution
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UC Microeconomics Erhardt Final Exam 2022 with complete solution1. Market Work: Answer- Time sold as Labor.
Originated from Carl Marx and Fredrick Engles. Fathers of Labor
Economics.
2. Non-market Work: Answer- Time spent getting an education or
producing goods and services for personal consumption.
3. Leisure: Time spent on nonwork activities.
4. Substitute Effect of a Wage Increase: Answer- A higher wage
encourages more work because other activities (non-leisure) now
have a higher opportunity cost
5. Income Effect of a Wage: Answer- A higher wage increases a worker's
income, increas- ing the demand for all goods, including leisure so that
the quantity of labor supplied to market work decreases.
6. Backward-Bending Supply Curve of Labor: Answer- As the wage rises,
the quantity of labor supplied eventually decline; the income effect of
a higher wage increases the demand for leisure, which reduces the
quantity of labor supplied enough to more than offset the substitution
effect of a higher wage.
7. Labor Union: Answer- A group of workers who organize to
,improve their terms of employment.
8. Craft Union: A union whose members have a particular skill or
work at a particular craft, such as plumbers or carpenters
9. Industrial Union: A union of both skilled and unskilled workers from a
particular industry, such as autoworkers or steelworkers.
10.Collective Bargaining: The process by which union and management
nego- tiate a labor agreement.
11.Mediator: An impartial observer who helps resolve differences
between union and management
12.Binding Arbitration: Negotiation in which union and management
must ac- cept an impartial observer's resolution of a dispute
13.Strike: A union's attempt to withhold labor from a firm to stop
production.
14.Featherbedding: Union efforts to force employers to hire more
workers than wanted or needed
15.Right-to-work States: States where workers in unionized companies
do not have to join the union to pay union dues
16.Raise: It will go after one year of work at the same company.
,17.Winner-Take-All Labor Market: Markets in which a few key employees
critical to the overall success of the enterprise are richly rewarded.
18.Market Power: The ability of a firm to raise its price without losing
all of its customers to rival firms.
19.Social Regulation: Government Regulation aimed at improving
health and safety. EPA & OSHA.
20.Economic Regulation: Government regulation of natural monopoly,
where, because of economies of scale, the average production cost is
lowest when a single firm supplies the market.
21.Antitrust Policy: Government regulation aimed at preventing
monopoly and fostering competition in markets where competition is
desirable.
22.Public Utilities: Government-owned or government-regulated
monopolies.
23.Trust: Any firm or group of firms that tries to monopolize a market.
24.Sherman Antitrust Act of 1890: First national legislation in the world
against monopoly; prohibited trusts, restraint of trade, and
monopolization, but the law was vague and ineffective.
25.Clayton Act of 1914: Strengthened Sherman Act, outlawed certain
anticom- petitive practices not prohibited by the Sherman Act,
including price discrimination, tying contracts, exclusive dealing,
interlocking directories, and buying the corpo- rate stock of a
competitor.
, 26.Tying Contract: A seller of one good requires a buyer to purchase
other goods as part of the deal.
27.Exclusive Dealing: A supplier prohibits customers from buying
from other suppliers of the product.
28.Interlocking Directorate: A person serves on the boards of directors
of two or more competing firms.
29.Federal Trade Commission (FTC) Act of 1914: Established a federal
body to help enforce antitrust laws; run by commissioners assisted by
economists and lawyers.
30.Caller-Kefauver Anti-Merger Act: Passed in 1950, prevents one firm
from buying the physical assets of another firm if the effect is to
reduce competition. This law can block
31.Horizontal Merger: A merger in which one firm combines with
another that produces the same product.
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