Full-Employment Output Is Also Called

question 62

Multiple Choice

Full-employment output is also called

• A) zero-unemployment output.
• B) equilibrium output.
• C) potential output.
• D) zero-savings output.

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Definitions:

Bargaining Power

The relative capacity of one of the parties in a negotiation or deal-making scenario to influence the terms of an agreement.

Non-Union Workers

Employees who are not members of a labor union and therefore may not benefit from collective bargaining agreements.

Economic Rent

The extra amount earned by a factor of production that exceeds the minimum amount necessary for it to be employed.

Labor Union

An organization formed by workers in the same trade or industry to collectively negotiate wages, benefits, working conditions, and rights.