The Designation Granted to a Labor Union by the Federal

question 10

Multiple Choice

The designation granted to a labor union by the federal government that indicates that the union has been selected by secret ballot of employees to be the exclusive representative of a group of employees is called:

• A) exclusive recognition.
• B) multilateral bargaining.
• C) amalgamation.
• D) national consultation.
• E) empowered representation.

Comprehend the concept of potential output and the natural rate of output in an economy.

Analyze the factors that determine the short-run aggregate supply curve.

Understand the effects of changes in the price level on real wages and employment.

Define and differentiate between nominal and real wages.

---

Definitions:

Producer Surplus

The discrepancy between the price producers agree to sell a good for and the price they actually end up receiving.

Economic Efficiency

A condition in which resources are allocated in the most effective way possible, maximizing outputs from given inputs without waste.

Allocative Efficiency

A state of resource allocation where goods and services are distributed according to consumer preferences, reflecting an optimal distribution of resources.

Producer Surplus

The gap between the minimum amount sellers are prepared to accept for a product or service and the actual price it sells for.