An Economy's Potential Level of Output Can Be Altered by Changes

question 46

Multiple Choice

An economy's potential level of output can be altered by changes in:

• A)the actual price level.
• B)the expected price level.
• C)aggregate demand.
• D)real GDP.
• E)its stock of capital.

Recognize the role of major labor unions in the US.

Understand the economic effects of labor unions on wages and employment.

Identify the challenges facing labor unions in the modern workplace.

Understand the roles and distinctions of mediators and arbitrators in labor negotiations.

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Definitions:

Current Liabilities

Obligations or debts that a company must pay within one year or within its operating cycle if longer.

Gross Margin Ratio

A financial ratio that measures a company's financial health, calculated by subtracting the cost of goods sold from net sales and dividing by net sales.

Sales Revenue

The total amount of money received by a company from sales of goods or services before any expenses are subtracted.

Cost of Goods Sold

Expenses specifically related to producing the merchandise a company markets.