White-Collar Workers Differed from Factory Workers Mainly in That White-Collar

question 4

Multiple Choice

White-collar workers differed from factory workers mainly in that white-collar workers

• A)mainly served the middle class.
• B)had much less job security.
• C)were freed from the uncertainties of the marketplace.
• D)controlled their own economic destiny.
• E)mainly did manual labor.

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Definitions:

Bank Loan

A sum of money borrowed from a bank that must be repaid with interest over a set period.

Diminishing Marginal Product

The principle that as the quantity of a factor of production increases, holding all other inputs constant, the additional output generated by one more unit of that factor will eventually decrease.

Total Cost Function

A mathematical relationship expressing the total cost of production as a function of the quantity of output.

Explicit Costs

Direct, out-of-pocket payments for wages, rent, materials, and other inputs required for the production of goods or services.