The Growth of Labor Unions and the Implementation of Better

question 37

Multiple Choice

The growth of labor unions and the implementation of better working conditions in England owed a debt of gratitude to

• A) the threat of Marxism that made Parliament amend laws and individual businessmen show more concern for their workers.
• B) the example set by unions and management in the United States.
• C) the urbanization and education of more people in various countries, of which England wanted to prove itself most liberal.
• D) those individuals who, risking their jobs and in some cases their lives, were willing to work toward gaining legal acceptance of labor unions throughout Europe.
• E) the Chartist movement in England.

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Definitions:

Deadweight Losses

Economic inefficiencies that occur when the allocation of resources is not optimal, resulting from distortions in the market such as taxes, subsidies, or monopolies.

Perfect Price Discrimination

A pricing strategy where a seller charges the maximum possible price for each unit consumed that each buyer is willing to pay, thus capturing the entire consumer surplus as profit.

Total Revenue

The total income received by a firm from its sales of goods or services before any costs or expenses are deducted.

Arbitrage

The practice of buying and selling a commodity or financial instrument in different markets to profit from differing prices for the same asset.