27-In the long run in a perfectly competitive industry: a.Economic profits are z

Question

27-In the long run in a perfectly competitive industry: a.Economic profits are zero b.Costs of production are zero c.Average total costs are zero d.Prices are zero e.Variable costs are zero 28.The price of labor services is generally called: a.Profits b.Capital c.An occupation d.Wages e.Employment 29.Blue-collar workers comprise approximately what fraction of the labor force in the U.S.? a.1/10 b.¼ c.1/3 d.½ e.2/3 30.The real wage: a.Equal the amount of goods and services that can be bought with the money wage. b.Is the amount of money received per unit of time c.Unlike the money wage is unaffected by changes in the price level. d.Will rise faster than the money wage as the price level rises e.Is the money wage adjusted for changes in real output 31.The value of the marginal product is the change in: a.Output from hiring one more unit of input b.Revenue from selling one more unit of output c.Cost from hiring one more unit of input d.Revenue from one additional dollar of cost e.Revenue from hiring one more unit of input. 32.The AFL-CIO is: a.A loose affiliation of small local unions. b.A powerful management-sponsored organization designed to bargain with large national labor unions. c.A government agency to mediate labor-employer disputes d.A federation of national unions which serves as a spokesperson for the American labor movement e.The governing body of all American labor union. 33.A yellow-dog contract is an agreement: a.By labor not to strike b.By employer not to lockout c.In which a worker agrees not to join a union d.To engage in pattern bargaining e.Not to seek injunctions to prevent strikes and lockouts.

Explanation / Answer

27. a.Economic profits are zero

28. d.Wages

29. a.1/10

30. a.Equal the amount of goods and services that can be bought with the money wage.

31. b.Revenue from selling one more unit of output

32. e.The governing body of all American labor union.

33. c.In which a worker agrees not to join a union

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