An impartial observer who listens to both sides in a labor-management dispute and makes suggestions as to how the two sides could compromise is called
a. a mediator
b. an arbitrator
c. a litigator
d. a scab
e. a judge
A
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When the Pilgrims first arrived in North America, they established communal ownership of all pastures and of all agricultural production. As is common with communal ownership, this communal ownership by the Pilgrims resulted in
A) underproduction and underconsumption. B) underproduction and overconsumption. C) overproduction and underconsumption. D) overproduction and overconsumption.
The long run for the industry is defined as a period of time long enough for
A. any new firm that desires to enter the industry. B. any old firm that desires to leave the industry. C. all aspects of production to vary and there are no fixed costs. D. All of the responses are correct.
At expiration, the time value of an option:
A. is greater than the intrinsic value. B. is less than the intrinsic value. C. is zero. D. is equal to the intrinsic value.
Individual accountability within the government bureaucracy:
A. tends to be greater than in private firms, making government more efficient than private firms. B. is not a problem because government bureaucrats are not affected by the self-interest that affects private sector individuals. C. is easy to monitor because of the small size and scope of government. D. tends to be lacking because of civil service protections and the complexity of government.