How does collective bargaining work? What are the major features of the process?
What will be an ideal response?
Collective bargaining between labor and management results in collective-bargaining (or work) agreements between them. The work agreements reached take many different forms but usually cover four basic areas: union status (open, closed, union or agency shops) and managerial prerogatives; wages and hours; seniority and job protection; and grievance procedures. This bargaining process on a new contract typically occurs in the sixty-day period before the existing contract ends. After the deadline, a union can strike or there can be a lockout by the firm. Most contract agreements are compromises; strikes, lockouts, and violence are rare. The National Labor Relations Act specifies legal and illegal practices in collective bargaining, and the National Labor Relations Board is authorized to investigate unfair labor practices.
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Consider the following methods of pollution reduction:
a. the government sets a target for maximum emissions b. the government mandates the installation of specific pollution abatement equipment c. the government imposes a per unit tax on the good that creates pollution d. the government gives firms a tax rebate for every unit of pollution abated Which of the above is an example of a command-and-control approach to reducing pollution? A) a only B) b only C) a and b only D) a, b, and d only E) a, b, c, and d
Perfect price discrimination will lead a firm to produce up to the point where price equals marginal cost, the efficient level of output
Indicate whether the statement is true or false
What is the exchange rate between the dollar and the British pound if a pair of American jeans costs 50 dollars in New York and 100 Pounds in London?
A) 1.5 dollars per British pound B) 0.5 dollars per British pound C) 2.5 dollars per British pound D) 3.5 dollars per British pound E) 2 dollars per British pound
Policy makers cannot achieve both price stability and economic activity stability when facing
A) temporary supply shocks. B) permanent supply shocks. C) demand shocks. D) all of the above.