The process by which union members and the firm's management negotiate a contract is called

The process by which union members and the firm's management negotiate a contract is called
 a. settlement negotiation
  b. collective bargaining
  c. a union contract
  d. collection arbitration
  e. settlement bargaining

QUESTION 2

In determining comparative advantage, cost is measured in terms of
 a. foreign currency
  b. domestic currency
  c. gold only
  d. units of weight and measure
  e. opportunities forgone

QUESTION 3

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

QUESTION 4

The term autarky refers to
 a. equilibrium after trade begins between two countries
  b. the gains received from trade
  c. self-sufficiency
  d. political isolationism
  e. the recognition that mutually beneficial trade is not possible between two countries

QUESTION 5

In a labor negotiation, a mediator
 a. represents the union rank-and-file members
  b. represents the management side
  c. is an impartial observer
  d. can call a strike
  e. can force both sides to agree to a contract

QUESTION 6

Japan is generally considered an economy closed to foreign trade.
 a. True
  b. False

QUESTION 7

The United States is a major exporter of
 a. diamonds
  b. bauxite
  c. coffee
  d. corn
  e. gold

QUESTION 8

If the government intervenes in a labor dispute and requires settlement through binding arbitration, what takes place?
 a. A neutral third party makes a decision that both parties must accept.
  b. A neutral third party makes a decision that both parties may reject.
  c. One party sues the other in court.
  d. The two parties negotiate an agreement without assistance and both must accept it.
  e. The two parties negotiate an agreement with assistance from their attorneys and both must accept it.