As Economic Conditions Continued to Deteriorate in Argentina by the End

question 62

True/False

As economic conditions continued to deteriorate in Argentina by the end of 2001, banks suffered increasing runs. The government, fearing that the increasing financial drain on banks would cause their collapse, closed the banks for weeks.

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Definitions:

Labor Shortages

Labor shortages occur when employers have difficulty filling positions due to a lack of available, qualified candidates.

Equilibrium Wage Rates

The wage rate at which the quantity of labor demanded by employers equals the quantity of labor supplied by workers.

Strike

The withholding of labor services by an organized group of workers (a labor union).

Exclusive Union

A labor union that only represents workers from a particular company or industry, often having restrictive membership criteria.