A Technique Whereby a Neutral Third Party Conducts a Hearing

question 3

Multiple Choice

A technique whereby a neutral third party conducts a hearing to gather evidence from both labor and management is called ________.

• A)arbitration
• B)negotiation
• C)fact finding
• D)mediation
• E)conciliation

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Definitions:

Heckscher-Ohlin Theorem

An economic theory stating that countries will export goods that require resources (factors of production) that are abundant and import goods that require resources in short supply.

Trade Flows

The movement of goods and services between countries, often measured in terms of imports and exports.

Factor Endowments

The quantity and quality of labor, land, and natural resources of a country.

Acquired Comparative Advantage

A concept where a country becomes more proficient and competitive in producing goods or services not because of natural factors but through practice and technological advancement.